In an uncertain economic climate, caring for and retaining the loyalty of your existing customers is more important than ever.
Many companies work hard to predict and avoid customer churn - whether organising special promotions and campaigns, studying customer feedback or using advanced predictive models.
Whether you have a sophisticated retention programme or have barely given it any thought, artificial intelligence (AI) presents an opportunity for a step-change in your ability to avoid customer churn and maintain your relationship with your customers.
For those used to hearing about the powers of predictive analytics, this sort of rhetoric might be starting to sound awfully familiar. It’s very easy to claim that AI is revolutionary, but from a business perspective, has anything really changed?
In fact, an AI-driven churn system is quite a different beast from using predictive analytics. The key reason behind this is that AI is not a single tool, rather it is a set of technologies that can be applied. To combat customer churn it is useful to apply the simple analysis that many readers will be familiar with, RFM (recency, frequency, and monetary, which are just three metrics that describe what your customers did), but to also use text and speech understanding to convert notes, documents and conversation into usable data and modern techniques such as deep learning to uncover patterns of behaviour that are not understood via simple analysis.
Whether it’s recorded calls from your call centre, emails from customers, or activity on your website, modern AI systems can listen to, read, and watch it all – giving it a totally integrated view of your customer that hasn’t been possible before.
At Qrious, we build AI systems not only to warn our clients in advance of a potential customer churn event, but to act autonomously and intelligently to try and avoid that unhappy circumstance. While no AI system is omniscient, we work closely with our clients to build the most intelligent retention programme possible, giving New Zealand businesses the best possible platform to nurture their customer relationships.
"Customers are always beautifully, wonderfully dissatisfied, even when they report being happy and business is great". - Jeff Bezos, Amazon