Churn Reduction

Submitted by Anonymous on Wed, 06/16/2010 - 08:38
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Retention Through Insight from Interactions

Customer churn has a significant impact on a company’s long-term revenue. To stem customer defections, service providers must be able to proactively predict which customers are at risk to churn. By using NICE Churn Reduction, part of the NICE SmartCenter Suite, service providers can predict customer churn before it occurs. They can then leverage these insights and take action in real time in order to improve customer satisfaction and increase customer retention.
For service providers, customer churn has a significant impact on customer lifetime value and the company’s bottom line. Therefore, companies go to great lengths to keep customers on board. Some set up customer retention teams whose representatives attempt to convince customers not to cancel by using retention offerings such as discounts, credits or free products. This reactive approach is not always effective, since by the time customers call to cancel, they have made up their minds or signed with a competitor.
 
A more effective approach to improving customer retention is to predict customer churn. By proactively identifying customers at risk to churn before they call to cancel their service, the chances of retaining them are greatly improved.
 
NICE Churn Reduction leverages real-time speech analytics to analyze the customer experience and identify customers who are likely to churn. By integrating voice-based intelligence, web interaction analytics and business intelligence transactional data, the solution accurately identifies high-risk customers that would not be detected by a transactional model alone. It then provides retention agents with real-time guidance, helping them tailor retention offerings to each individual customer.
By analyzing customer voice interactions, NICE Churn Reduction offers powerful business benefits:
 
  • Identifies customers at risk to churn by calculating a churn risk score based on customer interactions
  • Increases customer loyalty by matching dissatisfied customers with the right retention offerings in real time
  • Improves the customer experience by reducing holds, transfers and agent knowledge gaps
  • Increases customer lifetime value due to higher customer retention
NICE Churn Reduction provides companies with effective tools to:
 
  • Uncover the root cause of customer dissatisfaction
  • Define a churn prediction model based on NICE Interaction Analytics
  • Automatically calculate a churn risk score for each customer interaction
  • Automatically open a CRM ticket for customers with a high risk to churn
  • Integrate with transactional churn prediction models
  • Guide retention agents and personalize retention offerings in real time

 

Predictive Churn Reduction