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Retention Through Insight from Interactions
Customer retention 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 Customer Retention, service providers can predict customer churn before it occurs. They can then leverage these insights and take action in real time during the Decisive Moments™ of customer interactions in order to improve customer satisfaction and increase loyalty.
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 potential 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 Customer Retention integrates voice-based intelligence, including real-time speech analytics, web interaction analytics, and transaction-driven contact analytics. It analyzes the cross-channel customer experience and identifies signal for potential churn. 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 customer during the Decisive Moments™ of the customer interaction.
By analyzing customer voice interactions, NICE Customer Retention 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 Customer Retention 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