Owning an indispensable and uncontested product or service may be the ideal scenario for Customer Retention; however in most industries, a lot of grey remains between what you and a competitor is offering. Media engagement to influence a customer’s brand recall, promotions such as loyalty cards or discounts are effective but may not be the optimum utilization of a company’s budget to manage Customer Retention.
Armed with sufficient data, a Business Scientist would like to approach Customer Retention in two steps:
- Segmentation of customers into ‘Loyal’ or Engaged, ‘Lost’ or Attrited, and Customers that are ‘At-risk’ or that lie in the grey area of decreasing ‘Engagement’.
- Developing an effective Retention strategy for ‘At-risk’ Customers.
To build a Proactive Customer Retention (PCR) Strategy, an analytical model is developed leveraging past customer data, historical attritions, identification of specific attributes of attriting customers, and the weightage that each of these attributes carry.
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