Why Churn Rate matters?
Churn rate is a real pain for B2C companies, especially in the bank and insurance industry.
Churn can have several root causes: sociodemographic (personal or professional situations), situational (relocation, professional transfer) psychographic (values, lifestyle) or even dissatisfaction with service itself or the relationship with the advisor.
Customer acquisition is tough and expensive, that’s why advisors have to focus on customer retention as much as they can.
But how could advisors anticipate churn while it can occur anytime for many different reasons?
How Saagie helps?
Saagie’s smart applications platform can ensure the collection of every single data of any customer.
Thus, data coming from the web, the marketing as well as data coming from behavioral and sociodemographic situations can be used to better understand and predict customer behaviors.
This is made possible through the work of Data Scientists who work hard to build predictive models. Different types of profile related to churn can be drawn, using all these data. Each profile has a churn score depending on specific criteria. This classification enables companies to create tailor-made actions to prevent from churning and to react better and faster.