Improve customer retention and reduce customer churn by self service data analytics

To boom in today’s competitive world, a business must know its customers inside out. To understand your customers is to understand their motivations, their desires, and their fears.

Your customer data can make you discover a lot about your customers if you can use proper customer data analysis tools. With such a tool, you can know why do people buy your products and services and what motivates them and what drives them away.

Customer Retention & Churn

The most precious assets for a business are it’s customers. However, the most important customers are not the ones that a business gains, but the ones who stay longer. It is one thing to count how many people have signed up or walked into store for the first time and quite another to understand what makes them coming back or leave.

Customer retention refers to the ability of a company or product to retain its customers over some specified period. High customer retention means customers of the product or business tend to return to, continue to buy or in some other way not defect to another product or business, or to non-use entirely. Selling organizations generally attempt to reduce customer defections.

Enhencer Self-Service, Visual Data Analytics

Enhencer self-service visual predictive platform selects and runs the best ready-made machine learning algorithm as users click on the visual dashboard. This helps organizations ;

•     to reduce the data analytics time to minutes from days,
•     to reduce dependency on expensive data scientist resources and statistical tools
•     increases the use of data analytic so value extracted from data analytics is increased.

With Enhencer, you can take the power of Customer Retention & churn analysis at your own hand :

•     Learn Customer lifetime value for each customer using the most powerful Machine Learning Algorithms.
•     Predict the lifetime of your customers using the Predictive Power of Enhencer.
•     Obtain precise segments of customers regarding Retention & Churn.

Customer Retention & Churn Analysis Example

You can integrate your customer database to Enhencer and perform customer retention & churn analysis within a few clicks.

Customer Segmentation

In this example, the customer loss is 45.8%. 

You can select the customer properties to let Enhencer automatically create customer segments where loss is minimum and maximum.

Enhencer will select the best ready-to-use machine learning algorithms to create customer segments for you. The top segments are were  customers are more loyal and it goes to bottom, the customers become increasingly less loyal. For example in Segment one, retained customer rate is 75% higher than the average and there are 96 customers in this segment.

In this segment, you can see the customer details. For example in Segment 1, online usage is greater than 14.9 hours per week, primary social media accounts are Youtube, Qzone, Twitter, Instagram or  Vkonta, 3 years cummulative complaint number is less than 3, etc ... Churn in this segment is as low as 5%.

You can extract the specific customers in each segment to use outside Enhencer.

Predictive Intelligence

Enhencer also helps business users to do predictive analytics. In the predictive panel, you can select a customer group with specified properties and see the probability of them to leave. This enables you to decide which customer groups to focus i you want to minimize customer churn.

For example below, customer with primary Facebook and Instagram accounts, obtained by 30 days free trial and aged between 18 - 26 has a probability of 52% of being a lost customer.

You can find out the Customer data analysis capabilities of Enhencer here. You can also request for a demo.