LONDON--(BUSINESS WIRE)--Quantzig, a leading analytics advisory firm that delivers customized analytics solutions, has announced the completion of their new article on the importance of customer churn analysis for businesses. Companies across industries spend most of their resources, time, and efforts on customer acquisition, despite being aware of the fact that the cost of retaining an existing customer is much lower than acquiring a new one. Therefore, customer retention should be a top priority for companies looking at expanding their customer base.
Also, for companies looking at devising a data-driven customer retention strategy it's essential to analyze factors responsible for customer churn and estimate the risks associated with individual customers prior to the implementation of new the strategy. Customer churn analysis acts as a key to bring these elements together and offers in-depth insights that drive smart decision making across an organization.
Churn analytics solutions make it easy to build a predictive churn model. Want to know how? Get in touch with our experts right away.
Steps to improve your approach to customer churn analysis
Step #1: Calculate basic churn rate
Calculating the customer churn rate is the first step in customer churn analysis. There are different ways to calculate the churn rate which can be calculated by customer analytics tools in real-time. Apart from offering insights into quantitative metrics, this calculation can actually visualize it through the customer journey, analyzing precisely the factors that lead to customer churn.
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Step #2: Identify at-risk customers to reduce churn
Some customer segments and customer behaviors help to forecast churn more clearly than others. Customer churn analysis aids to determine these behaviors efficiently in real-time. Furthermore, this helps in adopting measures to retain such at-risk customers. By leveraging customer analytics solutions like customer churn analysis companies can improve their ability to identify at-risk customers and thereby minimize customer churn rate.
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Step #3: Focus on the entire customer journey
Customer churn analysis can provide the desired results only when the customer experience journeys have been analyzed. Different customers have different experiences and customer analytics solutions can help you visualize each of them, the various touchpoints encountered, and the actions that are taken from there. If the entire customer journey is not analyzed, it can lead to inaccurate conclusions.
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Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal