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Customer churn has a significant impact on customer lifetime value. Companies place great efforts into reducing customer churn in order to increase customer lifetime value and consequently increase the value of the company. Some companies set up a Customer Retention team in an effort to reduce customer churn. Customers that call and ask to cancel their service are transferred to a Retention Representative that attempts to convince the customer not to cancel by using retention offerings such as discounts, credits or free products. This reactive approach is not always effective since by then many customers have already made up their minds to leave or have already signed with a competitor. A more effective approach to improve customer retention is to predict customer churn. By proactively identifying customers at risk to churn before they call to cancel their service, the chances of retaining the customer are greatly improved.
NICE Customer Churn Reduction leverages speech analytics to analyze the customer experience and identify customers who are at risk to churn. By integrating voice-based intelligence with CRM and BI (Business Information) transactional data, the solution increases churn prediction accuracy and identifies high-risk callers that would not be detected by a transactional model alone.
Business Benefits:
By analyzing customer voice interactions, NICE Customer Churn Reduction offers a powerful solution to identify the root cause of customer dissatisfaction and predict customers at risk to churn.
- 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
- Improves the customer experience by reducing holds, transfers and agent knowledge gaps
- Increases customer lifetime value due to higher customer retention
Capabilities:
The NICE Customer Churn Reduction solution provides companies with effective tools to find the root cause of customer dissatisfaction and predict customer churn.
- Uncover the root cause of customer dissatisfaction
- Define a churn prediction model based on NICE’s 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
- Allow for personalization of retention offerings
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