For every service provider, every subscription-based business and every other business that depends upon a steady, ongoing revenue stream from monthly payors, churn is their universal bane. Obviously the higher the churn rate, the more pressure on new sales. Certainly, business models vary widely regarding churn rates and cost calculations of keeping or relinquishing a particular customer profile. Fitness centers may expect a high abandonment rate after their New Year’s introductory special expires. Whereas insurance companies strive to serve customers for their entire lifespans. Whatever, the acceptable churn rate, enhanced AI decisioning gives users the power to achieve and lower it.
Decisioning backed by machine learning (ML) brings the power of automation to the individualized task of customer retention. These no-code technologies enable business experts to identify their ideal customers, craft the ideal offer to inspire them to stay and deliver it at the moment of maximum impact. Key capabilities of AI power to effectively reduce churn include:
Finding the most likely churners – Just about any customer can be retained for a certain time. Integrated decisioning and ML enable users to zero in on the customer profile(s) most likely to churn. Filtering options allow business experts to specify customers by product package, monthly payment, service location or any desired factors and then run an analysis on each segment which details each customer’s profile and the likelihood of retaining or churning.
Automating focused promotions – The true power of integrated decisioning, ML and process automation shines bright in churn prevention. ML reveals the factors that increase the likelihood of a churn by percentage. Users can then leverage this intel, authoring decision logic to fire off a tailored promotion as soon as a specified action or collection of actions occur. Process automation completes automated retention, quickly delivering specified promotions for maximum impact.
Making it happen instantly, enterprise-wide – With the ideal customer profiles and their prime offers in hand, AI decisioning gives organizational leaders the power to quickly operationalize new business strategies across their organization. Business language decision authoring allows non-technical users to author intricate business rules and decision logic without code. Further, users are equipped with rule constructs, custom vocabulary, a library of over 200 functions, and the ability to make custom user-defined functions. Once deployed, the platform takes over, executing rules and automatically extending to prime customers the ideal offer at the time most likely to prompt them to renew.
No failures, just more information – Integrated AI leverages all information, forming a digital positive feedback loop. When the perfect offer still fails to prevent a customer from churning, that data provides more input for ML analysis, further informing ideal customer profiles and matching offers.
Learn more about InRule AI Decisioning and how it can help limit customer churn.