posted by Brian Johnson
For retailers, the best defense against new and existing threats is a loyal customer base. Traditional methods to mitigate churn are no longer enough. How can retailers leverage digital intelligence to accurately predict churn and drive customer retention?
33% of customers are willing to switch brands after just one poor experience, and only 1 in 26 unhappy customers will complain before they leave, the rest will simply churn. Retailers are looking to the power of machine learning and digital intelligence to help them improve customer retention.
Retention: Art or Science?
Customer loyalty and retention can feel like more an art than a science, and people churn for a myriad of reasons. It’s estimated that 50% of customers naturally churn every five years. But increasing retention by even just 5% can increase profits by 25 to 95%. Brands that focus on using the power of digital intelligence to craft personalized experiences can put the power of science to work to reduce churn.
How are your efforts to reduce churn and improve retention working?
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