Getting started with an effective customer retention strategy isn’t as easy as one would hope. As we tackle the concepts that make for an effective customer retention strategy, we revisit our data-driven approach and Atrium’s method of determining your readiness to adopt intelligent solutions in aiding customer retention.
Atrium uses a readiness assessment that can be leveraged by sales and strategy teams within your organization to assess the maturity of your company’s retention strategy. In order to effectively evaluate your organization’s current maturity level, we evaluate against six key principles:
- Customer Attrition Data
- Strategic Initiative
- Data Governance
- Existing Application
- New Frontier
Atrium’s readiness approach takes a deep dive into your organization’s Data Governance by analyzing your Data Sources, Data Readiness, and Data Volume. We provide a thoroughly thought-out roadmap on how we can guide you through the crawl, walk, and run stage of the data maturity curve, while still maintaining effective solutions for your data management.
In this article, we will be focusing on how we can assess your organization’s Data Governance for your customer retention strategies. What does your existing application look like, and how prepared are you to take on the “customer retention path”?
3 Key Metrics Associated with Your Data Governance
Atrium’s approach to assessing your organization’s Data Governance for customer retention focuses on three key metrics: Data Sources, Data Readiness, and Data Volume.
With Data Sources, Atrium wants to help guide your organization to understand how many data sources that you have in process, and whether they can be combined into a single source of truth. Do you have data that is available to scale to a power model, or are you in the early stages of analytics enablement? Not only are we evaluating current data sources, but Atrium wants to educate your organization on how to combine these data sources to reduce redundancies in your data and provide more powerful capabilities.
For Data Readiness, we take a deeper dive into what your data is actually capable of. Engaging through discovery sessions and current state analysis allows our team to understand the historical significance of your data, and whether the data has been appropriately groomed and managed in your organization. Do you have a process to ensure that your data is consistent?
Finally, for Data Volume, Atrium evaluates the size of your data sources. How accessible is that data, and is it easy to retrieve? Do you have an internal team established that will be implementing and managing the solution when it is in production?
Case Study: Operationalizing Data to Improve the Student Application Process
Academic Partnerships provides outsourced enrollment services across four verticals, where they support marketing, application, and enrollment activities for 60+ partner universities. They needed a roadmap to identify and prioritize ways to leverage AI and machine learning to improve the student journey and increase operational efficiency.
Atrium helped develop a roadmap prioritizing AI use cases to improve the student journey and increase operational efficiency in the student life cycle. A lead-to-application propensity model was created using marketing data sourced from opportunities and phone/email/SMS contacts (InContact, Silverpop, and Marketing Cloud). We identified driving factors steering application propensity including: re-inquiry, campaign sources, contact cadence, and early successful contact. From there, a differentiated contact strategy for leads based on source, lead age, and presence of a re-inquiry was suggested.
Learn more about Atrium’s services and see how we can support your customer retention strategy.