How Customer Attrition Data Factors into Your Customer Retention Strategy
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 […]
A Healthy Customer Retention Strategy Starts With These 6 Key Principles
Getting started with an effective customer retention strategy isn’t as easy as it sounds. When companies start focusing on how they retain the consumer base they already have, they may find that their data-driven strategies don’t have the appropriate depth and strength needed. How can organizations gauge where they are on the customer retention maturity […]
The Next Normal in Banking: How to Reimagine Customer Experience Profitably
Everyone wants to get back to business as usual, and perhaps none more so than those in financial services and healthcare — two industries that shape our everyday experiences. From a macro perspective, while banks were already evolving how they offered their products and services prior to COVID-19, the pandemic has consequently accelerated consumer adoption […]
Using Tableau to Identify at-Risk Customers and Prevent Churn
In my last Tableau blog post, I discussed the advantages to using Tableau as a tool during machine learning model development, both for exploratory data analysis and for disseminating model results in an interpretable way to business consumers. Let’s take that one step further and look at a specific use case that is common for […]
How to Unlock Account Potential and Recognize Revenue
Account growth and retention is not a new focus, but the way we prioritize and achieve it has changed in recent months. According to American Banker, “Two-thirds (68%) of respondents to the latest Arizent survey of 450 executives say their companies experienced moderate to considerable challenges on customer acquisitions due to the impact of COVID-19. […]
Economics of Customer Acquisition Infographic
What does it cost to acquire new customers? Fortunately, there’s a science to it. Even with the most data-driven customer retention efforts, there are times when you need to turn your attention to new opportunities or tap into a new target audience to grow your business. The infographic below has a formula you can use […]
A Closer Look at Your True Customer Acquisition Cost
You’ve no doubt heard that it’s more cost-effective to keep your existing customers than it is to acquire new ones. But even with the most successful data-driven customer retention efforts, most businesses still need to attract new customers and reach new target markets to sustain growth. The real cost of customer attrition is complex, with […]
Intelligent Call Deflection Strategies Help You and Your Customers
A turbulent business landscape, along with shelter-in-place mandates, have left customer service representatives dealing with a new challenge: working remotely in addition to heightened complexities due to changing cancellation policies. The sheer volume of calls coming in can easily overwhelm newly remote agents, increasing their stress levels and decreasing the quality of service they offer. […]