How Aisera Helps Enterprises Reduce Customer Churn with AI
As markets evolve, so do customer expectations and their business needs. With those changing needs products and services also need to up-level, but the question is can they keep pace with the fast evolution, or are they filling the gaps and adapting to changing market conditions? Whether it be a gap in capabilities, performance or simply availability of better alternatives, businesses must also consider the possibility of different types of churn.
Now more than ever it has become crucial to mitigate churn and keep that as an end goal during every stage of the customer lifecycle; be it onboarding, customer support, customer success, marketing or even the product experience. Because even if your product or services are excellent, sometimes things fall through the cracks! Fortunately we live in a time where there are intelligent ways to overcome these hurdles in ways that bring tangible results with predictive modeling and customer churn analysis.
Ignoring churn could potentially hurt a company’s bottom-line, and eventually the long-term revenue strategy as well. Improving customer retention rates by even 5% can boost profitability by +65%.
That’s where AI and customer churn predictive analytics have done an amazing job of anticipating if an existing customer is about to churn. Once you have that foresight, your business can retain those customers by upgrading their offers, offering better personalized customer services, and delivering to the client exactly what they need, exactly when they need it by learning from the customer behavior patterns and sentiment!
Some big players like Volvo, Gogo Air, and Netflix use AI and machine learning tools to keep a close eye on monthly churn rates to save huge costs and operate successfully. We’ve outlined how it’s done below and how Aisera assists large enterprises to keep them growing 200% – 400% YoY.
Personalized Strategies Help Retain your Customers
Have you ever noticed that a product/service you have been browsing lowers to the exact price range you’d be happy to pay! That’s AI intelligence hooking you in to keep you in their customer database and ensure you follow through on the action (get the credit card out!) they want you to take; and that’s what your business needs as well.
The AI can identify the digital footprint of the customer and track important data like –
- Pattern recognition
- Health of the brand’s output
- Customer sentiments
- Predict Issues before they will occur
- Co-relate events with service context
- Launch remediation workflows for self-healing
- Prevent Outages
To get customers to stay, you need to know the customer churn rate to understand where you lost old clients and predict what parameters to include. Then the AI-powered algorithms identify the customers at risk of churn and proactively provide personalized retention offers across various channels like live chat, promotional emails, retargeted ads or even personalized messages from the customer success reps.
In the end, More Accuracy + More Personalization = More Results!
Segment Data from Your Customer Feedback
Your team plays an important role here in gathering information from feedback. Your service provider tools and customer service team should gauge and profile a customer into segments according to age group, income, occupation, personalized messaging.
Such digital profiling will help highlight the benefits that are more in tune with the individual customer and help you earn you their consistent patronage. AI-powered recommendation systems will suggest better offers, and buyers can pick out the products that interest them.
Data warehouses gather and store data from feedback loops as well as varied sources like –
- Social Media
- Service Providers
- Cloud-based Tools
Here’s how you can use the feedback data to create a custom-made solution in accordance with your annual goals.
- Create data sets of the customer’s journey from the initiation to renewal.
- Connect with customer support, product and account management to get insights.
- Analyze your churn rate every month.
- Improve CX insights by sending net promoter score (NPS) surveys to customers
- Check whether people are getting value from you and making payments on time.
- Enquire about the product experience, sales journey and support process.
Always conduct exit interviews with customers who have stopped doing business with you.
AI-powered technology platforms pick up behavioral signals even from unstructured data (like from social media conversations which gives an insight into how the customer is likely to behave with your brand)
Pro Tip – Accurate survey questions will add context to raw data.
Aisera’s AI Driven Approach to Prevent Customer Churn
Nowadays, applications are continually being reworked because customers, partners, and even data sources change. Automation and machine learning models with lots of data are able to support the ability to meet all the diverse changes head on.
Aisera is an all-rounded solution provider which delivers results in measurable ways wherein you will see –
- 65-80% auto-resolution rates from Day 1 of the algorithm being programmed
- 30-50 seconds average time to auto-resolve issues
- 90% reduced service desk costs
- 85% improved customer experiences
- 75% user adoption and engagement after deployment
We have brought impressive results for our strategic partners like Zoom, Dave and McAfee. We provide scalable automated interfaces which span across sectors like IT, HR, facilities, sales, customer service, and operations. By partnering with Aisera, your organization will be able to deliver personalized omnichannel service experiences to your customers with greater self-service resolutions.
Get in touch with us today and we’ll show you how we can help automate your customer service to work more efficiently than ever before. Analyzing customer data makes a huge difference to your company’s bottom line, and the data your organization continues to gather will bring in high returns on investment in the long run!