Dissatisfied customers don’t always complain. Sometimes they just leave – discontinue service, close their account, withdraw their money, or just stop buying. Use data science to predict which customers are at risk, regardless whether they’ve spoken up, and take action to prevent this attrition. It’s the best possible marketing investment, as the cost of retaining an existing customer is far less than acquiring a new one. And the rewards of a rescued customer can be tremendous.
you can identify in advance which customers are likely to leave, and why. Use all available information about customer, not just the obvious signs. When you identify these customers you will be able to:
Proactively take action with at-risk customers. Reach out, solve problems, make up for any missteps and dissatisfaction.
It’s more effective to retain a customer than acquire a new one. And customers with resolved issues are often more loyal and spend more over their lifetime.
Knowing what makes customers dissatisfied enough to leave can shed light on lurking problem needing improvement. Gain insight, take action, improve products and service.