Forewarned is forearmed when it comes to customer retention, according to Martijn Wiertz, manager of industry solutions at IBMBusiness Analytics.
Speaking at the Marketing Week Customer Retention Summit, Wiertz, highlighted the importance of predictive analytics for building a pre-emptive retention strategy into a business.
Here are his top tips for boosting retention:
- Apply predictive analytics to identify at-risk customers early enough to intervene
- Identify who´s worth saving, who´s likely to be convinced to stay and what offer will be most convincing
- Increase model performance by extending your customer view with interaction and attitudinal data
- Maximize the insight from your data by adding text analytics to your toolbox
- Arm your customer interactions throughout your organization with decision management based on foresight
- Automate the analytical process as much as possible to capture changing customer behaviour in the most cost-effective manner
- Integrate retention considerations with other business objectives