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4 insights to reduce customer churn and stay one step ahead
In a congested and highly competitive market, gaining the right insight on your customer base allows you to stay one step ahead.
Understanding which customers are more likely to leave you because of their recent behaviour patterns, or identifying a customer who doesn’t have the right product to meet their needs, can help to head off an angry call before it happens, or ensure the re-contract of a customer who was thinking of leaving.
The problem is, many businesses struggle to identify customers who are at risk of leaving, otherwise known as churn, before it’s too late.TalkTalk Business are on a mission to help Partners understand their customer base using data and insights. Understanding your customer demand and pro-actively responding will be a key differentiator in the market, allowing you to leverage the following benefits within your customer base:
- Lower churn
- Lower key jeopardy customer KPIs
- Reduce Operational costs
- Improved customer satisfaction
- Monitoring and ensuring the customer supply (Connectivity) meets their demand
Let’s look at some of the insights we can use to help your customers:
Service Index Data
Service Index Data provides an overview of the Partner’s broadband/fibre base assets. This helps us to identify the customer base who can get fibre, along with the speed they will get. This helps you learn which customers are at greater risk of churn and move them onto the right product, for example if they are high usage but receiving slow speeds you could upgrade them to Fibre.
A recent piece of analysis across our customer base showed a significant section of customers on Basic Broadband services currently experience slow speeds or have high usage, resulting in a product that isn’t serving them best for their needs. This information can be used in targeted campaigns to upsell the customer onto fibre.
This provides a ‘Wash’ of broadband base assets to assess Fibre availability and speed. Again, this tells us the customer base who can get Fibre and the speeds available. Used in conjunction with the service index data this forms a powerful marketing toolset to drive Fibre upsell.
Optimising churn prevention is all about identifying the customers who are at the highest risk of leaving. By creating a personalised churn model for your business, we can help identify which of your customers are most at risk of churning. The churn model is a statistical scorecard that is used to predict the behaviour of a customer based on past events.
Once identified, we can suggest targeted campaigns to reactivate the customers with retention offers to deliver better results. For example, sending a targeted email campaign offering at risk customers with slow speeds a ‘one-click upgrade’ to Fibre. One of the key benefits of this approach is that it allows investment to be focused on specific segments that provide the highest ROI, rather than wasting valuable customer investment funds on a blanket campaign.
Ethernet hot pipes
This data shows us which Ethernet circuits are at limit of their capacity. It’s in the form of a weekly report that identifies which circuits have been at capacity for the last 7 days, helping you to identify which circuits should be assessed for upgrade. This proactive approach helps you to stop complaints before they occur, helping to mitigate churn risk.
This insight is a game changer and TalkTalk Business is currently the only connectivity supplier offering this hugely valuable service to our Partners for free.
Curious to find out more? Speak to your TalkTalk Business Account Manager to book a meeting with our Data and Insights team.