Identify and prioritize likely renewal opportunities and cancellation risks among customers to maximize time allocation and to boost bookings and revenue.
Marketing and sales leaders in most organizations need to focus scarce resources on the best renewal opportunities among their many customers.
How do you overcome this challenge?
- Propensity models identify and prioritize which customers are most likely to cancel, and why
- Their human and non-human interactions and external business conditions are key indicators of their intentions
- The analysis incorporates data on recent purchases, sales and service interactions, digital activities, business conditions, relative prices, and technology trends to score each customer with a renewal or cancellation probability
Once you analyze your market distribution, you should see:
- More relevant, personalized, timely customer communications
- Better marketing and sales execution at all levels of the company
- Better marketing and sales resource allocations
- More effective use of resources and higher productivity
- Increased retention, revenue and penetration in key segments
Identifying renewal opportunities and cancellation risks improves time allocation by service, marketing, and sales reps to the right customers, with the right message, at the right time to boost retention, increase sales, and generate more profitable revenue.
How does it work?
- This project takes 4 to 8 weeks to complete, depending on the quality of the data and the number of customers in the database
- Key roles involved in the project include CMOs, CSOs, executives and managers from both marketing and sales, marketing and sales analytics teams, and campaign managers
- Qualitative and quantitative data, including surveys and interviews of key stakeholders, are used to help identify key retention drivers and customer activities, inform recommendations and develop a customized action plan
Key Takeaways
At the conclusion of this project, you will be able to answer the following questions:
- Which customers are most likely to renew or cancel their products or services?
- Which human and non-human touches are most relevant and timely for each customer?
- Which messages are most relevant and timely for each customer?
- What are the renewal probability scores across customers and what drives their scores?
- A roadmap for future advisory inquiries to ensure ongoing support and success
In this era of big data and analytics, it’s time to mine available internal and external data, learn more about your customers and their experience, prioritize and target the right customers with the right touches at the right time, optimize resource productivity, and increase business performance.