INCREASE CUSTOMER RETENTION
Using the results for this Customer Retention Analysis, the company could improve customer retention using this plan of action:
- Categorize existing customers into groups based on their Billing Plan and Phone Model profiles and total customer billings
- Factor in current phone usage, time in service and level of dropped calls to identify high risk customers
- Contact these high risk customers to build customer relations by offering a customer survey
- Offer incentives to continue service based on survey results and customer’s value to the company
- Monitor plan against future cancellations to see if improved retention resulted
Each company’s circumstances are different. The point is being proactive in terms of improving customer retention by analyzing current experiences versus established KPIs and making concerted efforts to address any issues and needs.