“Predict customer churn with 86% accuracy: How VERSALYTICS INTELLIGENCE Transforms Business Analytics” by Meghan James
In today’s data-driven world, businesses rely on data to make informed decisions, understand customer preferences, and stay competitive. However, the sheer volume of data collected can often be overwhelming, making it challenging to extract actionable insights. That’s where Data Analytics platforms, such as VERSALYTICS INTELLIGENCE, come into play.
📊 How Does It Work?
LATRO recently collaborated with its Customer (name withheld for confidentiality), a Digital Payment Service Provider (DPSP) in the Middle East. With over 430,000 active users, DPSP was facing a high churn rate of 8% annually, with 2,800 customers leaving monthly. They needed to understand why customers were leaving and how to prevent churn.
Customer churn refers to customers who stop using a business’s product or service. In a competitive marketplace, it’s crucial to identify potential churners and take proactive measures to retain them. Data Analytics platforms, like VERSALYTICS INTELLIGENCE, utilize historical data and machine learning models to predict churn before it happens.
Previously, DPSP’s Marketing Team used manual processes to calculate monthly churn predictions, but it was a reactive approach. They would identify churned customers and attempt to win them back with generic offers, often too late. In fact, they often wouldn’t realize customers had left until three months after discontinuation.
With LATRO’s support, DPSP implemented a Data Analytics solution using VERSALYTICS INTELLIGENCE. The platform streamlined data extraction from various sources and seamlessly integrated machine learning models to help DPSP:
1️⃣ PREDICT which customers were likely to churn (churn prediction)
2️⃣ SEGMENT customers based on shared attributes (customer segmentation)
3️⃣ FORECAST customer activities based on past data (forecasting)
Through user-friendly workflows and machine learning models, VERSALYTICS INTELLIGENCE provided DPSP with a Churn Prediction model. They could now predict customers at risk of churning with 86% accuracy, 60 days in advance! Additionally, insights from Customer Segmentation empowered them to replace generic offers with customized promotions for each segment.
This case study demonstrates the value of VERSALYTICS INTELLIGENCE. DPSP achieved:
✅ Reduced customer churn rates
✅ Increased customer retention
✅ Improved customer satisfaction
✅ Increased revenue
The revenue savings from implementing a Data Analytics strategy for churn prediction alone were significant. Expanding such strategies across various business areas will enhance efficiency, replacing reactive manual processes with predictive automation. This shift uncovers critical insights and actionable intelligence to improve customer experience, loyalty, and overall competitiveness.
Data Analytics tools like VERSALYTICS INTELLIGENCE are powerful resources for businesses, capable of processing large amounts of data and leveraging AI/ML to accurately predict trends and uncover hidden patterns. Embracing Data Analytics is key to making better decisions, understanding customers, and shaping a brighter future.
🔮 Unlock the potential of your data with VERSALYTICS INTELLIGENCE and revolutionize your business — take action now! 💪📞