VOZIQ’s Predictive Churn Reduction Solution
VOZIQ’s Predictive Churn Reduction Solution : VOZIQ’s Predictive Churn Reduction Solution leverages cloud-based text analytics platform, closed-loop analytics frameworks and to customer success support team to deliver accelerated ROI for enterprises by predicting and preventing customer churn. The platform captures data from multiple contact channels, customer touch points, and disparate contact center systems to provide a largest possible sample of customer data points. The platform then applies text analytics on this aggregated big-data to extract the intent, effort, sentiments of the customer and extrapolates them to predictability of customer journey events. This results in a unified view of the top causes of cancellations, top customers with high churn-propensity along with the opportunities to retain them. The built-in APIs loop the churn propensity scores back into contact channels such as IVR to auto-route the at-risk customers to agents who are skilled at offering proactive solutions to the customer pain points.
According to Banga, the Predictive Churn Management Solution was designed to help businesses leverage contact center customer calls along with product and customer demographic data to identify risk of customer churn for subscription or a contract. The new VOZIQ’s Predictive Churn Management Solution helps in the unlocking customer experience and insights by using predictive text analytics and data unification from contacts across various channels like CRM, call centers, customer surveys, social media, etc. “The solution is driven by advanced predictive analytics technology, which unifies dynamic customer interaction data with the transaction data about the customer and finds patterns which lead to the identification of potential customers who are at risk of cancellation,” said Banga. He believes businesses can use the intelligence gathered to proactively contact customers who are at risk of cancellation and take corrective actions to resolve their issues and increase overall customer retention. In addition, future customer contacts can be routed to higher skilled contact center agents, along with a quick view of customer history. By empowering agents with critical information businesses can immediately start seeing increase in customer retention with minimal cost. Besides predicting churn calls, the VOZIQ spokesperson said the solution also gives business owners, their Chief Customer Experience Officers (CCxOs), Chief Marketing Officers (CMOs), and VPs of Contact Centers the ability to easily access crucial insights into customer experience, revenue generation opportunities and operational efficiency.
According to Banga, CXOs or CMOs, who are typically faced with challenges in improving customer experience and retaining more customers and traditionally rely on demographics, credit scores and purchase histories-dependent approaches, now have something much better.
“These traditional approaches are good to some extent, as it relates to predicting customers’ churn risk, they are largely static in nature and won’t carry cycles of customer satisfaction and dissatisfaction in a scalable way. The better approach is VOZIQ’s Predictive Churn Management Solution, which adds customer interactions to this traditional data mix to enrich the data quality,” noted Banga. He further added the new solution scales pretty well in producing significant results for large enterprises as most customer issues eventually lead to customer contact through call centers.
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