Data Analytics Helps Significantly Reduce Customer Churn
Problem Statement:
Many businesses struggle with customer churn and retention. They may not understand the reasons for customer dissatisfaction, and as a result, make arbitrary product decisions without fully understanding the impact on their customer base. Additionally, it can be challenging to identify the specific features or configurations that are helping customers effectively use the product and stick around
Solution:
At Stilbon, we leverage the power of Google Cloud to help our clients understand, quantify, predict, and reduce churn by taking a journey-based approach to identifying reasons for customer dissatisfaction. We use Google Cloud’s scalable data warehouse and data ingestion tools, including Google Cloud Storage and BigQuery, to ingest data from multiple sources, including CosmosDB and Kusto logs.
Using advanced machine learning and data analytics techniques, we analyze this data to identify key influencers, top segments, and monthly trends for churn and retention. For example, we were able to increase customer retention by approximately 5% for one of our clients using our predictive modeling techniques.
We also use Google Cloud’s advanced visualization tools, including Looker and Data Studio, to provide our clients with actionable insights into their customer and product usage behavior. For instance, we developed customized dashboards and reports that helped one of our clients identify specific customer churn patterns and retention customer patterns.
Outcome:
By working with Stilbon, our clients can expect to see several benefits, including:
- Increased customer retention –
We were able to increase customer retention by approximately 5% for one of our clients using our predictive modeling techniques. - Personalized recommendations –
Our customized dashboards and reports provide our clients with insights into specific features, configurations, or combinations that are helping customers effectively utilize the product and stick around. - Data-driven decision-making –
Our clients have access to real-time insights that enable them to make data-driven decisions with confidence. - Improved product development –
By better understanding customer behavior, our clients can make informed product decisions that improve overall customer satisfaction and drive business success.