Customer churn management is a necessity in today’s competitive business arena. More than just the loss of revenue needs to be considered, as the added marketing expenditures needed to acquire new customers is substantial. Retention of the highest-value customer segments has historically been a trailing indicator. With more comprehensive data, however, and a deeper consumer understanding, some organizations have developed predictive churn management capabilities to pinpoint at-risk customers and proactively stop their loss to competitors.
Churn Management: A big undertaking, with big rewards
Accurate churn management requires handling a large volume of customer data, which initially must be converted into a workable analysis format. The data preparation process is an important first step before churn management, is particularly challenging for many possible reasons:
- Source data may be in formats unhelpful for analysis. For instance, your Data Records might include obscure key values that would be improved if first translated into human-readable text.
- Customer data may have poorly validated or incomplete fields that require cleaning up. Phone number data, for instance, might contain varied combinations of parentheses and dashes that need to be normalized across all records.
- The data may be stored in multiple locations, yet must be joined for effective churn management.
- With the ever-increasing use of web-based customer support, social media, and digital transactions the overall volume of today’s available customer data is overwhelming.
Alteryx Designer Cloud: An indispensable tool for churn management
Alteryx Designer Cloud empowers more effective churn management by enabling companies to better work with customer data. Using Designer Cloud, businesses can easily and quickly standardize complicated customer data into a format suitable for analysis, reducing by up to 80% the typical time spent preparing the data.
Designer Cloud can benefit your company’s churn management in so many ways, but here are a few examples:
- Improve time to value – The unique technology from Designer Cloud creates a partnership between machine and user, each side learning from the other, becoming smarter with each interaction. Every click, select, or drag in Designer Cloud leads to a prediction, which shortens the time for effective churn management.
- Generate more accurate churn management – Designer Cloud automatically displays automated visual depictions of your data based upon the actual content, giving analysts a better understanding of the data without increased effort. The detailed visual representations also allow for more extensive data exploration, providing an automatic representation of the data at its most granular level. The invalid data and outliers are easy to recognize and correct, preventing erroneous data from impacting downstream churn management.
- Empower customer data experts directly – Designer Cloud’s straightforward user interface makes it possible for the analysts most intimately familiar with customer data to make changes directly. This takes IT out of the dependency chain and allows your company to more quickly adjust and obtain new insights that will make your churn management a success.
Finding big insights from small customer interactions
Gaining a competitive advantage through churn management rests largely upon the ability to narrow in on your customers’ changing requirements, preferences, and actions. Designer Cloud’s unique technology significantly intensifies the value of an enterprise’s customer churn management process by enabling analysts to easily transform and improve raw complex data into clean and structured formats for churn management. We’re proud that we play a crucial part in the churn management of many of today’s most successful organizations.
Designer Cloud can help drive new insights in churn analysis, sign up for a 30 day free trial.