Traditional telecommunications service providers face the loss of customers as more and more people substitute their landline service with wireless phones. Wireless companies certainly face their own challenges. In the United States alone, the average wireless telecommunications provider loses 2.5 percent of its customer base each month, or 30 percent annually, according to industry reports. Figures are similar in other parts of the world. Industry experts predict that the annual percentage of customers lost will increase in the United States to 45 percent, as a result of the wireless number portability (WPN) requirement. How do you identify both your "at-risk" and most valuable customers so you can most effectively develop your customer retention strategy?
Retain your best customers by focusing on valuable relationships
With predictive analytics solutions from SPSS, you can develop effective customer retention solutions and reduce costs by identifying the greatest number of customers likely to churn within a small percentage of your customer base. Then, identify your most profitable customers by using models created through SPSS predictive analytics to rank customers by value, as well as propensity to churn. Once you know who your most profitable customers are, you can then target them with offers and services to keep them loyal.
Acquire profitable customers and increase cross-selling
Perhaps you want to offer product bundles to attract new customers, and cross-sell and up-sell more products and services to current ones. How do you know which combination of products are the most attractive? Do the types of preferred products vary from region to region? Are people on one particular plan more likely to upgrade their services than those on another plan?
You can answer these questions and more using the powerful capabilities of SPSS predictive analytics. Develop effective sales strategies by discovering what current and potential customers want. Attract the best new customers by creating offers based on behavior profiles. And recommend the right bundles of products and services to existing customers using models of buying preferences for improved customer retention.
SPSS predictive analytics solutions enable you to:
- Increase customer retention
- Acquire profitable customers
- Create more effective cross-selling and up-selling strategies
For a comprehensive assessment of your analytical customer relationship management needs, contact an SPSS representative today.