What is Customer Turnover?
Customer turnover or churn rate, is the percentage of an organization's customer base lost during a given period of time- usually a month or annual basis. A bad churn right can be very damaging to revenue and profitability.
It’s nearly impossible to reduce Customer Turnover without understanding which customers are leaving and why.
TTEC identifies and addresses at-risk customers to improve customer retention through a data-driven, personalized approach.
For example, we use predictive analytics to help brands identify customers at risk of churn and implement steps to stop those customers from leaving. We then engage the customer with the right personalized message at the right time to increase brand satisfaction.
Additional TTEC Resources
- Customer Churn Cut in Half with Retention Strategy: Our client was encountering issues with a sharp increase in customer churn rates and were seeking out our help. We were able to build a churn prediction model that helped drop customer churn greatly.
- Safety Nets: The Best Defense Against Customer Churn: Customer churn plagues the telecommunications industry. By applying three “safety nets,” telecom providers can quickly decrease costs, increase profitability, and retain valuable customers.
- Proactive Churn Reduction Saves – and Sells: Our client was looking for a way to prevent its most valuable customers from leaving and brought us on to help create a more well-rounded solution. We helped create a new customer-retention program.
- Data insight reduces churn and decreases costs: B2B company identifies key customer pain points and proactively deflects call volumes.
- Advanced Analytics Identifies “At Risk” Customers: The growing problem of customer churn was one our client found themselves in the middle of. We were able to provide help by granting a better understanding of their customers and therefore reducing churn.