Tuesday, August 20, 2013

Seeing Attrition in Customer Loyalty? Fix it with Predictive Analytics

Every brand or organization has dissatisfied customers. But  then it also has its most loyal customers. Such customers are your trusted brand advocates – their reviews and recommendations will drive your sales and their positive word-of-mouth messages will boost your brand reputation. Hence, it is imperative for brands to retain their ever faithful group of customer.

Predictive Analytics can help businesses a great deal in this direction. Here’s how:

Identify Anything Amiss In Customer Behavior:

Your loyal customers rarely complain about your products and services because they are generally happy with how you service them. However, if you suddenly come across complaints streaming in from any of these loyal customers, then it shows that something’s amiss – a customer servicing gone wrong perhaps.

Do you see a sudden absence or a dip in their transactions? Has there been a hitherto unfound spike in his complaints about your products? All these factors could be predicting impending customer attrition.

Plug Loopholes in Customer Engagement Efforts:

Customers devoted to you have always appreciated your content on social media channels; consistently sharing, liking, retweeting or repinning it. They were in fact your top influencers. In such a scenario, if you witness that their engagement level with your brand has suddenly taken a beating then it could be stemming from a plausible faulty customer engagement effort.

Inefficient social engagement efforts can derail your relationship with your most loyal customers, sometimes even forcing them to end their association with your brand. 

Improve Customer Relationship Service:

Sometimes all that brand loyalists need is a warm gesture on your part reminding them that you value them highly and their unceasing loyalty towards your brand is appreciated. Explore your social data and identify those customers whom you have ignored (in offering the best customer service) in spite of them being your top brand advocates.

At a time when your customers are spoil for choices and your competitors are playing hard to woo your customers with fancy offers and grand promotions on the social media, Predictive Analytics helps organizations to prevent possible future cases of customer attrition and in turn successfully retain its customers.

How do you deal with attrition in customer loyalty? Share your thoughts in the comments below. To learn how Shout Analytics’ Predictive Analytics capabilities can help you in this direction, write to us at info@shoutanalytics.com

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