As a service provider, it is true that if you see your customer churn rate is reducing, then you are satisfied the most. Reason? A small reduction in customer churn rate can improve your profitability by millions.
Studies reveal that if you acquire new customers, it can cost you up to more than five times than to satisfy and retain your existing customers. After all, your existing customers who are like gems to your company, provide treasures – you can gain deeper insights that will enable you to render better customer service which will create a favorable impact on your revenues.
For this, you have to study your customers’ behavior. In the past, when technology and data were limited, knowing their behaviors was difficult. But now, with a handful of technologies and big data, you can analyze their behavior easily – even to the extent like at what time do they leave for work, how long it takes them to reach there, etc. By leveraging big data analytics, you can extract information on different metrics, based on which you can fine tune your service offerings according to your customers’ willing.
Read more at: http://economictimes.indiatimes.com/articles/how-big-data-smart-analytics-is-reducing-subscribers-churn/ericssonarticleshow/34166759.cms to know how big data can help you to reduce your customer churn rate smartly.