AI in marketing has a strong potential to be revealed.
More than half of our customers are banks and financial organizations, and often we notice they use a strategy of acquiring new customers instead of retaining and upselling the existing ones.
On one hand, this is logical.
On the other hand, customer acquisition activities are five times more expensive than customer retention. Missed profits and other dire consequences caused by overlooked customer churn can slow down the business growth.
So, how AI and ML can improve the marketing strategy in finance, help boost customer loyalty and avoid missing opportunities?
Churn prediction software can:
- Forecast customers likely to abandon and help timely act to overcome or at least significantly reduce customer attrition
- Calculate the value of potentially lost income
- Assist in creating retention plans and plan marketing activities
- Identify customers ready to pay more for premium services and the best time for such an offering.
Facts about customer retention
- By growing your customer retention rates by 5%, you can increase profit by 25% to 90%.
- The chance of selling to loyal customers is 70% and only 5%-20% to new ones.
- 17% of the US customers walk away after a single negative experience, while businesses lose 59% of customers after several bad experiences.
In the full version of the article you will find out:
How can AI refine your marketing strategy?
- Build churn prediction models
- Make your marketing truly personalized
- Get the precious customer behavior insight
- Learn why the new Know Your Customer is Know Your Social Customer
- See how AI builds powerful email marketing
- Explore the functionality of AI chatbots and more.
Read the full article on Socialnomics.net:
CUSTOMER CHURN PREDICTION OR HOW AI HELPS IN MARKETING
by Dmitry Dolgorukov, CEO and Co-Founder of GiniMachine
For the most recent news on the AI and ML use for predictions and credit scoring, visit our company’s blog.
