Here we present you how to perform churn analytics using our churn prevention software.
Using an advanced predictive analytics function, Qymatix can point you to the customers with a higher probability of not buying again in the following period. This mathematical function called ‘churn risk’ (or customer attrition risk) is useful for starting to dig deeper into the client’s relationship.
The most fundamental activity to reduce customer attrition in B2B is to classify and prioritise customers according to their churn risk. In Qymatix, this “churn risk” represents the likelihood that a buying customer will not buy again and is analyse using our proprietary customer churn prediction models.
On the central sales insights dashboard, we present you with a classification of your customer based on their risk of churning.
Here a sales leader can list and organize her customers based on their likely attrition. Qymatix churn software classifies your accounts based on this model with three simple categories: “High”, “Low”, and “Normal”. We use the term “Loyalty” in some views as the opposite to churn risk. That means, if a customer has high churn risk, will also classify it as a customer with “low loyalty.”
Behind the first sales dashboard, our software presents you a detailed analysis of customer churn risk. Here you can list and organise your customers based on their attrition risk. For example, in the churn risk dashboard above, the risk of churning is plotted against the relative margin and the sales volume of each customer. You can zoom in this chart to have a detailed view.
Customer churn prediction model
Once the sales leader can focus on the customers at risk of churning, she can start digging deeper. What do they buy? When do they buy it? How is this customer performing, compared with the rest of customers?
From the previous view, by clicking on each customer card, the user can access a detail view of each customer. In this third layer, the user can access the most relevant key performance indicators for each account. Also, here the user can compare how this specific buyer is performing versus the rest.
First, re-order your customers based on churn risk. Second, dig deeper into one of them. Finally, define and implement a useful customer retention measure.
How to make your sales team successful? Do not stop on the Customer Churn Prediction Software – take action instead.
Once the sales manager has identified a customer at risk of churning, taking immediate action is crucial. In Business-to-Business, where sales cycles are long, taking putting early attention on customers about do defect can make a significant financial impact.
Qymatix tool provides the sales leader with a list of the actions that her key account manager is undertaking in each customer. Has your sales representative visited this customer in the past? Is he pursuing any open project of sales opportunity?
If a customer is a risk of churning, and your key account manager has not taken care of it in some time, the chances are that you are already late. Save a new sales plan and address this situation together with your sales team.
Qymatix Expert Tip: Once you have identified a customer at risk of churning, taking immediate action is crucial.