How Multinet accurately targeted their likely churn customers with an error rate of less than 2% and how they retained them
Retaining a customer is always less expensive than acquiring a new one. However, to retain them, one has to know which customers are likely to churn and why they are likely to churn. It's tough to know which customers are about to pull a stun of churn in real life and let alone why. Churn results in a loss of revenue and is very prevalent in a business of any size, more so for Multinet.
Targeting the right customers before they churned was Multinet's priority. Secondly, to understand and learn the reasons behind the churns to engage the customers with the right approach. Multinet was able to do all these and more using Enhencer's AI-based algorithms.
Multinet predicted their customers' churn likelihoods with a stunning accuracy of 98%. Enhencer's AI algorithm also provided Multinet with the customer segments containing customer behavior for churn; this enabled Multinet to create personalized marketing campaigns. Accurate churn prediction and customer behavior segments mean reaching out to the right customers with suitable marketing campaigns. All these translate to retaining more churn customers than ever, with a vast influx of lost revenue for Multinet.
Enhencer's accurate predictions helped Multinet to engage and target the right visitors and secure that possible purchase. As a consequence, they have experienced a rise in the add-to-cart conversion rate extensively. The visitors' behavior segmentation has provided Multinet with a massive potential customer pool to target for their marketing campaigns. In return, this has improved Multinet's marketing campaign's conversion rate considerably.
Experienced a decrease in its customer churn rate by 72%:
Using Enhencer's AI algorithm enabled Multinet to observe and segment customer behaviors. Using the segment insights, Multinet designed personalized marketing campaigns, and as a result, Multinet was able to decrease its churn rate by a massive 72%.
Was able to retain 84% of the lost revenue:
Retaining all these customers meant maintaining the revenue influx from all these customers that would have lost otherwise. Out of all the possible lost revenue, Multinet could retain a significant 84% of the revenues.