UNDERSTANDING CUSTOMER BEHAVIOR TO REDUCE CHURN
Customer Experience Management Solutions have a critical role in helping businesses change the way they engage with their customers and protect the customer value. This is evident by the fact that 55% of consumers are willing to pay more for a better experience. In recent times, companies have also been seeking out CEM solutions that can deploy technologies that were only leveraged by mega enterprises like Google, Amazon, Facebook etc. This includes machine learning and unstructured data analytics such as text analytics to maximize the value of larger volumes of data they’ve been accumulating, but not using effectively.
VOZIQ was founded in 2013 by a group of highly qualified professionals having a track record of successfully designing and implementing innovative customer analytics solutions for leading US companies. The organization’s primary focus is to help companies employ CEM solutions and strategies to give customers a great experience every time they interact with a brand, to increase customer satisfaction, loyalty, and advocacy.
VOZIQ’s solutions have helped many recurring revenue businesses to tackle key customer value questions such as: How to analyze customer behavior pattern and uncover reasons for churn? How to deliver personalized customer engagement? How to retain your most valuable customers? VOZIQ, thus makes it very easy for businesses to systematically and proactively boost customer satisfaction and retention rate.
The key difference between VOZIQ and the other similar solutions in the market is the scope of the solution. While other solutions stop at identifying at-risk customers, VOZIQ goes beyond. It not only tells you who is at-risk and why but also blends Customer Churn Reduction into call center operations to retain the high-risk, high-value customers.
Being the only cloud-based end-to-end solution that uses large volumes of contact center data for churn intelligence, VOZIQ brings a unique approach to addressing customer churn. A key VOZIQ differentiator is very early detection of customer churn risk by using expressed and inferred needs from contact center interactions. Since emerging churn risk of a customer is uncovered well in advance, retention teams have plenty of time to recover customers through marketing activities. The solution blends recovery actions for high risk customers with how calls are handled in the contact centers by identifying and re-routing high risk customer calls to specialized agents. With its blended actions with risk identification and risk recovery all within contact centers, VOZIQ’s solution significantly increases contact with high risk customers, often by 10x or more, compared to traditional approaches like email marketing to recover high risk customers.
To uncover customer risk, VOZIQ’s solution leverages combined power of machine learning and text analytics. While the machine learning helps VOZIQ uncover complex behavior patterns to track the emerging churn risk for a customer, the text analytics helps it to uncover sentiment and customer risk signals from CRM/call center text notes. VOZIQ is also capable of offering a unique synergy of analytics technology, closed-loop actions, and professional consulting to accelerate the success of client initiatives.
VOZIQ’s founders and senior leaders have spent several years in researching and designing solutions that improve business with business-driven customer engagement processes, and have multiple patents in effectively handling customers in contact center space. Apart from that, VOZIQ’s product development team have completed nearly 100 interviews with senior leaders from recurring revenue businesses to fully understand operational challenges in CEM, with the goal of reducing customer churn.
One of the key gaps discovered during this multi-year research was related to how to optimize the spend in customer retention programs, and how to effectively operationalize results of machine learning models that predict customers who are likely to churn. VOZIQ’s AWS Cloud-based solution effectively addresses these two key challenges much more effectively than any other solution in the market space and delivers significant value to their clients within months.
An instance of where VOZIQ was used was with MONI Smart Security. The objective was to create a comprehensive customer retention platform with the aim of reducing customer churn, improving customer satisfaction, improving customer care and retention agent performance, and improving overall customer experience. VOZIQ’s Predictive Churn Reduction Solution leveraged millions of call center agent notes to build better predictions about which customers are at risk of cancellation, and the outcomes have been extraordinary with improvement in multiple KPIs.
These improvements resulted in several thousand high risk and high-value customers being saved each year, leading to millions of retained customer value. It also recorded an increase in First Call Resolution Scores (FCR) and Net Promoter Scores (NPS), which resulted in additional costs saved by optimizing agent workforce, resulting in upwards of 300% year-on-year ROI for MONI Smart Security.
VOZIQ’s customer retention cloud is already running on AWS with pre-built industry and risk drivers libraries. This significantly cuts the time to realize value of the latent data.