It is 5 times more profitable to retain a customer as against acquiring one. 80% of potential ‘churners’ will reverse their decision if contacted within two weeks of the identified churn date.
GB Group's Lapse Prediction model is a unique data analysis tool that draws on modelling and analytical solutions to identify potential ‘defectors’ among an organisation's customers. By analysing the historical customer data and transaction information, Lapse Prediction allows organisations to single out those people most likely to stop using their services in the near future. This insight provides businesses with valuable time in which to contact them with a retention message.
What GB’s Lapse Prediction solution offers:
1. An innovative and very robust model which enables you to analyse the history of each customer
Which means that...
…you can assess the propensity to lapse at individual level and proactively put in place retention strategies to reduce customer attrition