BitRefine group, a leading machine learning company claims that Mobile network operators need to pay high attention to new methods of precise customer care, such as customer churn prediction systems. This effective system promises huge advantages in terms of providing the exact data on who are the customers that would probably leave the Mobile network provider.

Retention marketing in telecom

“Every client you keep is one less client you need to find.” Having this as a mantra, telecom operators turn to Customer Churn Prediction. This analyzes big data set to let mobile operators know who are the customers that would probably leave giving their marketing team a chance plan for strategies that will keep clients happy resulting to a reduced customer churn.

Based on client’s activity log Churn prediction system shows who are the customers that might leave a telecom provider or close their account with them. This is a critical information that uses machine learning to produce data that will help in the company prediction on which individuals from their total customer database are most likely to leave. Did you know that Lee Resource Inc. asserted that attracting new customers will cost a company 5 times more than keeping an existing customer? This means that investing on customer retention is a wiser decision than acquiring new ones. Also, generally speaking, 65% of a company’s business comes from existing customers.

There are several reasons why customers churn in the mobile telecommunication sector. There are two main groups of churners: Involuntary churners because of unpaid bills or fraudulent behavior which is initiated by the service provider party; and the Voluntary churners who switched to competitor for many reasons. With the use of Customer Churn Prediction technology, a mobile operator’s marketing team is able to control the Voluntary churners.

Customer churn analysis in telecommunication sector

Social Mobile Client RetentionIn the telecommunication industry, it is undeniably a fact that there is a rapid rate of client churn. In fact, based on studies, telecommunication industries have annual churn rate of 30%. Given the fact that telecommunication customers continue to fully use their rights of switching from one service to another, as often as they want, mobile telecommunication operators need to invest in those customers that already have an experience with the service by renewing their trust, rather than constantly trying to attract new customers characterized by a higher churn rate. This is where BitRefine’s Customer Churn Prediction comes in. In this situation, the best way to handle it is to know who are the customers that might leave the company so as to be always ahead of them. Providing personal coupons, gift cards and discount codes could be great strategies to keep them.

So, how can one save money in customer churn prediction? Maintaining an existing client is certainly more cost-effective than obtaining a new client. Thus, investing in customer churn-prediction could save a company millions of dollars. Knowing who are the customers that might churn would mean that mobile operators would know if an influential customer might leave. Thus, if this happens, the marketing team should work to keep the ‘influencers’ assuming that preventing them from churn will also prevent some of their followers from churning. This also saves the company from possible brand image dents.

Telecommunication companies are now geared towards customer-first based strategy, also known as customer-centricity. The evolving customer needs and behavior when not fed and satisfied lead to churn. Thus investing on Customer Churn Prediction could be the greatest move a company would do towards profit. When you know who might churn, the marketing team can work to retain them.

Get to know more about the process of Customer Churn Prediction.

About company

Bitrefine group solves clients’ toughest challenges in the field of machine learning and computer vision. We offer our clients solutions that will help them stay ahead of trends and maintain a competitive advantage in the market. Deep data analysis, visual information comprehension, robotics, automation, medical image processing, behavior prediction – this is the short list of application that we develop. We partner with clients to turn emerging technology into a real-world product.