Method and apparatus for customer retention
Method and apparatus that facilitates customer retention, churn reduction, and customer satisfaction by predicting customer churn and taking an appropriate action to retain a customer is described. In an example, a customer retention method acquires information indicative of customer service usage by customers. The customer retention method then provides an analysis of the acquired information. The analysis predicts the likelihood of churn for each customer. The customer retention method then identifies affected customers based on the analysis. The customer retention method then automatically selects customer support executives to initiate an action for each of the affected customers. The customer retention method selects the customer support executives based on skill in handling the affected customers, among other factors.
1. A customer retention method, comprising:
acquiring information indicative of service usage by customers, wherein the information indicative of customer service usage comprises a first set of information corresponding to a first time period and a second set of information corresponding to a second time period;
providing an analysis of the information that predicts the likelihood of churn for each of the customers, wherein the step of providing comprises: comparing the first set of information to the second set of information to produce comparison results; and assigning each of the customers a rank according to a scale representative of predicted likelihood of churn based on the comparison results;
identifying at least one affected customer based on the analysis, wherein the step of identifying comprises: comparing the rank of each of the customers to a threshold rank to identify the at least one affected customer as being most likely to exhibit churn; and
automatically selecting at least one customer support executive based on skill in handling the at least one affected customer to initiate an action.
2. The method of claim 1 , wherein the information indicative of customer service usage is based on at least one of time records, location records, job information, or website login information transmitted to a server.
3. The method of claim 1 , wherein the action comprises executing a customer retention program.
4. The method of claim 3 , wherein the customer retention program execution comprises scheduling a visit to the at least one affected customer by a customer support executive.
5. The method of claim 3 , wherein the customer retention program execution comprises sending messages to the customer through any one of email, (short message service) SMS, calls, pager, and fax.
6. The method of claim 1 , further comprising:
sending at least one of the analysis, indicia of the at least one affected customer, or indicia of the at least one customer support executive to an external entity.
7. A customer retention system comprising:
a customer information module for acquiring information indicative of service usage by customers, wherein the information indicative of customer service usage comprises a first set of information corresponding to a first time period and a second set of information corresponding to a second time period;
an analyzer for providing an analysis of the information that predicts the likelihood of churn for each of the customers, wherein the analyzer comprises: a comparing module for comparing the first set of information to the second set of information to produce comparison results; and a ranking module for assigning each of the customers a rank according to a scale representative of predicted likelihood of churn based on the comparison results;
a customer identification module for identifying at least one affected customer based on the analysis, wherein the customer identification module is configured to compare the rank of each of the customers to a threshold rank to identify the at least one affected customer as being most likely to exhibit churn; and
a customer retention module for automatically selecting at least one customer support executive based on skill in handling the at least one affected customer to initiate an action.
8. The system of claim 7 , wherein the information indicative of customer service usage is based on at least one of time records, location records, job information, or website login information transmitted to a server.
9. The system of claim 7 , wherein the customer retention module comprises an execution module for executing a customer retention program.
10. The system of claim 9 , wherein the execution module is configured to schedule a visit to the at least one affected customer by a customer support executive.
11. A non-transitory computer readable medium for storing a computer program that, when executed by a processor, cause the processor to perform a customer retention method, comprising:
acquiring information indicative of service usage by customers, wherein the information indicative of customer service usage comprises a first set of information corresponding to a first time period and a second set of information corresponding to a second time period;
providing an analysis of the information that predicts the likelihood of churn for each of the customers, wherein the step of providing comprises: comparing the first set of information to the second set of information to produce comparison results; and assigning each of the customers a rank according to a scale representative of predicted likelihood of churn based on the comparison results;
identifying at least one affected customer based on the analysis, wherein the step of identifying comprises: comparing the rank of each of the customers to a threshold rank to identify the at least one affected customer as being most likely to exhibit churn; and
automatically selecting at least one customer support executive based on skill in handling the at least one affected customer to initiate an action.
12. The computer readable medium of claim 11 , wherein the information indicative of customer service usage is based on at least one of time records, location records, job information, or website login information transmitted to a server.
13. The computer readable medium of claim 11 , wherein the action comprises executing a customer retention program.
14. The computer readable medium of claim 13 , wherein the customer retention program execution comprises scheduling a visit to the at least one affected customer by a customer support executive.