While acquiring new customers can provide benefits in the short-term, to sustain long-term growth, businesses need to keep customers coming back.
By focusing on customer retention, you can maximise the value of your existing customer base and mitigate the costs associated with attracting new prospects.
At illion, we can help you identify customers who are at risk of attrition and develop strategies to help you retain customers.
The customer retention services we provide include:
Wash and Append
We have the contact details of over 17 million Australians. Information that includes addresses, emails, customer ages, mobile numbers, and income.
With this accurate, up-to-date information, we can help you refresh your customer database by appending your records with ours. This information can help you with your customer communications and also prevent email bounce backs and returned mail.
A financial services company needed to communicate terms and conditions changes to its whole customer base. They used our wash and append services on all the email bounce backs and updated all the mailed ‘return to sender’ addresses. The accuracy of the consumer data reduced the company’s communication costs by over 60%.
Consumer Demand Index
The illion Consumer Demand Index (CDI) is a predictive index that can be used to help identify customers with a higher propensity to churn. This can help you pinpoint customers you want to keep, who may be inclined to attrite.
A leading financial institution used illion’s CDI in its retention modelling to segment, identify, and provide notice to their account managers of potential customer attrition. It helped them to retain their portfolio and increase profitability and customer loyalty.
Geographic Risk Indicator
illion’s Geographic Risk Indicator (GRI) is a proxy credit score that can locate customers down to a mesh block level.
Our GRI can help you segment your base and select customers who align with your organisation’s credit appetite. This information can assist you with developing targeted retention strategies, which can be used to upsell and cross-sell additional products.
A technology company wanted to segment its customer base with a view to upselling and cross-selling relevant add-on products. It wanted to analyse its customers based on approximate credit scores, to ensure that they could fulfil their contractual payments if upgraded. illion’s GRI helped the company select customers who they wished to retain to engage with cross-selling and upselling activities.
Our spend analytics data can provide geographic attributes based on income and expenditure information. Within these datasets we can see all expenditure during a given period, which we then categorise, so we can report on consumer spend behaviour.
With this information, we can help you understand where and how consumers are spending. We can then identify top customers and provide you with an understanding of what’s happening in the market, so you can make your own strategic marketing decisions.
We can also identify and track competitor brands, to provide detailed affinity and market dynamics analysis. Both brand loyal and brand disloyal customers can then be profiled and targeted for direct and above-the-line marketing.
A fast-food restaurant wanted to understand its market share of the fast-food market in various locations across Australia. Our spend analytics and brand affinity analysis helped it to understand the buying habits of its customers, as well as the activity of competitors in various locations.
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