Keeping a customer is up to 50 times less expensive than acquiring a new one.
The customer relationship carries with it a higher replacement value than ever before. Keeping a customer is up to 50 times less expensive than acquiring a new one. Reflex Blu is ready to implement a plan for your institution that will identify “at-risk” households and minimize the risk of attrition.
Using your customer database, we will identify tipping points in customer relationships that will empirically mark that customer as one who is headed for the door. We use our own customer centric models to identify customers who present behaviors which make them an attrition risk. Our model uses the following behaviors:
- Affinity – the number of services a customer uses
- Frequency – the number of times a customer transacts/visits with your company
- Recency– the number of days since a customer’s last purchase/transaction
- Amount – the total amount of purchase/transactions
We score all of the above factors to identify when household is “at-risk” in order to influence that relationship with multiple layers of support and contact. We recommend a retention campaign that incorporates platform support, brand leverage, and direct marketing that work together to re-shape the negative perceptions in the customer’s mind.
We can also tie in factors such as profitability to help focus your efforts on those relationships that bring the most equity to your institution.
