Did you know that acquiring a new customer can cost five times more than retaining an existing customer!
Also, most businesses have at least twice as many data points on existing customers as they do for prospective customers.
Which is why leveraging advanced analytics is not just a strategy—it's a necessity. And mining your data for new insights vastly improves the effectiveness, efficiency, and conversion rates of sales and marketing teams, whilst providing a material opportunity to realise a return on investment on core business systems.
At DataDiligence, we harness the power of churn propensity modelling, upsell, and cross-sell modelling to drive significant revenue growth and enhance customer retention for PE-owned businesses.
Churn Propensity Modelling
With the ability to decrease churn rates by 15-30% (McKinsey), identifying at-risk customers early allows for targeted retention strategies. This proactive approach not only saves costs associated with acquiring new customers but also boosts customer lifetime value and loyalty.
Upsell and Cross-Sell Modelling
Our experience-led growth strategies can increase cross-sell rates by 15-25% and share of wallet by 5-10% (McKinsey). By understanding and anticipating customer needs, we deliver personalised recommendations that drive additional sales and deepen customer relationships.
Integrating Analytics for Success
The integration of these advanced models ensures a seamless, omnichannel customer journey, enhancing both customer satisfaction and retention. Companies that adopt these strategies see a 20-30% improvement in customer engagement and satisfaction, translating into sustainable growth and competitive advantage (McKinsey).
What do you need to get going?
Typical data inputs for these models include customer demographics, purchase history, product usage patterns, and interaction data from customer support. This data often sits in key operating systems and need to be ingested into warehouse where it can be transformed.
Core to our approach, we then create a business data twin, which sits next to the customer 360 becoming the 'single source of truth' for the business as a whole. We then utilise cutting-edge technologies such as machine learning algorithms, and predictive analytics platforms and tools to process and analyse the data – and feed whatever visualisation tool our client uses.
However, building models isn’t enough.
Only when data outputs provide actionable insights – including customer risk scores, targeted marketing campaigns, and personalised product recommendations – resulting in better decision making and action does all the hard work turn drive growth. And power revenue.
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We are committed to empowering PE-owned businesses with the tools and insights needed to thrive. Let's transform data into growth opportunities together!
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