It is 5 times more profitable to retain a customer as against acquiring one.
GB Group's Lapse Prediction model is a unique data analysis tool that draws on modeling and analytical solutions to identify potential ‘defectors’ among an organisation's customers.
By analysing the historical customer data and transaction information, Lapse Prediction allows organisations to single out those people most likely to stop using their services in the near future. This insight provides businesses with valuable time in which to contact them with a retention message.
The value of Lapse Prediction to any business can be appreciated all the more when one considers that 70-80% of potential ‘churners’ will reverse their decision if contacted within two weeks of the identified churn date.