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The Pricefx Copilot then creates an action item for the Sales Representative, alerting them to investigate the churn risk. The action item includes details such as the customer group, the specific revenue trend, and the due date for follow-up. The Sales Representative can then take proactive measures, such as reaching out to the customer to understand their concerns, offering incentives, or improving the overall customer experience to retain their business.
Here’s how it works:
Detection
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Pricefx Copilot
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is designed to monitor customer behavior and revenue trends over a defined period. For example, it can track the revenue generated by customers over the last 24 months and compare it to the previous 12 months. If there is a significant decrease in revenue, it flags this as a potential churn risk.
Here's how the detection process works:
Data Collection: Pricefx Copilot collects data on customer behavior and revenue trends from various sources within the Pricefx platform. This includes historical sales data, customer interactions, and other relevant metrics.
Trend Analysis: The collected data is then analyzed to identify patterns and trends. For example, the Copilot can compare the revenue generated by a customer group over the last 24 months to the revenue generated in the previous 12 months.
Flagging Churn Risk: If the analysis reveals a significant decrease in revenue, the Copilot flags this as a potential churn risk. For instance, if a customer group that previously generated $500,000 annually now generates only $350,000, this 30% decrease would be flagged as a potential churn risk.
Actionable Insights: Once a churn risk is detected, the Copilot generates actionable insights and creates an action item for the responsible sales representative. This action item includes details such as the customer group, the specific revenue trend, and the due date for follow-up.
By continuously monitoring customer behavior and revenue trends, Pricefx Copilot helps businesses proactively identify and mitigate churn risks, ensuring that valuable customers are retained and revenue is stabilized
Actionable Insights
Once a churn risk is detected, then Pricefx Copilot generates actionable insights. It creates an action item for the responsible sales representative, alerting them to investigate the churn risk. The action item includes details such as the customer group, the specific revenue trend, and the due date for follow-up.
Once a churn risk is detected, Pricefx Copilot generates actionable insights to help the sales representative take appropriate measures. Here's how it works:
Proactive Measures: Action Item Creation: The Copilot creates an action item for the responsible sales representative. This action item serves as a task that the sales representative needs to address.
Details Included: The action item includes specific details such as the customer group at risk, the revenue trend that triggered the churn risk alert, and the due date for follow-up. These details provide the sales representative with the necessary context to understand the situation and take appropriate action.
By providing actionable insights, Pricefx Copilot helps sales representatives address churn risks effectively and ensures that valuable customers are retained
Proactive Measures
The sales representative can then take proactive measures to address the churn risk. This might involve reaching out to the customer to understand their concerns, offering incentives, or improving the overall customer experience to retain their business.
Summary
By focusing on churn prevention, Pricefx Copilot helps maintain a healthy and sustainable business by retaining existing customers, increasing revenue, and building long-lasting relationship.