The Churn Risk use case is designed to help identify and mitigate the risk of losing valuable customers. The AI Assistant leverages insights from the Sales Insights and Customer Insights modules to detect patterns and trends that indicate a high risk of churn.
Imagine a Sales Representative responsible for Class A customers. The Pricefx Copilot monitors the revenue generated by these customers over the last 24 months and compares it to the previous 12 months. If the revenue trend shows a significant decrease, the AI Assistant flags this as a potential churn risk.
For instance, let's say a customer group has been generating $500,000 in revenue annually for the past two years. However, in the last 12 months, their revenue has dropped to $350,000. This 30% decrease in revenue is a clear indicator of a potential churn risk.
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: ThePricefx Copilot monitors 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.
Actionable Insights: Once a churn risk is detected, the 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.
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.
By focusing on churn prevention, the Pricefx Copilot helps maintain a healthy and sustainable business by retaining existing customers, increasing revenue, and building long-lasting relationship.