To operationalize the blueprint, the article suggests involving stakeholders from various departments to create a comprehensive business case and align the initiative with overall business goals. It also emphasizes the importance of evaluating technological compatibility and data interoperability, organizational alignment and training, and setting up a robust change management process. The article concludes by stating that this three-step approach serves as a roadmap for not only retaining customers but also driving sustained growth for businesses.
Key takeaways:
- The three-step AI-powered blueprint for customer retention includes strategizing to maximize the value of assets with AI, implementing the retention transformation with AI, and scaling retention ROI through operational changes.
- Strategizing involves integrating data from various systems to provide a holistic view of customer behavior and preferences, enabling CXOs to pinpoint areas that demand attention.
- Implementation involves using machine learning models to predict churn risk and identify risk drivers on an individual customer level, enabling tailored interventions.
- Scaling involves identifying the most relevant channels based on campaign goals and channel availability, running economic analyses on one channel, and embedding intelligence into multichannel offer delivery.