Customer churn is a costly toll on businesses. It’s not simply the lost revenue to consider, but also the added marketing expenses needed to rectify the loss. Retaining customers has historically been a lagging business indicator—it’s only after businesses lost customers that they could assess what went wrong—but with increasing access to data, several companies have developed predictive churn analysis capabilities to identify at-risk customers and proactively prevent them from leaving.
Churn analysis: Big reward, but a big undertaking
Accurate churn analysis involves working with a lot of customer data, which first must be transformed into a workable format for analysis. Data preparation, an important first step before churn analysis, is particularly challenging because:
- With the increasing use of social media, digital transactions, and web-based customer support, the sheer volume of customer data available today is overwhelming.
- Customer data is often in less than ideal formats for analysis. Call data records might contain obscure code entries that would be better translated into user understandable text, for instance.
- Source data may have missing or poorly validated fields that require cleanup. For example, phone number data when entered by multiple users might have numerous combinations of dashes and parentheses that need to be made consistent.
- Data may be stored across several different locations, yet must be combined for effective churn analysis.
Designer Cloud: An essential tool for churn analysis
Alteryx Designer Cloud data wrangling software allows companies to better work with customer data for more effective churn analysis. With Designer Cloud, companies can quickly and easily standardize complex customer data into a workable format for analysis, reducing the typical time spent preparing data by up to 80%.
Here are just a few of the benefits that Designer Cloud brings to your churn analysis:
- Accelerate time to value – Designer Cloud’s unique technology creates a partnership between user and machine, with each side learning from the other and becoming smarter with experience. Every click, drag or select within Designer Cloud leads to a prediction, which accelerates the time to churn analysis.
- Create more accurate churn analysis – Designer Cloud presents automated visual representations of data based upon its content in the most compelling visual profile, which gives analysts a better understanding of their data. Detailed visual representations also allow for deeper data exploration, providing an automatic understanding of the data at its most granular level. Outliers and invalid data are easy to identify and correct, preventing faulty data from impacting downstream churn analysis.
- Empower customer experts to work with data – Designer Cloud’s easy to use interface makes it possible for the analysts most closely aligned with customer data to apply these changes themselves. This takes IT dependence out of the equation, and allows your company to more quickly adapt and find new insights that will make your churn analysis a success.
Turning small customer interactions into big insights
Gaining a competitive advantage through churn analysis rests largely upon the ability to pinpoint your customers’ changing requirements, preferences, and actions. Designer Cloud’s unique technology significantly enhances the value of an enterprise’s customer churn data by enabling analysts to easily transform and enrich raw complex data into clean and structured formats for churn analysis. We’re excited to play a central role in the churn analysis of many of today’s top organizations.
Designer Cloud can help drive new insights in churn analysis, sign up for a 30 day free trial.