Proactive Account Management with Churn Prediction & Recommenders

Proactive account management means that events and opportunities are predicted so that customer engagement and service offerings can be optimised.

When implementing a proactive approach, questions your account management team should be considering:

  • Which accounts are most likely to leave?
  • Which customers have a very high probability of buying additional products?
  • What products should I recommend to potential leavers?

It’s worth remembering that all the problems do not need answering at once. It is not necessary to launch a programme with large investment project teams, CRM and IT infrastructure. At Algospark, we generate insights from data and then develop rapid prototypes to fast track value from artificial intelligence solutions.

How does this approach work with the proactive account management questions?

  • Which customers are most likely to leave? This link shows an example of a churn management solution uses a Value at Risk (VaR) approach to prioritise client contact.
  • Which customers have a very high probability of buying additional products? This link shows an example of customer centric product recommendation. It uses a hybrid collaborative filtering approach to determine the products with the highest chance of purchase.
  • What products should I recommend to potential leavers? The solutions above can be combined so that customer management teams have a script that is highly personalised to the client in terms of behaviour and preferences.

The links above and other sales, product and process solutions can be found here: https://algospark.com/#sales

Getting proactive does not need to be difficult! Get in touch to discuss further.