With our Churn Prediction Model, you can stay one step ahead of potential customer churn, or turnover. Our Churn Prediction model tells you how close a customer is to churning by calculating a Churn Risk Score ranging from 1-100 for each customer. You can use this score to create segments, run campaigns, or simply understand your customer base better by using this score.
The Churn Prediction Model is retrained quarterly to gain more insight.
The Churn Prediction model gives each of your customers a Churn Risk Score that ranges from 1-100. A higher score means a greater likelihood of churning.
Each customer is then assigned to a Churn Risk Group based on their score*:
- High Churn Risk: 76-100
- Medium Churn Risk: 51-75
- Low Churn Risk: 0-50
Churn Risk Groups are an easy way to determine which segments of your audience to target in order to increase retention and limit customer loss.
- From the left navigation, expand Datasets then click Datasets.
- Search for and select your Simon Predict: Churn and Purchase Prediction dataset.
- Click Run to see a sample set of your Churn Risk Scores and Groups.
Your account manager will let you know when your models are trained, and your Simon Predict dataset is available. As soon as that's done, there are many ways you can power up your workflows within Simon by utilizing the Churn Risk Scores and the insights they provide.
You have a few options:
- Use the pre-built High Churn Risk segment
- Create your own Segment using Churn Risk Scores and Groups.
- Create a Journey
Based on the group of customers with the highest churn risk, this segment is an easy target audience for your retention campaigns.
- Once your account manager confirms you're onboarded, navigate to Segments.
- Search for Simon Predict
- Select Simon Predict: High Churn Risk.
Use Churn Risk Scores and Groups as a part of your segmentation logic in the Segment Builder.
- Create a new segment.
- From the properties tab, select the Simon Predict Churn Group to choose a high/medium/low risk group or the Simon Predict Churn Score contact filter. Refer to the scores outlined here.
You can branch Journeys with the Churn Risk Score segment to personalize your campaigns.
For example, by branching your journey based on the Churn Risk groups (High, Risk, Medium Risk, Low Risk), you can omit or include High Churn Risk customers from certain communications to increase retention.
Updated about 1 year ago