This functionality has been added to the recently launched Retention & Recovery module.
The technology helps organisations identify high risk subscribers who are likely to churn enabling them to proactively target and re-engage with these customers in order to minimise churn and maximise revenues, says MPP Global.
The predictive subscription churn functionality employs Machine Learning techniques to apply a churn risk probability to each active subscriber. The process analyses customer behaviour to generate reports of customers who are most at risk of voluntarily cancelling their subscription. The performance of the prediction engine is transparent with the previous month’s churn prediction accuracy available for analysis. As clients use more of eSuite’s modules and functionality, the opportunities with the scope and precision of the prediction engine increase, says the company.
Using historical data, continues MPP Global, to predict when a paying customer is likely to voluntarily churn enables businesses to react and automatically target them with an offer or incentive in order to retain their custom. By targeting them with a promotion or engagement activity, companies limit any damage to the customer relationship and can increase customer retention. It is also possible to build business cases around campaigns, based on precision and conversion rates, ensuring retention campaigns make commercial sense.
Playing a lead role in the project, Chris Cheney, CTO at MPP Global, said: “We are very excited with eSuite’s predictive churn functionality and the benefits it will bring to the market. We have the expectation to bring in further data points for which clients will understand more about what leads to subscribers churning and act in the best way to prevent it.
“Churn prediction is just one use case where machine learning is used, with many more planned around the use of advanced analytical tools and capability. You simply can’t do this stuff unless you have the platform components to be able to collect and process the important data and our product strategy has very much been around the positioning to enable this.”
Paul Johnson, CEO at MPP Global, commented: “This project has been a major development within MPP Global and redefines what we are able to offer clients. eSuite is already the only fully integrated cloud platform to identify, engage and monetise audiences and now with predictive churn we are truly offering a one of a kind solution which will help any organisation offering subscriptions.”
