“What happens when you keep the customer?” asks Dr. Vasudeva Akula, co-founder and the head of data science at VOZIQ AI. “The customer keeps on paying, that’s the value of recurring revenue.” Akula notes that when a paying customer is retained, the value can be enormous based on the long-term value of all the monthly payments. In the era of recurring revenue, reducing the number of customers leaving can be even more valuable than new sales.
Reducing customer churn by a few percentage points is perhaps the biggest business growth opportunity for any recurring revenue business because of the compounding effect it creates over time. Studies suggest that the average churn rate among U.S. companies is about 20%. That means a company with 1 million customers and an average customer revenue of $500 per customer would end up losing about $100 million in revenue each year if they don’t act quickly. The problem is even worse in the telecommunications industry, where dynamics are constantly changing, competition is intense, and customer switching is high.
Today, we have with us Dr. Vasudeva Akula, co-founder, and the head of data science at VOZIQ AI. VOZIQ AI is helping many recurring revenue businesses in achieving retention and customer lifetime value breakthroughs with their AI/ML-powered predictive customer retention solution. In this podcast, Vasudeva talks more about how VOZIQ AI is helping their clients re-imagine customer retention using their end-to-end business solution.
Visit https://voziq.ai/
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