As a Service Provider, there’s no ignoring it – customer churn isn’t good for your business. Once a customer has abandoned you, it’s difficult and costly to win them back. 67% of customer churn is preventable. That’s a staggering number. The best way to avoid this situation is to be proactive in the prevention of churn from ever happening. But, how can you proactively retain your customers without negatively impacting your business costs?
Indicators of Churn
Customer churn does not randomly happen out of nowhere. 91% of customers cancel their service after a bad experience, WITHOUT complaining or reporting the problem. When a customer has Internet connectivity problems or frequent issues with their WiFi service, they are 89% more likely to churn. However, Service Providers can now gain visibility into these issues and proactively resolve them before they become an issue for the customer. Leading indicators such as network issues, home network performance and disconnecting CPE, all can be used to identify at-risk subscribers and help you reduce churn.
Your customers’ home networks can provide you with valuable insights that can be leveraged for proactive customer retention, such as service quality (experience), usage trends and network issues. By using a Home Network Management solution, like Hitron’s Managed WiFi solution, that employs AI and machine learning to gather data insights, you can identify underperforming CPE, minimize service disruptions before the subscriber is impacted, remotely deploy service updates and improvements, and leverage advanced security tools that protect your subscribers and your CPE investments.
Data Insights as Marketing Tools
As a Service Provider, you need viable options to extend your customers’ lifetime and to secure a consistent flow of revenue to scale your business and your products offered. Improving customer experience through data insights can also drive growth and increase your monthly ARPU (average revenue per unit). There are numerous data insights that your Marketing team can leverage to enhance existing and grow new revenues, such as:
- Extender Candidates: Identify customers with a need for an extender
- Extender placement: Identify extenders that have been placed in the wrong location
- Broadband Throughput: Identify customers not getting the speeds that they are paying for or their top speeds
- Underperforming CPE (including rental modems, routers or gateways): Identify underperforming CPE products, minimizing the overall number of service disruptions and keeping your customers happier
- Broadband Disconnections: List customers experiencing internet disconnections, who would benefit from an equipment swap or upgrade
- Device Reboots: Identify devices experiencing an excessive number of reboots per day
- Devices with high CPU/low memory: Identifying customers with device related issues, and could benefit from an equipment swap
By having detailed insights to your customers’ home networks, you can prevent customer churn. These insights help to identify faulty equipment (like an internet cable modem) or issues with WiFi inside the home. These issues typically result in a call from the customer into your Customer Care Center for troubleshooting – meaning a costly truck roll to the home to resolve the issue. The more times this customer needs to call Customer Care, the higher the likelihood is that they will churn. These powerful data insights give you the information needed to catch Internet connectivity issues before they affect your customer, and a happy customer doesn’t churn.
Hitron’s Home Network Management solution
Hitron’s Home Network Management solution is designed to enable you to shift from reactive to proactive by leveraging the power of Machine Learning and Artificial Intelligence (AI). This intelligent solution optimizes your subscribers’ home network for its best connectivity and coverage performance. And with HitronCloud, monitors for anomalies across the network to address the pain points that your customers are consistently experiencing. Hitron’s solution combines the advantages of real-time diagnostics and decision-making with long-term analytics and optimization policies in a cloud hosted server, to help you gain competitive advantages that set your services apart.
Hitron’s Home Network Management solution combines the power of HitronCloud, Hitron Agent, and MyHitron mobile app to deliver whole-home managed WiFi, intelligent self-healing home networks that reduce support costs, critical data insights and business intelligence, and a modular, cloud-based architecture that enables new services to be instantly rolled out at scale. Contact our friendly team to find out more.