The Technology, Media, and Telecom (TMT) industry has been dynamically changed in the post-COVID-19 world. Companies are now focusing their attention on:
· Driving revenue-generation models
· Renewing relationships with customers
· Enhancing the customer experience
· Focusing on digital transformation
How do you rethink your company’s role in society considering all the changes that have taken place since 2020? We are in an entirely new landscape as customer expectations have changed. Meeting these changes head-on and still retaining excellent customer service is a challenge best handled with the speed and accuracy of machine learning.
The following pre-built machine learning models have been proven in the real world to bring actionable insights to the Technology, Media, and Telecom (TMT) industry:
· Churn Mitigation
· Customer Segmentation
· Customer Lifetime Value Optimization
· Purchase Propensity
Let’s discuss each one and how they can help your company using your own data and business requirements.
Would you like to identify customers who are likely to churn before that churn takes place? Machine learning can help you directly by predicting the churn event or indirectly by analyzing network experiences. Mitigate the risk of customer churn by targeting those customers with more appropriate marketing, products, or promotions that the accuracy of machine learning can provide.
Benefits: Lower the risk of customers disengaging and improve the likelihood of retention. Provides the information you need to change your outreach.
How accurate do you think your customer groups are? Is it just one long list, do you have the groups segmented based on when they signed up or attended a specific event? Machine learning can help you cluster your customers into groups depending on your targeting strategy. This is done by analyzing thousands of customer attributes and behaviors, from demographics to spend and trip patterns.
Benefits: Bundle customers into groups or micro-groups to enable highly targeted messages, products, or promotions.
It would be amazing if we could predict what services or products a person would like to buy. That way, we can send advertisements to that person and draw them in for a sale. Did you know machine learning has this capability? You can precisely target customers by predicting what products they would be more likely to buy in addition to what they have already bought. This is based on their past purchase history and what similar people have purchased.
Benefits: Increase Customer Lifetime Value (LTV), Average Order Value (AOV), repeat purchase rate, etc.
Customer Lifetime Value (LTV) Optimization
Are you targeting your marketing efforts too much on customers who don’t convert into sales? Are those customers switching to competitors or no longer interested in your service or products? What if you could predict a customer’s remaining lifetime value (in months) based on their status in the customer lifecycle? With machine learning, you can get a recommendation for the best action to maximize the customer lifetime value.
Benefits: Use historical data points to measure a customer’s brand loyalty and the estimated timeframe they will disengage as a customer. Alter your marketing message, products, and promotions to align with their stage in the buying cycle.
Many customers (especially online shoppers) can be interrupted while shopping. That distraction can prevent a sale from occurring. The customer gets disinterested, forgets about the service or item, or finds a better offer with a competitor. Machine learning can help you identify customers likely to show propensity to take a desired action (e.g., purchase a recommended product or service, recover an abandoned shopping cart, follow through on a subscription, etc.).
Benefits: Increase acquisition, repeat purchasing, Customer Lifetime Value (LTV), Average Order Value (AOV), etc.
How ElectrifAi Can Help
ElectrifAi is a global leader in business-ready machine learning models. With our global team of domain experts, we can help your company drive revenue uplift, reduce cost, and improve the profit and performance of your company.
Our proven record of transforming structured and unstructured data at scale is further enhanced by a vast library of Ai-based products. Reaching across business functions, data systems, and teams, we drive superior results in record time.
Let us know how we can help your company achieve even more. Contact us today for a custom demo!