Salesforce Introduces AI to Predict Customer Churn!
Salesforce released Churn Predictions for Tableau CRM, which enables Communications Cloud users an AI tool to predict customer churn. Tableau CRM Churn Predictions' data model takes into account many factors that affect a customer's likelihood of staying or leaving a communications service provider (CSP), such as customer service records, revenue and sales history.
AI then creates an account health score that predicts churn likelihood, and gives agents recommended actions to take that may help customer retention such as discounted billing or changes in products and services. The tool can also take Salesforce Marketing Cloud activity data such as email and social media posts from a customer and add that to the churn prediction model.
Telco Customer Churn:
With different smartphone billing modalities such as monthly subscription billing versus prepaid phones, telco customer churn has become very hard to predict. For example, it's difficult to tell if a customer will buy more minutes after the most recent purchase runs out for a prepaid phone, so customers need to look at metrics beyond a customer's past purchases to predict churn.
The churn likelihood for telco customers around the globe varies from 2% to 75% depending on what players are active in a particular market. And that's without considering the future possibility that "digital dragons" such as Amazon or Alibaba may bring their own communications offerings that could entice consumers to switch.
Salesforce has invested recently in both Media Cloud and Communications Cloud because users in those industries rely so heavily on subscriptions, and those markets now are seeing more entrants and therefore, more competition. It could also be a testing ground to productize these features into other verticals where subscription models are less mature but emerging.
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