Profitability correlates directly with customer retention and any churn affects the bottom line
IconicC algorithms and big data technology analyze retention and churn patterns to drive profit.
Many people believe that the world after Covid will be different, but not for them. Maintaining a solid customer base is a key asset to enter a volatile period. But there are some headwinds to overcome:
Retaining customer is often weaker incentivized than acquiring new customers
Measuring the customer journey and LTV is much harder in B2B than in B2C
Sales is still considered people business and driven by sales reps
Retention and churn have often no KPIs and thus suffer senior executive attention
In some cases retention and churn cannot be measured directly
In a recent McKinsey study about B2B sales, a major shift has been recognized in how B2B sales has been conducted. The massive reduction of in-person and field sales will not only cause a switch of channels but also lowers the barrier to entry for competitors. Analytics of your customer base dynamics may become key to your future profits.
Retention is the metric that best correlates with profitability and product-market fit.
It’s cheaper to retain an existing customers than to acquire a new one. IconicC lets you measure retention/churn across channels, segments, products, baskets. This helps you target efforts to make sure new and long-term customers continue to drive value.
With IconicC, you can measure, understand, and increase retention and detect/avoid churn across the entire B2B customer life cycle.
Studies say churn rate is on average around 11% over all industries. And only what gets measured gets managed.
Which cohorts and behaviors correlate with retention? Which features drive repeat engagement? Which actions predict churn, and how can you address them?
IconicC gives you useful, actionable data, organized to increase retention and reduce churn.
Alerts are triggered based on customer scoring to help sales agents address the right customer with right action at the right time.
The software is tailor-made to your use case and is supported continuously to manage change.
We integrate our solution on-premise and as cloud service able to deal with data volumes of any size.