Analytics Boosts Customer Retention and Increases Annual Revenue by $1.27 Million for Streaming Media Giant
Analytics Boosts Customer Retention and Increases Annual Revenue by $1.27 Million for Streaming Media Giant
Industry
Customer retention is vital for the streaming media industry, especially during economic down turns that chip away at customer demand. Achieving a deeper understanding of what customers want and how to connect with them can significantly reduce cancellations and protect revenues.
The Challenge
A long-time U.S. streaming entertainment client faced an economy-driven spike in service cancellation calls, putting revenues at risk.
The Solution
Our team of experts leveraged analytics to identify ways to maximize customer save rates while reducing the client’s cost per subscriber, including:
- A retention-intensive nesting program for new agents
- Strategic promotional tactics for generating interest in higher-priced subscription packages
- Targeted agent curriculum enhancements incorporating continuous adjustments based on outcomes
- Smaller agent-to-coach ratios and more call driver discussions
- Coaching to achieve agent behaviors correlating to improved customer retention using new agent scorecards
The Results
Agents were better equipped to reduce customer churn while increasing higher-revenue package sales.
- Approximately 23,000 more customer saves per year than other competing CX providers
- 6% increase in saves by new hires
- 25% reduction in new agents’ speed to proficiency, from 12 to nine weeks
- $1.27 million increase in annual revenue above all competing CX providers
- ResultsCX nesting program adopted by the client as its operational standard across all internal and competing CX operations
