Many companies today understand the value of data and the impact it can have on their organization. However, knowing how to capture, store, report on and harness data can be a challenge.
When companies understand the power that data can provide, and think creatively about how to use it, the impact on the bottom line can be significant.
The opportunities data provides to companies are significant.
ElectrifAi recently worked with a top-3 wireless provider that needed to better leverage its customer data. The business was facing challenges due to poor visibility into its customer experience trends and the too-frequent use of siloed data insights.
The impacts were profound. The company found that its customer retention programs were ineffective. Overall, the brand felt it lacked a clear understanding of what customers needed.
Using ElectrifAi data solutions, the wireless company transformed the way it managed and used data. With ElectrifAi, revenue from targeted subscriber marketing jumped by an additional $130 million annually.
With a lack of visibility, the company knew it was missing out on major opportunities to engage its customers in meaningful ways. Specifically, the company was looking to use improve its understanding of the customer lifecycle to improve customer acquisition and retention.
The company is not alone in recognizing the importance of customer data to finding new customers and keeping them longer. A recent Gartner survey showed that marketers are increasingly concerned about valuing first-party data. First-party data is information that customers provide directly to organizations.
The Gartner survey showed that more than half of marketers who strongly prioritized first-party data ended up exceeding their customer retention expectations.
ElectrifAi Revenue Solutions
ElectrifAi used its machine learning technologies to standardize processes across the company’s marketing use cases. The process used common data models and intelligence cases to refine how data was reported and used.
ElectrifAi also built a test-and-learn solution that helped the company find where a customer was along their journey. It measured the impact of different marketing offers based on the results provided.
In addition, the ElectrifAi revenue strategy used an on-premise solution that has the flexibility to migrate to the cloud if desired.
Specifically, ElectrifAi linked, transformed and connected more than 4,000 signals using more than 90 models. This approach created a 360° behavioral view of every subscriber over their lifecycles.
The ElectrifAi revenue growth strategy integrated data across 2,500 data fields, including both first- and third-party data.
The additional insights had a major impact, particularly the $130 million in revenue. That revenue gain consisted of:
- $70 million from lines added
- $50 million from rate plan and feature upgrade campaigns
- $10 million from churn saves
ElectrifAi uses pre-built machine learning solutions to solve customers’ most pressing problems in 6-8 weeks. The company’s Consequential Ai leverages years of domain expertise to drive top-line revenue growth, cost reduction and efficiency.
ElectrifAi solutions help companies with:
- Customer engagement
- Spend analytics
- Contract analysis
- Revenue capture
- Inventory optimization
- Contact center efficiencies
- Demand forecasting
- DevOps automation
- Dynamic pricing
- Default and cash flow predictions
To learn more about how the company can leverage your data to solve your most critical business needs, visit the Electrifai Glassdoor page.