Verizon partners with Intent HQ to improve sector-leading churn prediction accuracy by up to 3.5%.
Challenge
Verizon already had a top-performing churn model, refined over two decades, but saw an opportunity for improvement by leveraging behavioral data and Intent HQ’s AI platform.
Results
The combination provided significantly more accurate churn predictions, which will improve Verizon’s ability to find and retain at-risk customers.
Accuracy improved by 3.5% in the highest-risk decile
Churn model accuracy improved by 2.1% in the top 3 deciles
Forecasted value over five years: $180 million
Verizon partners with Intent HQ to improve sector-leading churn prediction accuracy by up to 3.5%.
“I challenged the team to become ‘customer first’ by delivering exquisitely personalized services and experiences.”
Ronan Dunne
VP and CEO of Verizon’s Consumer Group
Operationalizing Churn Improvement
Verizon leads the U.S. wireless telecom market because it constantly innovates to maintain its competitive advantage and drive brand preference.
For a company generating annual revenues in excess of $100 billion and serving over 100 million customers with a range of voice, data, and video services, delivering better operational performance can be incredibly challenging.
But Verizon’s sustained success at the top of the U.S. wireless telecom market is due to their relentless drive to innovate and improve along all fronts, including customer acquisition, base management, and customer retention.
The Covid-19 pandemic was a driving force for businesses to innovate and pivot strategies. Telco and other service providers have long been viewed as utility companies by today’s consumers – customers might not necessarily love their service providers, but they do love the things they make possible. At the start of the global quarantine, service providers around the world were under immense pressure to deliver their services effectively to consumers.
Telcos are at an inflection point. For years, they’ve faced mounting pressure from better-funded, more innovative tech competitors, and seen a return on investment, profits and market share slowly dwindle.
Customer analytics is a vital part of setting the direction of any telco’s marketing activities. Without a clear picture of who your customers are, any campaign you run won’t be effectively targeted or personalized to the degree that today’s consumers now expect.