Reduce Customer Churn with a Win Back Bot Strategy

Bots

Reduce Customer Churn with a Win Back Bot Strategy

By 4 Minute Read

5 Reasons to Swap Telesales and Snail Mail for an Army of Retention Bots

Attention and investment from AI companies to date has been on the automation of general inbound service inquiries through the use of machine learning and chat bot technologies. And while cost reduction and customer experience gains can be attractive, the majority of these solutions don’t address the immediate and often more significant commercial risk exposure associated with complex customer journeys such as acquisition, complaints, collections, delivery, loyalty and retention in general. Simple chat bots alone for instance, aren’t enough to help reduce customer churn. 

However a shift in focus is slowly gaining traction, particularly amongst the primary market watchers. PWC believes that investment in more complex, tech-led collection strategies could stem the rising bad debt in the UK energy market’ (£400m in ‘11 to £640m in ‘15) while Forrester believes that the more successful bot technologies will be those that stick to a narrower purpose.

At ServisBOT we have developed a solution that allows you to deploy and blend an army of specialized bots into your organization wherever and whenever the successful delivery of your operating plan is linked to timely and effective engagement with your customers. If you want to see a test drive of WinBackBOT, click here.

In this blog, we will discuss how deploying a specialized bot into a win back or contract renewal customer journey can deliver substantial commercial and operational. As energy and utility companies deal with rising churn rates due to increased competition and regulation, evidenced by the over four million UK households switching providers or said another way, over £5.2 billion in revenue, the need to employ a bot strategy becomes more relevant and urgent.

Read on to learn more about the benefits of deploying a win back bot in your company. 

Enhanced customer reach 

White mail and email, along with outbound telesales remain the channels of choice for proactively engaging customers. These channels are not leveraged because of their efficiency and effectiveness, but because it’s all that has been available to date. You can now deploy specialist contract renewal and/or win back bot via SMS (as well as email, in-web or in-app) to proactively engage your customers using a low cost channel that has a 98% open rate. Is it really a stretch to think that communicating with your customers using the channels your customers use to communicate with their friends and family wouldn’t be more convenient and thus result in a higher engagement rate? In fact, if you don’t start thinking about migrating your communications to mobile channels, your competition may eat your lunch. 

Perfectly timed customer engagement

The window between a customer thinking about leaving and actually leaving has become much shorter as a result of changes in license conditions, increased competition and consumer access to information. Therefore, the time and way you engage your customers has to migrate forward with the times. Relying on traditional channels like telesales, bulk white mail or email that ends up unread or in spam, particularly in reaction to customers who have already cancelled, is no longer enough. Deploying a contract renewal and/or a win back bot with personalized messages to individual customers, at the right time, puts your value proposition in front of your customers before your competitors get there.

Customer convenience (their time, their way)

Help your customers help themselves with an instant and seamless experience to complete the journey from the comfort of their mobile device within minutes. As stated earlier, why wouldn’t you want to get your message in front of customers using the messaging channels (like SMS, mobile web or in-app) your customers use to communicate with their friends, family and co-workers. Introducing friction, such as channel hopping (email to voice, for instance) or many steps to completion effort, only serves to interrupt the customer’s journey and opens a window of opportunity for your competitors. We speak more about this concept in a prior blog, “Why Netflix is a Good Analogy for Transforming Customer Service.

Service delivery cost efficiencies

Replace the expense of having human advisors on telesales teams attempting to make contact with ALL your customers to try and win them back or secure contract renewals. With AI-powered bots helping to engage in conversations and secure customer contracts using personalized, interactive messages (defined by you) you can employ a much smaller group of humans to interact only with those customers who want to speak to an advisor via the bot messenger. And then, you may decide to reinvest these fte savings in your customer value proposition with special offers designed to increase the effectiveness of your campaign, and your customer loyalty quotient.

Differentiated customer experience

Forrester Research shows people prefer to complete tasks or get answers in a self service fashion, as long as the experience is completed accurately and efficiently. Low on intrusion and high on immersion, ServisBOT’s like win back and renewal bot provide your customers with a conversational interface that combines chat bot, Artificial Intelligence, human workflow and API capabilities to deliver an engaging and immersive experience at the point of contact. By providing your customers with a multiple choice approach to renewal and win back and a clear path to completion supported by rich media content, you can deliver a customer experience that is consistent with both your commercial goals and your brand values.

WinBackBOT in conclusion

In summary, WinBackBOT, along with bots like RenewalBOT and LoyaltyBOT, can play a critical role as part of a retention strategy, to engage customers who have already left, are nearing the end of a contract or at-risk of making a change.

The takeaway: Increase conversion rate of churned customers and deliver other benefits, including:

*Reduce customer outreach costs, freeing up resources to provide better incentives for win back.

*Improve customer satisfaction with interactive and personalized conversations and a clear path to completion.

*Increase customer reach and engagement by delivering timely messages with high open rates.

*Boost ability to re-capture lost customers with automation that deploys WinBackBOT the moment you know a customer is leaving.

To learn more and sign-up for a test drive of WinBackBOT in action (like the experience you could provide your customers), click here.

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