Businesses Must Ensure Customers Won Pre-Christmas remain customers throughout the year
Cambridge, UK, 11 December 2012 - Christmas is a time for giving and businesses in the retail and telecoms sectors are often in particularly giving mood at this time of year. Both industries go to great effort and expense to win new customers with attractive deals in the run-up to Christmas but are unsure of the best way to retain them through the year. Martina King, new CEO at the fast-growth enterprise software start-up, Featurespace, believes that businesses are missing a trick if they allow their hard work over Christmas to be undone because they fail to invest in customer loyalty.
“Organisations invest considerable resources acquiring customers,” says Martina King, “Retaining them should be an equally key priority. Unfortunately, traditional solutions designed to achieve this have lacked sophistication".
“Most churn management systems currently use a rules-based legacy approach to send an alert after a certain period of inactivity and the same methodology is applied to everyone,” she adds. “The problem with this approach is that it is rigid and inflexible and does not take account of customers’ different needs and preferences.
“The Featurespace vision of customer retention is around understanding the customer at an individual level,” says King. “Our churn management technology allows businesses to identify individual customers, especially the most valuable ones, who are likely to leave, before they are lost – in real time– giving organisations a far greater opportunity to keep them.”
Christmas is a crucial time for retailers and telcos and ultimately, churn management technology can help make sure that Christmas customers stay customers for life.
Notes to Editors:
Featurespace is a fast-growth enterprise software start-up based in Cambridge, England. It was founded from the Applied Statistics and Signal Processing team at the Cambridge University Dept. of Engineering. The company operationalises world-leading innovation from Cambridge University into its unique Adaptive Real-time Individual Change-recognition™ (ARIC™) engine. ARIC delivers next generation real-time behavioural change recognition, to solve some of the world’s biggest commercial and government challenges. No other enterprise software solution can identify the early onset of change at the individual level across huge volumes of multisource data, in real-time. ARIC is deployed into solutions for fraud reduction, customer retention and threat assessment.
Featurespace was co-founded by Professor of Applied Statistics and Signal Processing, Bill Fitzgerald, and PhD students, Dave Excell. Prof Fitzgerald is a recognised world leader with over 100 conference papers, six books, two patents and more than 150 publications to his credit.
Tom Webb, Whiteoaks
Tel: +44 (0)1252 727313