Analytics is redefining businesses. Revenue optimization, customer retention, and overall improvement are the prime sectors where Analytics is phenomenal in performance.
Despite the immense investment of the resources, the customer churn rate is still prevalent in the LTL (less than truckload) shipping industries. But now is the time when Analytics is taking over the LTL shipping industry and is successfully reducing the termination rate.
This article aims at discussing some shipping industry areas where Analytics can be leveraged to remarkably bring down the customer termination rate.
Analytics has been helping in maintaining an even balance among all the territories of the shipping industry since its advent.
Using the customer shipment data and details, Analytics can highlight the customer interests in each area – the shipped commodities, the frequency of shipments, and the revenue obtained, all are analyzed to define the territories. This process ensures that none of the customers may feel neglected and unattended. Thus, in turn, increases customer retention and reduces shipping service termination tendency by the customers.
Smart Calling Schedules
Analyzing the customers’ shipping data can take the shipping industry to valuable insights. Calls made by keeping in mind the past shipping details is the latest establishment using Analytics in the shipping industry.
The frequency of customers’ shipments, the time, day, and month that have witnessed the largest number of shipments, the shipping frequency in one month, and if the shipping is seasonal or spread throughout the year – all are analyzed and callings are made accordingly to grab most of the customer attention, increase customer adherence and optimize the business.
Customer retention is further enhanced when the shipper offers an incentive, discount coupons, and other purchase cards, when business is at the peak, or customer interests are pronounced.
Even Workload Distribution
The customers can be categorized into segments like regular shippers, top shippers, and churn shippers, based on the calculations provided by Analytics. The top shippers need more attention and care, especially during the month-end, as they ship daily, whereas the regular shippers have to be called as per their shipping patterns.
After marking and segregating the customers, the workload can be evenly distributed to the calling agents. This will not only reduce the work pressure but also ensure an efficient working strategy. Attending all the customers during their surged demand times increases their retention rate while reducing the churn rate.
Assuring Customer Satisfaction
Finding out the actual root cause for customer dissatisfaction can be difficult. Analytics can ease out the entire process by analyzing the service-terminated customers shipping details. Figuring out the mistakes which made the customers discard the service can help to identify the faults and loopholes in the service which are causing distress among the customers.
Also, the present customers’ statistics can be compared with that of the terminated customers to identify the ones who are likely to terminate the services shortly. Thus, the beforehand warnings can be imparted so that the businesses might look after the faults and distress reasons among the customers.