Building a powerful propensity to churn model
Situation
This organisation believed improving customer retention was critical to achieve their subscriber goal. FT Strategies developed a project to provide with support to assess their current propensity to churn model and collaboratively develop and deploy a refined model that would provide greater accuracy and better inform their decision making.
Engagement
FT Strategies consultants and data scientists worked closely with the client’s data team over a 10 week engagement period which included:
- Understanding the customer lifecycle, current pricing, renewal strategy and technical data set up
- Agreeing on the best way forward for both the data and marketing teams. Building modelling dataset and iterating over few different statistical modelling approaches.
- Putting the model in production and supporting marketing in their retention strategy.
Results
- Propensity to Churn data science model built over a 6 week period, has been proven to outperform those of other popular paywall vendors - leading to a 50% reduction in their churn rate.
- We are delighted to say the client, in collaboration with FT Strategies, has over delivered on their goal - now boasting 500,000 digital subscribers ahead of schedule.
We helped our client halve their churn rate over 2022 directly driving them to get to 500k ahead of schedule
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