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Swedish top three telco provider offering mobile network, TV, fixed-line connection, fiber, and IoT connectivity across B2B and B2C customers.
As an industry characterized by intense competition and an extensive customer base, the leading telco providers were looking for a way to reduce churn, meanwhile improving the prioritization of proper accounts in their sales efforts. With acquisitions costs for new customers of 7x that of retaining an existing customer, reducing churn was a strategic priority from the top. The existing churn modelling setup for the leading telco provider was based on simple statistical models and based on a shallow data foundation, providing suboptimal results. In addition, the leading telco provider did not have a proper process and approach to prioritize potential customers to drive new revenue as well as prioritizing existing customers in terms of an increasing share of wallet and combatting churn.
"We have had an internal IT team working with churn for years but have never achieved satisfactory results. Moreover, our sales professionals have experienced difficulty in prioritizing their efforts and spending their time correctly."
Utilizing Firmnav, the telco provider built an AI model that predicts churn in the customer base and provides the account rep and customer success team with instant alerts to take preventative actions. In combination with the churn model, an AI model that drives better customer prioritization was built. The model was built on patterns in data from the Firmnav data library and the telco provider’s own data sources. Everything was integrated into the leading telco provider’s ERP and CRM systems.
Getting the right insights and intelligence at the right time has a tremendous impact on businesses. This was also the case with the leading telecom provider. They have been able to reduce churn to be one of the lowest in the industry in their category and locations. In addition, they have increased revenue both within new accounts as well as growing share of wallet within existing accounts. At the same time, they have increased their sales per rep by spending their time more efficiently.
"We are truly impressed with the outcome from using Firmnav. The AI models have a clear and direct impact on both our top and bottom line."
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Firmnav is a no-code platform for AI, analytics and flow-building focused on company data.
