{"id":22397,"date":"2024-03-04T19:21:09","date_gmt":"2024-03-04T19:20:00","guid":{"rendered":"https:\/\/www.bloomreach.com\/library\/ai-powered-churn-prevention-how-to-use-loomi-to-identify-and-reengage-lapsing-audiences"},"modified":"2024-06-11T18:10:17","modified_gmt":"2024-06-11T18:10:17","slug":"ai-powered-churn-prevention-how-to-use-loomi-to-identify-and-reengage-lapsing-audiences","status":"publish","type":"library","link":"https:\/\/www.bloomreach.com\/en\/blog\/ai-powered-churn-prevention-how-to-use-loomi-to-identify-and-reengage-lapsing-audiences","title":{"rendered":"AI-Powered Churn Prevention: How To Use Loomi To Identify and Reengage Lapsing Audiences"},"content":{"rendered":"

If there\u2019s one everlasting challenge that marketers face, it\u2019s the fight against customer churn. Every business deals with it, no one wants to see it rise, and it\u2019s always been a factor that can make or break a business.<\/p>\n

Knowing when a customer is in danger of churning is incredibly hard to do, and engaging with at-risk customers in a meaningful way is just as difficult. All too often, marketers hit roadblocks and limits to what their churn predictions and reengagement campaigns can accomplish. <\/p>\n

But all it takes is the right tool for the job. You need a marketing platform that harnesses the power of AI to help you truly understand your relationship with each customer and build personalized experiences that keep them coming back to your business \u2014 which is exactly what Bloomreach offers. <\/p>\n

Why Churn Prevention Is Vital<\/h2>\n

Customer churn refers to current customers who stop purchasing your products or engaging with your brand for any reason. And while a certain percentage of churn is inevitable, it\u2019s in every business\u2019 best interest to actively identify customers in danger of churning and try to prevent them from doing so.<\/p>\n

The most obvious reason to address customer churn is how expensive it is to lose customers.<\/p>\n

The average cost of acquiring new customers<\/u><\/a> typically exceeds the cost of retaining existing ones, making it a top priority to keep hard-earned customers engaged. <\/p>\n

Plus, the more loyal your customers are, the more they\u2019ll contribute to your bottom line. Loyal customers are statistically more likely<\/u><\/a> to make repeat purchases, purchase higher-priced items, and become brand advocates who recommend your business to others.<\/p>\n

However, preventing customer churn can be a real challenge. You essentially need to predict the future, determining how likely a customer is to churn and pinpointing the most impactful ways to keep them shopping with your brand. A customer who is drifting away from your business won\u2019t respond to a one-size-fits-all reengagement campaign \u2014 you need to speak to their individual wants and needs to regain their loyalty, crafting an individualized customer experience that proves your brand is worth returning to. <\/p>\n

You need to go the extra mile to win at-risk customers back, which is why AI-powered personalization is essential for modern businesses looking to tackle customer churn in a meaningful way.<\/p>\n

The Tools You Need To Predict and Prevent Customer Churn<\/h2>\n

Identifying a customer\u2019s likelihood of churning is not a factor that can be easily determined at first glance. You need to deeply understand each customer\u2019s relationship with your brand, employ the predictive marketing<\/u><\/a> tools needed to process all your customer data, and connect your insights with personalized campaigns to bring your lapsing customers back to your business. <\/p>\n

Thankfully, marketers have vast amounts of data that can offer insights into their customers\u2019 future behavior \u2014 and Bloomreach Engagement<\/u><\/a> has the right tools to unify and leverage all that information to identify patterns, trends, and expected outcomes. <\/p>\n

Bloomreach\u2019s built-in customer data engine<\/u><\/a> consolidates and organizes all your customer data into a single customer view<\/u><\/a>, giving you a centralized database with customer profiles containing accurate data points for each individual who interacts with your business. All your data is interconnected and updated in real time, so you can understand each customer\u2019s relationship with your brand. <\/p>\n

<\/p>\n

With all your data unified in one place, you can leverage Loomi<\/u><\/a>, Bloomreach\u2019s AI for ecommerce, to analyze all this historical data, learn patterns and trends in each customer\u2019s behavior, and forecast if they are likely to churn in the future. <\/p>\n

Loomi\u2019s algorithms and machine learning<\/u><\/a> capabilities are custom-built for ecommerce, helping you evaluate and accurately predict when a customer will lapse. And Loomi gets smarter with each new data point from your customers, continuously adapting and learning so you always have the most accurate outlook.<\/p>\n

But that\u2019s not all Loomi does. Our AI is the connective tissue between Bloomreach\u2019s solutions, weaving the power of personalization throughout the customer journey. It links all the tools and capabilities offered in Bloomreach Engagement into one comprehensive marketing platform, integrating your data, marketing channels, and orchestration tools to help you deliver hyper-personalized experiences at every touchpoint.<\/p>\n

With Loomi accurately predicting your customers\u2019 likeliness of churning and connecting these insights to personalized reengagement campaigns, you have everything you need to reconnect with your audience, win them back, and build lasting customer relationships. <\/p>\n

Using Loomi To Reengage Audiences Likely To Churn<\/h2>\n

Wondering what this looks like in practice? Here\u2019s how you can harness the AI-driven churn prevention capabilities of Bloomreach Engagement to reengage customers.<\/p>\n