Leading student housing firm built predictive churn tool via 300 surveys & 10 personas
27 May 2020
1 min read
Retention improvement of a major millennial housing player: Conducted deep customer research to identify reasons for retention and forfeiture across personas and segments.
Context
- Client Description: A leading student housing / PG player in India
- Opportunity: The client had experienced a drop in retention rates of its residents as well as an increase in mid-contract churn and wanted to develop a framework to identify and address the root causes leading to forfeiture/churn and eventually boost retention rates
Further, the client also wanted to understand the following:
- Patterns emerging from the data to create a continuous scoring tool that would predict retention for each resident
- Impact of each driver and classify them as start-stop-continue, in order to create a prioritized plan of action
- Validate the impact by testing it on a sample set of students
Our Approach
- In-depth interviews with 100+ students, parents and company personnel to develop driver trees for forfeiture and retention
- Customer survey of ~300 students to understand customer behavior during decision making and validate the impact of solutioning framework
- Based on the research findings, defined ~10 customer personas, developed a solutioning framework to address key drivers of forfeiture, and estimated the investment and revenue impact for the same
- Analyzed client’s data to identify factors driving retention/ forfeiture and developed a predictive scoring tool to identify high-risk customers based on which retention activities could be prioritized and required budgets allocated
- Developed a 2x2 priority matrix with deep-dives into the high priority solutions