We’re excited to announce ML-powered Personalized Winback, an enhanced automated campaign offering for intelligently identifying and winning back high-value guests at high retention risk. The new Winback program makes it even easier for restaurants and retailers to identify and retain valued at-risk guests. Once set-up, Personalized Winback runs automatically in the background, encouraging at-risk guests to return with the right incentives.
This new feature builds upon the existing Thanx Winback program which identifies each guest’s unique spend behavior and visit frequency to identify anomalous behavior and act on it automatically. This approach offers superior outcomes vs. traditional lapsed guest programs that use a static threshold (ex: guest has not returned in 90 days) or a segmented approach (ex: guest visits ~monthly, and has not returned in 2 months).
The optimized capability takes our already advanced Personalized Winback to the next level introducing an ensemble-based Machine Learning algorithm to predict the churn likelihood of an individual guest based on nearly 40 different data points, including spend and visit frequency compared to past behavior, recent and historic customer satisfaction, average check, LTV, likelihood of reacquisition and more.
With this new capability, Thanx predicts an individual’s churn faster and with even higher accuracy. This results in significant benefit to our merchants including:
- Cost savings – Accuracy equates to cost savings, as fewer unnecessary incentives are issued. When compared to a 90-day threshold-based program, the average merchants will save 300% on the cost of lapsed guest incentives.
- Increased visit frequency – By identifying at-risk guests more quickly, merchants will increase visit frequency and generate more incremental revenue. Personalized Winback also addresses a common problem with traditional programs, whereby guests anticipate discounts at regular intervals, and “game the system”, resulting in contingent visits and ultimately fewer visits and lost revenue for the merchant.
- Improved customer service – Additionally, merchants can address and resolve operational and personnel issues right away which in turn, means better customer service and stronger brand affinity.
Thanx Personalized Winback is available to all merchants at no additional cost. We can’t wait for you to start using Personalized Winback and all of Thanx’s powerful customer engagement and marketing automation features – schedule a demo today.
For existing Thanx customers, we will be rolling out the new Machine Learning powered Winback program to all customers shortly. Contact [email protected] or your merchant success manager for more information.