This article will take you through:
What is the Members at risk report?
With the Members at risk report, you get AI powered insight into how likely your members are to churn.
The goal of the report is to help identify at-risk members so customers can intervene and retain them with the use of retention strategies.
Members get categorised into high, medium or low indicating how at risk they are of leaving your business in the next 14-21 days.
The report provides a clear overview of how your member base breaks down into these categories along with new supporting visit related metrics. The primary table of member data which contains the risk of churn categorisation has customisable columns and is also downloadable.
How does it work?
AI algorithms can predict future trends and behaviours with a high degree of accuracy. Large amounts of data can be analysed to identify patterns and insights that lead to better products and services.
The member risk of churn categorisations on this report are the outputs from our very own AI machine learning model that we created and are now continuously working on to improve here at Glofox.
The model uses 16+ inputs from our customer and member datasets to accurately predict the likelihood of member churn.
Example inputs include:
- lifetime of membership
- average spend
- total transactions
- days until membership projected to conclude
- days since most recent purchase
- days since most recent visits
- average visits last month/last 3 months
- total revenue
- price paid for membership
Please note:
- Report will only be available for Boost and Elite customers.
- Customers will need to be live on Glofox for 3 months for data to accurately compile.
- Members will need to be active for 3 months to enable categorisation.
How to access the Members at risk report
The report will become available for early-access roll-out in Q2 to US customers only. Other countries will follow beginning in Q3. It will be available via the Members report in the Glofox reporting dashboard. (see second tab in image below) Please reach out to product-team@glofox.com to find out more.