Maximizing Customer Retention and Lifetime Value with Vasudeva Akula
Maximizing Customer Retention and Lifetime Value with Vasudeva Akula
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Why managing AI risk presents new challenges
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The difficult of using AI to improve risk management
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How to bring AI into managing risk
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Pros and cons of using AI to manage risks
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Benefits and opportunities for risk managers applying AI
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In this episode of our podcast, we sit down with Vasudeva Akula, co-founder and Chief Data Scientist at VOZIQ, to dive deep into the world of AI-driven customer retention strategies for subscription-based businesses. With over 25 years of experience in machine learning, speech, and text analytics, Vasudeva shares his journey from developing one of the earliest neural networks for recognizing alphabets to founding a company that transforms customer data into actionable insights.
Vasudeva discusses the critical importance of integrating multiple data sources to gain a comprehensive understanding of customer behavior. He explains how traditional analytics often fall short by focusing on isolated data points like FICO scores or basic demographic information. By contrast, Vasudeva�۪s approach combines diverse data���from geographic and transactional data to customer engagement metrics���to predict customer behavior more accurately and enhance customer lifetime value.
Throughout the conversation, Vasudeva emphasizes the value of explainability in AI models. He argues that it�۪s not enough for AI to make predictions; businesses must also understand the rationale behind those predictions to make informed decisions. He shares how VOZIQ has helped subscription-based businesses, such as home services and retail electricity providers, achieve significant gains by focusing on data integration and predictive modeling. These AI-powered solutions identify at-risk customers and drive proactive retention strategies, which have proven to generate multi-million-dollar returns for clients.
Vasudeva also sheds light on the challenges of building a bootstrapped company. He describes the disciplined approach his team takes in prioritizing projects and allocating resources effectively, ensuring every initiative aligns with their core mission of maximizing customer retention. He reflects on the lessons learned from trying various data sources, including the realization that not all data is valuable. Instead, a targeted focus on the most relevant data points often yields the best results.
For businesses looking to implement AI, Vasudeva advises starting small with a specific use case. He encourages leaders to test AI models within a single channel, such as a call center or a marketing campaign, to see the value firsthand before scaling up. This strategy allows companies to build confidence in AI's capabilities and expand their use of technology incrementally.
Join us for this insightful discussion as Vasudeva Akula shares his expertise on leveraging AI for customer retention, the importance of data integration, and the future of AI in subscription-based businesses.
If you want to connect with Vasudeva, you can find him on LinkedIn www.linkedin.com/in/vakula/. For more information on our marketing services, check out nextgengrowth.com.
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