Strategy for churn mitigation and realization improvement for a major real estate tech player

Context

• Company Description: India’s largest managed accommodation space provider
• Opportunity: 
• A leading real estate tech player wanted to mitigate churn and improve realization (realized revenue / booked revenue) for its property offerings across India – aim was to understand the various drivers of cancellation across cities, offerings, channels etc. 
• Engagement involved the development of a comprehensive framework by incorporating various qualitative and quantitative factors. This framework was supposed to be used for long-term tracking of various realization metrics on a continuous basis by the client

Our Approach

• In-depth interviews with customers to understand reasons for churn and derivation of implications for mitigation – customers across cities and user archetypes pooled
• Detailed customer survey ran across 10+ cities incorporating reasons for cancellation (property-specific / customer-related), nature of cancellation, channel adopted for initial booking to derive implications to improve retention     
• Performed comprehensive big data analysis on historical datasets to identify cancellation / churn patterns and to develop systemic recommendations for various cities / property-archetypes and customer personas  
• Strategy recommendation was followed by implementation of 2-3 high impact modules to improve key client metrics - POCs aimed to show tangible impact of multiple action items suggested to the client
• Institutionalization of an overall framework and establishing of deep capabilities in the client’s organization to monitor and improve realization on an ongoing basis

Praxis Value Delivered

• Successfully improved realization in pilot projects across cities – established validity of multiple recommended measures 
• Client alignment on various drivers of cancellation and the action items required to tackle them
• Successful joint implementation in pilots persuaded client to implement recommendations resulting in significant improvement in realization and stabilization of revenue across properties