Churn Prediction
[wtm_use_case_cats]
A churn model identifies customers at risk of churn or who are most likely to switch, so the business can take action from losing them. Churn model provides metrics such as the number and percentage of customers lost, using the history of churned customer we can do pattern recognition, use the model on existing customers and predict customers at risk of churn and do some proactive engagement to save them.
Benefits for the company
Customer retention is crucial if a business needs to expand. Loyal Customers brings numerous benefits to the business such as : Word-of mouth marketing, loyalty, real-time feedback, continous purchase power.
Feasability
High
Type of expertise/ AI domain
Machine Learning and Statistics
Internal data required
Customer Profile and historical interaction data
Customer Retention is one of the primary growth pillars for any company with loyalty programs, and subscription model