Customer Life Time Value Prediction
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Customer Lifetime Value is a measure of the overall profit or revenue that can be generated by a customer throughout his relationship with the industry. Predicting the CLV of any customer is very important for every industry. Data Science solutions help the Telecom industry to provide relevant services to different segments of customers based on these predictions.
Benefits for the company
Knowing the CLV of a customer will help businesses to strike the ideal balance between customer retention and acquisition. Knowing at what point a customer becomes profitable, is an essential part of knowing how much budget you can allocate to a particular channel or market.
Feasability
High
Type of expertise/ AI domain
Machine Learning and Statistics
Internal data required
Customer Purchase and Customer History, Usage
Customers tend to search for better and cheaper services, therefore, it is important for the telecommunication companies to measure, manage and predict the customer lifetime value (CLV). Failing to predict this value may result in profit loss