Loyalty Programs
[wtm_use_case_cats]
Acquiring a new customer is extremely costly in comparison to retaining an existing one. Hotels are struggling to retain customers because of cut-throat competition among business rivals in acquiring new customers. In the light of the same, hotels have started the loyalty program of accruing points & redeeming the same for upgrades and free holidays.
To build prediction model based on various demographic details of customers alongside other domain specific variables to predict the customer churn. And also, build association rules for identifying the benefit options by establishing tuples of reward points & products
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
& 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