Customer retention is one of the oldest and most difficult marketing problems to solve. Knowing which consumers or segments are at danger of churning or switching to a rival is more crucial than ever in today’s competitive market.
Companies now have more data and tools to prevent turnover, which is a good thing. Machine Learning can assist you in identifying churn indicators and determining the stage of churn, allowing you to act and create incentives for customers to stay engaged with your product or service: Customer experience, lifetime value, and profitability are all improving.
Retail, e-commerce, telecom and subscription-based service models are all examples of industries.