Identify in advance which customers are likely to leave, and why. Use all available information about customer, not just the obvious signs.
Identify customers likely to leave, take preventative action
Dissatisfied customers don’t always complain. Sometimes they just leave – discontinue service, close their account, withdraw their money, or just stop buying. Use data science to predict which customers are at risk, regardless whether they’ve spoken up, and take action to prevent this attrition. It’s the best possible marketing investment, as the cost of retaining an existing customer is far less than acquiring a new one. And the rewards of a rescued customer can be tremendous.
Get started on your churn project today!
Download RapidMiner Studio and use the “Churn Modeling” template to get started quickly. In this template, you can train, optimize, and evaluate a decision tree model.
Load a customer dataset with all available information about customer, not just the obvious signs. Some examples include:
Age, Technology used (4G, fiber, etc.), Date since he/she is a customer, Average bill last year, Number of support calls, Did he/she abandon last year?
Edit, transform & learn (ETL) and prepare data: Mark the target label column (i.e. the churn indicator) and convert the numerical churn column to binary.
Model validation is key! This cross-validation splits the dataset for training and, then, for independent testing. This splitting is done several times to get a better performance estimate.
Find out how ML can transform your business
We apply our expertise to help you identify the use cases you should tackle in your organization. The outcome is an impact-feasibility map that you can use with or without us.