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Managing a business isn’t a cakewalk, especially when you fear that some of your customers are leaving you. They are moving on to better ventures. In marketing, that is what we call, “customer churn.” Customer Churn or Customer Attrition is the phenomenon that occurs when customers cease their relationship with your brand – they stop…
In Part 1, we discussed at length about what churn forecasting is, why is it essential for your business, and the challenges in churn forecasting. In this part, we’re going to talk about how ML can enhance customer churn prediction. While churn prediction offers the knowledge of which customers are going to stop doing business…
Thanks to the rapid adoption of Artificial Intelligence (AI) and Machine Learning (ML) across industries, AI and ML have found a place in the common vocabulary. Almost every sector of the industry (healthcare, e-commerce, IoT, banking & finance, etc.) are leveraging AI and ML to streamline business operations and create innovative products/services. So, when everyone…
When you hear the word “Anomaly,” what does it mean to you in the common sense of the term? Well, it is something that deviates from the standard and set norms, isn’t it? For instance, if a flock of birds is flying south during winter, and a few birds fly towards the north, this is…
For every growing company, the customer lifetime value (CLV) is one of the most crucial metrics. By weighing the CLV against the cost of customer acquisition (CAC), businesses can determine the time it takes them to recover the investments they make for customer acquisition. Thus, it helps to predict future revenue and measure the long-term…
Looking around us today, would it be really shocking to say that data is the new currency of the 21st century? As the wave of digitization sweeps across the world, every sector of the industry is leveraging data to reap its manifold benefits. IT, Healthcare, Banking & Finance, Manufacturing, Retail, Pharmaceuticals – each of these…
In simple words, the customer lifetime value (CLV) is an estimate of the net profits that a company can earn from a customer throughout his/her relationship lifecycle with the brand Marketers can calculate customer lifetime value using Machine Learning to figure out the gross monetary value of the long-term relationship with a customer. Further, it…
To measure the success of a business, marketers often track and measure a few key metrics like website traffic, sales revenue, profit margin, and so on. However, one metric that is often overlooked is the customer lifetime value or CLV. Customer lifetime value indicates the average amount of money a customer will spend on your…
Artificial Intelligence (AI) systems can process and analyze massive data sets which makes them uniquely suitable for data segmentation processes. The process through which an AI algorithm learns is known as machine learning (ML). An AI algorithm needs to learn from training data (sample set) first. There are three modes in which an AI algorithm…