Predicting the likelihood of customer churn
What is churn prediction?
Customer churn is a challenge faced by all organizations. A model that analyzes past client lifecycles can help organizations reduce the probability of customers discontinuing a product or service.
3 facts about the model
Churn prediction as a standard model is a fast track to AI model implementation.
The model uses customer data to predict the likelihood of a customer discontinuing a product or service.
The model enables you to prevent customers from churning.
2021.AI offers churn prediction using a supervised algorithm. The model is trained on data that describes the customers and their bought services, together with a label (supervised) that classifies the case as a churning case or not. The model stores which customer profile is associated with churning, and which of the descriptive variables are most likely to classify the cases.
The business outcome
Using the Grace Standard Model for churn, you can accurately predict churn and direct its retention effort to those customers who have a higher risk of discontinuing. Your company also has access to what drives churn and, with this information, can lower the churn rate by improving the customer experience.
Interested in taking AI into production?
If you think this model would be relevant for your organization go-ahead and book a demo! We would love to help you get started. Otherwise, you can download our Grace Enterprise AI Platform brochure for more information.