Customer Churn and Data Science
Customer churn is a major concern for any business. It is the process of customers leaving their service provider for a competitor’s service. This can be due to many different reasons, including financial constraints, poor customer experience, or just general dissatisfaction with the company. Predicting customer churn is an important part of running any business because it will allow you to plan ahead and mitigate the effects of this happening in your company.
The importance of predicting customer churn comes from the fact that businesses have limited resources and cannot afford to lose customers if they want to stay profitable. If a company has too many customers leave, it will not be able to produce enough revenue and will eventually go bankrupt. However, predicting customer churn allows companies to avoid this by better understanding why customers are leaving and what they can do about it.