Customer churn and retention decrease are a very important problems in most of the industries nowadays. To solve these issues, it’s very important to analyze each user and predict future events. Machine learning techniques are able to discover patterns in your customer data and apply those insights to predict churn, which well helps to retain more customers.
Churn prediction solutions are used in many industries, such as e-commerce, mobile gaming, telecom, fin-tech (finance) , healthcare, insurtech (insurance), fitness, retail and more businesses. In churn prediction financial aspect is very important. It’s 5 times cheaper to retain existing customer rather than finding a new one. Churn prediction allows you to not only keep your clients but also give you additional opportunity for upsell and cross-sell on retained customers. All of these factors give you an amazing opportunity to grow your business faster.
Regardless of the industry, following calculator will help you pre-determine the potential advantages of implementing churn. It also helps to estimate how much you could save by implementing machine learning models for churn prediction.