What is the Churn Prediction?
In order to compete and stay up-to-date in the rapidly changing world, it is necessary for businesses to monitor the customer and their behavior in detail and to follow their purchasing behavior. Therefore, it has become inevitable for companies to use the idea of using artificial intelligence.
Churn prediction is when customers stop buying your product or use your service within a certain time. To keep loss rates as close to zero as possible, companies in nearly every industry need to make losses a top priority.
Challenges for Companies
Companies often deal with:
• Defining the current customer profile
• Understanding which segmentation customers are missing
• Which customer group should be invested in
• Identifying a potentially lost customer group
Utility of Churn Prediction
• Providing personalized segmentations,
• Aiming to reduce the churn rate by taking immediate action for customer groups that are likely to be churn via mail and sms,
• Minimizing the complexity in customer groups and lost income,
• Identifying high-spending customers and offering them special campaigns,
• It aims to maximize revenue by spending less with Churn prediction.
Why do you Choose Trendify?
Trendify’s product provides:
• Churn can have a large impact on long-term total revenue. It provides personalized marketing campaign using Trendify’s segmentation product.
• Reducing the Churn rate does not only attract the uninterested customer, it also helps the customer related to your business to increase their loyalty.
• With the product developed by Trendify, it allows you to predict customers who will churn with a success rate of 20% before losing your customers.