Pre-empting Customer Churn
One of the aims of a quality business is to provide services that meet or exceed customer expectations. Losing customers means that you have to devote additional expense and effort to gain new customers. How to measure customer satisfaction? Failure to keep your customers happy could mean that they move to a competitor.
Find a way to identify customers that feel negatively towards your business so that incentives can be offered to keep them as a customer.
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Machine Learning to the Rescue
Use a machine learning model for the automated identification of unhappy customers, also known as customer churn prediction. ML models rarely give perfect predictions though, so this solution is also about how to incorporate the relative costs of prediction mistakes when determining the financial outcome of using ML.
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