Customer Lifetime Value of existing customers is nearly twice that of new customers. Hence retention is key to profitability.
The Before State
There was no scientific methodology to identify potential attrition among existing clients.
The LatentView Solution
Developed a ‘random decision forests’ based attrition prediction model with invoices, contracts and order data after appropriate data preparation and feature engineering.
The After State
90% accuracy in predicting potential churn customers which helped client take appropriate measures to retain customers with high CLV.