Architecture for Evaluating Customer Retention Strategies

Abstract

The modernizing world with increasing technological developments and the everyday generation of the new innovative strategies has created a competitive era. The advancement of technology, implementation of advanced solutions, and strategies attract many customers, which results in changing market and business. With this Digital Darwinism, organizations face a major pitfall known as Customer Attrition. Addressing this problem is the need of the hour for every organization aiming to increase customer loyalty and its revenue. Understanding the business ecosystem and coming up with a strategy that strengthens the roots of the firm and increasing their customer lifetime is an approach, but the question arises that how good is your strategy when it comes to the comparison with the competitors in the market. The architecture proposed in this paper evaluates business strategy using customer segmentation and customer lifetime value prediction, churn prediction, uplift modelling, and survival analysis.