Open AccessCustomer Attrition and Retention
Author(s) -
L. Cyrilla E. N. S. D.,
A Vamsi,
Rajashree Shettar
Publication year - 2020
Publication title -
international journal of innovative technology and exploring engineering
Language(s) - English
Resource type - Journals
ISSN - 2278-3075
DOI - 10.35940/ijitee.g5730.059720
Subject(s) - attrition , customer retention , business , marketing , customer profitability , customer equity , customer advocacy , customer to customer , customer satisfaction , customer intelligence , logistic regression , market segmentation , customer lifetime value , computer science , service quality , service (business) , medicine , dentistry , machine learning
In a competitive environment, organizations and firms are susceptible to customer attrition. Customer attrition and customer retention terms are widely spoken about. Customer retention which is quite the opposite of attrition is important for the company’s sustainability in today’s market. Many studies have come up with an attempt to find factors that influence customer retention. Firms have long desired to know who might end their relationship with them. Similarly, companies try to find how many existing customers did not return to purchase. Customer attrition is a problem that deals with clients and customers who are attrited from a particular brand or firm. In simple terminology it deals with the loss of profit associated with companies. This paper deals with the different ways to overcome the increasing attrition rate among customers. It also includes the implementation of customer segmentation using RFM model and K-means clustering. It also includes the prediction of customer retention using logistic regression.