The 4 Ws of customer retention: A data-driven approach for Retail and CPG industries
Customer retention is critical for retailers and CPG companies today because brand loyalty is a fickle thing in the digital age. However, to effectively prevent customer churn, a few fundamental questions need to be answered:
- Who will churn? You need to identify the specific user segment that you are at risk of losing.
- When will they churn? You need to predict churn probabilities months in advance.
- Why will they churn? You need to identify potential churn drivers and triggers.
- What is the best treatment? You need to provide a framework for evaluating different treatment options.
In this whitepaper, we discuss how to build a powerful framework for customer retention that helps to quantify, investigate, and fight customer churn by comprehensively answering the 4 Ws above.