As customers have more options for similar content to consume or similar products and services to shop for, it has become more difficult for many businesses to retain their customers and not lose them to other competitors. As the cost of acquiring new customers is typically higher than that of retaining and keeping existing customers, customer churn is becoming more and more of a concern than ever before. In order to retain existing customers and not lose them to competitors, businesses should not only try to understand their customers and their customers' needs and interests, but they should also be able to identify which customers are highly likely to churn and how to retain these customers at churn risk.
In this chapter, we are going to dive deeper into customer churn and how it hurts businesses, as well as how to retain existing customers. We will...
