In this chapter, we have learned about customer churn and retention. We have discussed the reasons why customer churn hurts businesses. More specifically, we have learned how retaining existing customers is much less expensive than acquiring new customers. We have shown some of the common reasons why customers leave a company, such as poor customer service, not finding enough value in products or services, lack of communications, and lack of customer loyalty. In order to understand why customers leave, we could conduct surveys or analyze customer data to understand their needs and pain points better. We have also discussed how we can train ANN models to identify those customers who are at risk of churning. Through programming exercises, we have learned how to use the keras library to build and train ANN models in Python and R.
In the following chapter, we are going to...