In today’s competitive business landscape, retaining customers is as crucial as acquiring new ones. Customer churn, the phenomenon where customers discontinue their relationship with a company, can significantly impact a business’s bottom line. But fear not, data analysts have a powerful tool in their arsenal to predict and mitigate customer churn – Survival Analysis. In this blog post, we will delve into the world of survival analysis and see how it can be applied to anticipate customer churn in business.
Tag: Business Analytics
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Survival Analysis Applications: Beyond Healthcare
Survival analysis, often seen as a quintessential tool in healthcare, has proven its mettle in predicting patient outcomes and understanding disease dynamics. But what many don’t realize is that its prowess extends into numerous other domains. In this article, we unravel the lesser-known applications of survival analysis and how data analysts can harness its potential to unearth critical insights in fields as diverse as finance, marketing, and beyond.