Customer retention means keeping customers in an ongoing relationship with a business. For The Bike Shop, it is a business goal: keeping customers longer and encouraging them to spend more could reduce the need to develop new markets and acquire customers, freeing money to improve distribution. section 3.5
Turn that goal into a proposed data project:
- Investigate whether customer data can identify people at high risk of churning. section 3.5
- Explore interventions that might prevent those customers from leaving. section 3.5
- Check whether fragmented systems and cleansed customer histories leave enough usable data before committing to the approach. section 3.5
Table 3.2 The risk register for The Bike Shop ML project (view table figure)
| Risk ID |
Description |
Status |
Owner |
|---|---|---|---|
| TBS1 |
Unavailable open-source weather/economy data of high quality |
Open |
You |
| TBS2 |
Insufficient customer behavior history due to data cleanse |
Open |
You |
| TBS3 |
Unavailable data science resource |
Open |
You |
The project risk register records insufficient customer behavior history after a data cleanse—a specific threat to the proposed churn analysis. section 3.5
