Predictive Modeling for Real-Time Customer Lifetime Value

Aditya Thelu

8 citations0/0 files storedInternational Conference on Computing, Communication and Networking Technologies (ICCCNT)

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Customer churn and segmentation Customer Service Quality and Loyalty Consumer Market Behavior and Pricing

Abstract

Customer Lifetime Value (CLV or CLTV) is the measurement of the overall net revenue of a business that may be expected from a customer. Unlike the previous studies involving segmenting customers and forecasting CLV, the focus of this work is to predict the CLV of the new customer coming in. Further, this work has been performed on the data set of an online store of a gifting company. The proposed model is based on Probabilistic models viz BG/NBD, Pareto/NBD, and Regression models viz KNN regression, decision tree, linear regression, and random forest to predict the CLV. From the experimental results, it is demonstrated that this framework builds a more optimal CLV model compared to the previous model showing an improvement of approximately 10%.

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1998Customer lifetime value: Marketing models and applications 2023Research on customer lifetime value based on machine learning algorithms and customer relationship management analysis model 2020Predicting Customer Class using Customer Lifetime Value with Random Forest Algorithm 2021Big Data-Driven Marketing enabled Business Performance : A Conceptual Framework of Information, Strategy and Customer Lifetime Value 2020Customer Segmentation Using Fuzzy-AHP and RFM Model 2022Customer Lifetime Value Prediction with K-means Clustering and XGBoost 2023Machine Learning Algorithms for Predicting Customers' Lifetime Value: A Systematic Evaluation

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