A Stochastic Approach for Valuing Customers
Publish place: International Journal of Information and Communication Technology Research (IJICT، Vol: 9، Issue: 3
Publish Year: 1396
Type: Journal paper
Language: English
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JR_ITRC-9-3_007
Index date: 10 March 2021
A Stochastic Approach for Valuing Customers abstract
The present study attempts to develop a new model for computing customer lifetime value. The customer lifetime value defined in this paper is the combination of present value and future value. As an innovation the CLV modeling of this paper is based on customer behavior modeling, done by data mining techniques. By extracting the profit vector related to each type of customer behavior, calculation of present study was done, then by utilizing Markov chain model we predict future value and count customer lifetime value. A new churn model was contributed by authors to manage unprofitable CRM costs; utilizing this churn model, the proposed CLV model can cause more profitability for the enterprise. The new CLV model of this paper was validated by historical customer data of a composite manufacturing company.
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