September 2012
Intermediate to advanced
286 pages
8h 7m
English
Content preview from Statistical Methods in Customer Relationship ManagementBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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7.2 Customer win-back
Strauss and Friege [1] provided a conceptual framework for lost customers' regain management which consists of analysis, actions, and controlling. To determine which customers are worthy of regaining, these authors proposed the second lifetime value (SLTV). In the controlling process, they proposed to maximize the regain profit (RP) function
(7.1) 
where 
is the number of lost customers attempted to regain for segment 
, 
is the regain ratio which is a function influenced by the regain cost, and 
, 
, and 
are various costs occurred for regaining lapsed customers.
Thomas et al. [2] investigated the best price strategy for reacquisition of lapsed customers. Different from the proportional hazards model, the proposed model used in Thomas et al. [2] is called ‘split hazard model.’ ...
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