What cohort analysis is to marketing, weaving yarn is to cloth. From the numbers of screen time on our phone and calories count on the treadmill to the downloads and the social media impressions, we are swimming in the large pool of data. Sadly, quantity does not equal quality. A quantum of consumer data and business data if not rendered to use, adds no iota of value to the business.
Making the shift from the Industrial age to Information age, processing large amounts of data has become easier than reinventing the wheel. Marketeers can easily dig through large amounts of data for actionable insights by making cohorts.
So, what are cohorts?
Cohorts is a group from your consumer base experiencing similar cases. The experience of a person who has been using the app over a period of time would differ from the experience of a person who downloaded the app today. And the diversity of such distinct cohorts are accommodated by cohort analysis. You can track their activity on the timely metrics of days, weeks, months and years for customer cohort analysis.
Scaling your Marketing efforts with Cohort Analysis
Where your most engaged customers come from is where you need to go. This will help you personalize the experiences and get more users just like them. It can be achieved by making behavioral cohorts,which by function taps into the specific behaviour of consumer within a time frame of having downloaded the app or not.
You can begin by identifying the channel you want to measure, if the leads are coming via organic or paid search. Now, analyse the subscribers you got from multiple channels and on the analytics insight, identify the stream for which you to divert your marketing spend or opt-in for a new channel of lead generation. Box achieves this feat of tracking the customer with a few clicks and identifying them on the stage of their customer journey, seamlessly with the cohort analytics. See the customer activity come to life segment by segment, request a demo today.
Using behaviour analytics can prove to be really powerful in making marketing decisions and converting the leads. Considering the importance of targeting for a successful marketing campaign, the actionable insights can be the make or break for the business resources. By making automated segments, more customers can be reached out who have the similar profiles like those of highly converting customers in the target group. As a consequence of such marketing campaigns and behaviour segmentation, an increase in click-through rate and life time value of a customer is followed.
Retention Marketing with Cohort Analysis
As broad and serving marketing campaigns are, they cannot accommodate more than one purpose. Boosting the retention is essential for the customer journey lifecycle. A product goes through many changes which are dependent on the market shifts and market trends. In order to accommodate the growing changes and challenges, retention marketing with retention cohort analysis can help businesses.
With retention marketing you have the chance to change the customer experience while you still have them. Customer journey’s can sometimes be difficult. A minor tweak in an update or community could be potentially throwing a customer away, on that weak point, you can win them back by tracing the lifecycle of the customer and taking action on the insight.
These risks of losing the customer can be mitigated by launching targeted offers, introducing loyalty programs, marketing via emails using the customer knowledge of their purchasing history, sending them relevant push notifications, using gamification or overdelivering on your promise by rewarding your repeat customers.
Understanding the audience shit is at the core of retention marketing. If you think you are missing out on big data insights by ‘following’ trends, you might want to consider using retention marketing to drive product loyalty, get repeat sales and gradually increase your consumer base.
Employing Analytics to Customer Retention
Ditch the vanity metrics and do your customers a favor by adopting cohort analytics today. A critical view of customer churn can help your key metrics and increase your customer life cycle. Using customer analytics can not just help your current users but your user-to-be.
To drive the wave of sustainable growth of your business and understanding the why of your consumers, sign up for a demo today with Propellor.