Welcome to my blog. Here, I share my knowledge in boosting businesses by making their revenue-generating functions like marketing, sales, and customer success work better. Hope you enjoy it!
All tagged customer retention
Churn prediction consists of detecting which customers are likely to cancel a subscription to a service based on how they use the service. It is a critical figure in many businesses since it is often the case that acquiring new clients costs more than retaining existing ones.
Nothing is more important in analytics than segmentation. Yet most of our reporting and analysis happens at an aggregate level. Different types of users visit your website with different intentions. This phenomenon mandates that you have a very effective and persistent segmentation strategy as part of your web analytics process.
How do you know if your marketing campaigns are effective? You gather data, it is that simple. But if every data point doesn’t track to a business goal, the numbers can easily obstruct decision-making. We often lack strategic plans for using data and we end up tracking information that is not relevant to business goals. So, how do we fix this?
'It costs X times as much to attract a new customer than to keep an existing one'; sounds familiar, right? Very often we hear the statement that retention is cheaper that acquisition. But is it? Which strategy favors growth and how much emphasis should then the Marketers place on retention versus acquisition?
