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How to Perform Customer Survival Analysis
Customer survival analysis, also known as retention rate analysis, is the application of statistical techniques to understand how long customers remain active before churning. The information generated by this analysis helps improve customer acquisition and retention activities. Survival analysis is always based on tracking a cohort of customers over time. Cohorts are unchanging groups (i.e., … Continued
The Number of Items in a Shopper’s First Order Indicates Future Behavior
A whopping 62% of customers will never place a second order from an online retailer’s site. In fact, only 16% of customers will ever make more than three orders. To generate repeat business, it is imperative for an online retailer to understand how consumers behave during their first transactions and then do everything it can … Continued
How to Compete with the Travel Industry Bigshots: Time to Boost Your CRM
You’ve probably experienced it this year, much more than in the past. Airlines, hotels and travel apps are using data about your preferences to tell you exactly what your vacation should look like; where to go, when to fly, what to pay, whether to stay in this hotel or that B&B or if you should … Continued
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