SOFTWARE MONETIZATION PRODUCTS
Retention and Churn Analysis
Acquiring new customers is essential to growth, but retaining current ones is equally important
Research shows that increasing retention by 5% actually increases profits anywhere from 25% to 95%. Having an efficient mechanism to measure churn, or user attrition, and learning about what is triggering users to move away from your product is crucial in improving your conversion and retention rates. By measuring user engagement and churn rates for new installations you can measure how long users stay engaged with your application after installation and visualize at what point in their evaluation cycle users drop your product.
Compare how engagement and churn patterns vary between different versions, editions, languages or other user profiles or understand whether users are making good use of your trial period. Analyze churned user profiles to identify the product details, OS profile and hardware specifications of users who churn away from your product to determine if a specific profile of users is more likely to churn away. Once you have identified the factors leading to churn, you are in a better position to take steps to improve retention.
WHAT IT CAN DO
- Help build customer loyalty by understanding usage behavior to increase retention
- Compare usage trends of active versus less active customers
- Visualize customer drop off points or time to abandonment
- Compare attrition rates among cohorts to identify patterns
- Optimize marketing campaigns and product messaging by propensity to churn