Cohort Analysis and Forecasting for Telecoms and Media
Cohort Analysis enables better customer retention by tracking customer behaviour and analysing churn. The system designates users/customers into groups (cohorts) with a common link or theme to analyse trends and compare the metrics of different cohorts over time to find the highest or lowest-performing cohorts and ascertain which factors drive the performance. These cohorts usually share collective attributes within a defined timespan. The analysis allows a company to see patterns across the customer lifecycle, rather than grouping all customers without accounting for the phases that customers experience during their lifecycle. By considering these patterns, companies can adapt their strategy to enhance customer experience, increase focus and minimise churn.
- Forecast survival and churn rates of different groups (cohorts) of customers based on historic data and customer behaviour
- Observe how their behaviour changes over time
- Look for patterns of behaviour that influence retention
- Compare user groups to identify best practices and use cases
- Achieve a precise forecast of customer numbers (and associated sales turnover), a long period into the future
- Identify reasons why people leave/cancel and how customer retention can be improved
The Board Decisions Making Platform
The use of Better Decisions Group's cohort analysis and forecasting application build on the Board decision-making platform can bring together analytics, planning and predictive into one business-focused platform. Board unifies Business Intelligence (BI), Predictive Analytics, and Enterprise Performance Management (EPM) functionality in a single platform. Board, offers a unique approach to decision making, driving visibility and efficiency from strategy down to operational execution. Board’s drag-and-drop, no coding approach, enables the self-service creation and customisation of analytical and planning solutions that are perfectly in tune with business needs thus making it the perfect solution to help organisations analyse and forecast both acquisition and behavioural cohorts maximising retention and reducing churn.
Using this application, clients see benefits including, but not limited to:
- Precise sales forecasting
- Reduced churn rate
- Identifying cohorts who have the highest retention rate
- Ability to execute complex cohort calculations across different levels of the product, hierarchy is now possible
- Improved understanding as to why / when people stay (or leave)