Nestmetrics Analytics

How to get started with retention analytics

No matter how you look at it, customer retention is critical — particularly for B2B companies

In fact, research shows that increasing customer retention rates by merely 5% actually increases profits anywhere from 25% to 95% and that growing companies prioritize customer success more than stagnating ones.

The following guide will show you how to get started with customer retention analytics. The data that must be sent to Nestmetric to help you achieve your customers retention goals.

Event collection dashboard

1. Define your Business retention goals

What are your customers retention goals? Once you’ve decided on your business goals, think about what data or events you require to help achieve those goals. Some examples of customer retention-focused business goals are:

a) User activation:Where are people dropping off during the on boarding process onto your product?

b) User retention:Which users are likely to come back and which users are likely not to come back?

c) User referrals:Which users are the most likely to invite other friends to use your product?

d)User engagement: Which features are people using the most or the least?

2. Track the events:

Track events that are vital to answering the customers retention essentials defined in the previous section.

Do not track everything immediately, start with priority events. Your team will have an easier time understanding and utilising the data in different ways in Nestmetric.

3. Identifying Users:

What is required to properly track unique users for your product. Nestmetric does this automatically.

4. Event Data:

What events or user actions you should track.

5. User Properties & Event Properties:

What attributes you should send to upscale your analytics.

Once your plan is created, it’s time to work with your developer. Depending on your role, you might have a different level of comfort talking to developers about technical considerations. The great thing about an implementation spec is it really provides a map for you to have a constructive conversation with your developer, even if you’re not very technical.

You can try out Nestmetric:

Customer intelligence software to see your users and what they do in your apps to better understand and make the most out of your customer communication.