Analytics play a major role in retaining your users and making sales. Adding discounts, tariffs, offers, rewards, and many more tactics will help you in retaining your user base. However, it has become old school to use such tactics. Today, everything is about personalization. You will have to offer them something big and try to retain them.
What do you understand by user retention?
It refers to the strategies and tactics firms use to try and retain the present users. To allow these actions, analytics gives you the predictive metrics. You can then use the predictive metrics and retain all your user base easily.
Why user retention is becoming important?
When you have the right set of data, you can reap rewards significantly. It can drive huge amounts of profits. According to a report, using data analytics can drive your business decisions to about 126 percent more.
The firms put in place a better game when it comes to big data. They leverage all forms of user retention analytics to a great extent. About 32 percent of users are always satisfied with the firm’s use of data analytics to make a competitive benefit. Therefore, there are many opportunities and rooms for development.
Benefits of User Retention with Data Analytics
There are many benefits to improve the user retention of using data analytics:
1. Reduces expenditure
It’s quite cheaper to attract and acquire users. However, retention plays a major role and can be expensive in many ways. Try to focus on the interaction with your users. It’s quite important to talk to your users and interact with them on a personal level. This will help you in knowing the problems they are facing and resolve them. This, in turn, will help you in retaining them for a long time.
2. Easier cross-sell opportunities.
When it comes to existing users, it becomes easier to sell your products and services to them. User acquisition costs reduces when you are selling to your existing user base.
3. Facilitating sustainable development
Keeping your current users allows you to grow more. According to a report, it states that your existing user base improves your sales to up to 25 percent to about 95 percent. More firms will likely come through if you have an existing user base.
Conclusion
These are some of the best uses of analytics that you can implement to grow your revenue. Also, remember the more you interact with your audience base, the more your sales will grow.
Read our other article on Ad Frauds: Ways to fight for advertisers in India
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