Cohort Analysis – Zero down on your most valuable users
Do more with your data using Cohort Analysis
While monitoring the vital health statistics of apps, marketers and growth hackers rely heavily on user behaviour data. But there’s a big problem with this typical eat, sleep, drink DATA regime of marketers and app owners. The problem is about having too much data at hand and not knowing what to do with it.
After all, what’s the point of having large amounts of data if you don’t have any tool to help you extract meaningful consumer patterns from it?
Even though monitoring daily user visits, number of returning users and unique users, etc. are essential metrics, but this alone does not cover it. To ensure the long term success of your app, it is important to go beyond these common measures and dig deeper into in-app data and behavioural attributes of users.
To help our clients with this, mTraction offers the In-app Analytics & Cohorts feature.
With this feature, mTraction not only tells you about what to do with your data but it also helps you identify your most valuable users.
So, let’s briefly talk about Cohort Analysis.
In simple terms, Cohort analysis dives deep into the large pool of user-behaviour analytics of your app by dividing your users into groups, that is, cohorts. The basis of creating these cohorts is made on a common ground. These cohorts are known to exhibit certain common qualities or user traits within a defined span of time.
Having all your users segmented into organized groups makes sense for proper evaluation and interpretation of data. It’s makes data analysis less complicated and throws light on hidden data patterns.
No wonder, Cohort analysis is getting quite popular amongst app owners and marketers for measuring user engagement. This is also because Cohort analysis tells the real story of user engagement – is it happening because of your marketing efforts or just showing signs of improvement behind your app’s growth?
It is very easy for app owners or marketers to get misguided insights on user engagement. Most of the times, the number of inactive users get masked behind the increasing number of new users in apps. This can give a superficial picture of user engagement, which can result in wrong marketing decisions.
To make sure that this does not happen to you, mTraction gives you detailed insights about the in-app activities of your users through the Cohort analysis feature. You also get thorough reports on user sessions, frequency of visits, number of page views, etc.
Currently, mTraction offers 4 types of event-based Cohorts:
1) Retention Cohorts – Do your users keep returning back to your app post installation? Now, measure user retention over a specific period of time using Retention Cohorts. Simply configure the ‘start date’ & ‘media sources’ of your choice to get started. Then, use our two predefined metrics- ‘new users or installs’ & ‘unique users returning to the app’ to get the full picture of your app’s retention story.
2) Purchase Cohorts – Keep track of the number of fruitful transactions happening on your app using Purchase Cohorts. Simply configure the ‘start date’ & ‘media sources’ of your choice to get started. Then, use our two predefined metrics- ‘new users or installs’ & ‘total number of purchases made by those users post installation’ to get the accurate picture of your users’ purchase behaviour.
3) Revenue Cohorts – Assess the value of your users to estimate their revenue generating potential using Revenue Cohorts. Simply configure the ‘start date’ & ‘media sources’ of your choice to get started. Then, use our two predefined metrics- ‘new users or installs’ & ‘total revenue generated by those users post installation’ to get a clear graph of your users’ revenue generating potential.
4) Custom Cohorts – To gather in-depth insights about any other specific factors for your app, make use of Custom Cohorts. With this customised tool, you can perform a cohort analysis between ‘new users or installs’ and any other configured event performed by users on your App over a specific period of time. So whatever be your KPI, you can collect significant insights about your app using this tool.
Using mTraction’s Cohort analysis, marketers can better assess the performance of their campaigns and drive greater ROI for future campaigns. They can also drive greater conversions by narrowing down on those events which will most likely lead to easy conversions.
Cohort analysis will also facilitate better user targeting through specific insights derived from correlated or independent cohorts. In fact, it can also help in identifying interesting trends that benefit your App business.
All the more reason to get started with Cohort analysis, isn’t it?
Have more questions about mTraction?
Just drop us a line at firstname.lastname@example.org and our team will be happy to setup a call or schedule a free demo for you.