As we all saw this past year, things can change and change quickly. Customer Satisfaction metrics can be an early warning system of the health of our business. Before you see it in the other metrics like churn, retention, customer lifetime value.
A company’s marketing digital transformation project benefits when Marketing is the internal client. As the voice of the customer, Marketers understand why we want to transform what we do and can make sure it is realized.
Customer journey mapping or funnel optimization? They are different perspectives of the same thing. One is the the view from the customer’s perspective. One is our gated internal process. We need both in our business.
Some people would ask, as a data scientist are you upset that the data actually failed you. Not really. Because I know in data science gaining insights from data is a combination of what the data tells you as well as a business person’s intuition and experience. It is a failure to rely too heavily on one or the other. You need to question everything. The data as well as our cognitive biases.
I would expect that for most subscription type services there can be a reverse bell curve to lifetime. With a blip of churn occurring early. Then customers that stay a subscription cycle or two will end up staying for some time. This is real churn, or at least the churn that is most worrisome, because it is often customers that leave before you recover the cost of acquiring them in the first place.