Thank you for a great 2020! Your immense support and enthusiasm towards our product have helped us grow even in the most challenging times. In 2021, we are back with our weekly tips to help you fast-track your user engagement and retention goals using the WebEngage dashboard.
Here's your Tip of the Week from EngageClass! We hope you enjoy reading and implementing this one!
Identify your winning user acquisition channels using Cohorts
You want to save money on acquisition channels that aren't working for your business, and double down on channels that help you acquire new users. More importantly, you want to acquire those users who stay on your platform for long to justify your acquisition cost. After all, a higher retention rate can increase your profits by anywhere from 5-95%. So how can you do this?
We’ve got you covered! All you need to do is dig deeper into Cohorts.
Let’s see how it works! 🙂
How to identify your winning user acquisition channels using Cohorts?
To identify the most effective user acquisition channels, you can split your cohorts view by 'Channel' on the WebEngage dashboard. Here's how you can do it:
Step 1: Select the first event.
Step 2: Select the return event.
Step 3: Split your cohorts view by ‘Channel’.
Let's understand this concept through some industry-specific use-cases:
You can select the first event as App Installed, and the return event as Purchase, over a period of 7 days. After selecting both the events, split your cohorts view by 'Channel'. Now observe the purchase behavior from different channels.
You may observe that maximum users acquired organically make their first purchase on the day of app install, whereas users acquired from paid channels take up to 1 day to make their first purchase.
Thus, as a marketer, your job is to reduce this time-gap and drive more purchases from users acquired through paid channels. You can also analyze your cohorts for different time windows like 30 days, 90 days and so on.
You can select the first event as Purchase, and the return event as Purchase. After selecting both the events, split your cohorts view by 'Channel' to analyze the repeat purchase behavior of first-time shoppers over a defined period.
You can select the first event as Subscription Purchased, and the return event as Web Series Watched. After selecting both the events, split your cohorts view by 'Channel'.
You may observe that maximum users watched a web series in December, when you ran ad campaigns for your top trending shows. This implies that your ad campaigns bring you highly engaged users, and you should continue running such campaigns.
You can select the first event as Flight Page Viewed, and the return event as Flight Ticket Booked. After selecting both the events, split your cohorts view by 'Channel'.
You may observe that even though the referral channel brought the lowest number of users on Day 0 (compared to other channels), these users booked the most number of flights within the same week.
Different user acquisition channels can be - Paid search, Direct, Referral, Email, Campaign, Social etc. Once you identify the winning channels for your business, you can double down on them and reduce your Customer Acquisition Cost (CAC) significantly.
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So, what are you waiting for?
Try out Cohorts now
Got questions? Please feel free to drop in a few lines at firstname.lastname@example.org or get in touch with your Account Manager in case you have any further queries.