How To Calculate Customer Cohort analysis in NetSuite CRM | Arithmix
Learn how to effectively calculate customer cohort analysis in NetSuite CRM with our comprehensive guide. Discover the key metrics to track and how to use this data to improve your customer retention and acquisition strategies. Start optimizing your business today!
Customer Cohort analysis is a powerful tool that helps businesses understand customer behavior and trends over time. By grouping customers based on shared characteristics, such as the date they made their first purchase or the product they bought, businesses can gain valuable insights into customer retention, loyalty, and lifetime value.
Calculating Customer Cohort analysis in NetSuite CRM is a straightforward process that involves selecting the appropriate data fields and running a report. Here's a step-by-step guide:
- Log in to your NetSuite CRM account and navigate to the Reports tab.
- Select the Cohort Analysis report type.
- Choose the appropriate date range and cohort grouping criteria, such as the month of first purchase or the product category.
- Select the metrics you want to measure, such as customer count, revenue, or average order value.
- Run the report and analyze the results to identify trends and patterns in customer behavior.
By regularly calculating Customer Cohort analysis in NetSuite CRM, businesses can make data-driven decisions that improve customer engagement, retention, and loyalty.
What Is Customer Cohort analysis?
Customer Cohort analysis is a marketing strategy that groups customers based on shared characteristics and tracks their behavior over time. By analyzing the behavior of different customer cohorts, businesses can gain insights into customer retention, loyalty, and lifetime value.
For example, a business might group customers based on the month they made their first purchase and track their behavior over the next 12 months. By comparing the behavior of different cohorts, such as customers who made their first purchase in January versus customers who made their first purchase in June, businesses can identify trends and patterns in customer behavior.
Customer Cohort analysis is a valuable tool for businesses of all sizes and industries. By understanding customer behavior and preferences, businesses can tailor their marketing efforts and improve customer engagement and loyalty.
When Is It Valuable To Calculate Customer Cohort analysis?
Calculating Customer Cohort analysis is valuable for businesses that want to improve customer engagement, retention, and loyalty. Here are some situations where Customer Cohort analysis can be particularly useful:
- When launching a new product or service: By tracking the behavior of different customer cohorts, businesses can identify which groups are most likely to adopt the new product or service and tailor their marketing efforts accordingly.
- When trying to improve customer retention: By analyzing the behavior of customers who have made repeat purchases versus those who have not, businesses can identify strategies for improving customer retention and loyalty.
- When evaluating the effectiveness of marketing campaigns: By tracking the behavior of different customer cohorts before and after a marketing campaign, businesses can determine the impact of the campaign on customer engagement and revenue.
Overall, Customer Cohort analysis is a powerful tool that can help businesses make data-driven decisions that improve customer engagement, retention, and loyalty.
How Do You Calculate Customer Cohort analysis in NetSuite CRM
NetSuite CRM itself isn’t naturally geared towards letting you calculate complex metrics like Customer Cohort analysis. As an alternative, teams typically use products like Arithmix to import data from NetSuite CRM and build out dashboards.
What is Arithmix?
Arithmix is the next generation spreadsheet - a collaborative, web-based platform for working with numbers that’s powerful yet easy to use. With Arithmix you can import data from systems like NetSuite CRM, combine it with data from other systems, and create calculations like Customer Cohort analysis.
In Arithmix, data is organized into Tables and referenced by name, not by cell location like a spreadsheet, simplifying calculation creation. Data and calculations can be shared with others and re-used like building blocks, vastly streamlining analysis, model building, and reporting in a highly scalable and easy to maintain platform. Data can be edited, categorized (by dimensions) and freely pivoted. Calculations are automatically copied across a dimension - eliminating copy and paste of formulas.
Arithmix is fully collaborative, giving your entire team access to your numbers and the ability to work together seamlessly.
Calculating Customer Cohort analysis in Arithmix
Calculating metrics like Customer Cohort analysis is simple in Arithmix. Once you've created your free account, you’ll be able to import your NetSuite CRM data, and use it to create natural language formulas for metrics like Customer Cohort analysis.
Arithmix is designed to give you the power to build any calculations you want on top of your NetSuite CRM data, while also being easy to use and collaborate on. You can share your dashboards with users inside and outside of your organisation, making it easy to empower your whole team.Use Arithmix free