Dashboards - Retention Overview

Retention Dashboard Analytics Overview

Once you have identified which customer buckets are leaking the most you can make educated decisions about how to more effectively market to your customer database. Customer acquisition costs far outweigh customer retention costs. Categorizing your customers based on their Recency, Frequency, and Monetary values will help you target your audience the smart way.

This article will help you start analyzing your customers’ behavior with RFM analysis. This article will not go into all of the details of RFM segmentation marketing strategies but will focus on the analytics available in each dashboard card. 

Customer Analytics By Segments Card

The Customer Analytics By Segments Card is used to calculate and visualize your different RFM Buckets’ metrics. RFM stands for Recency, Frequency, and Monetary. Each customer is ranked in each of these categories on a scale of 1 to 5 (the higher the number, the better the result). The higher the customer ranking, the more likely it is that they will purchase again. Essentially, the RFM model corroborates the marketing adage that "80% of business comes from 20% of the customers. 

The metrics values within the indicators of this card are for the timeframe of the last 365 days (exception: Changes to Segment cart which represents the timeframe of the last 30 days).

Features

• RFM analytics for the last 365 (no date range selector available)
• RFM Table
• Segments and sub-segments
• Segment selection
• Metrics
• Changes to segments
• Refresh button to access the most up-to-date information
  
  

RFM Table (right)

• Segmentation & Sub-segments Table
• In the top right-hand corner of the card, you will find a toggle button that will show sub-segments of each RFM bucket
• Segment Selection
• Use the selector dropdown above the RFM chart or
• Click on a segment of the chart
• The metrics to the left of the chart will update with values that are associated with the selected segment
• Current Customer Count and Percent Per Segment
• In the top left-hand corner of each segment, you will see the
                - title of the segment along with
                - the total number of contacts currently within the segment
                - and the percentage that segment represents out of all your segments

Metrics (top left)

Customer Lifetime Value (CLV)

Customer lifetime value is the total worth to a business of a customer over the whole period of their relationship.

Below is how we calculate CLV:

Average Order Value (AOV)

Average order value (AOV) is the average order total spent when a customer places an order with your business. Knowing the average order value is used to help you make decisions about your pricing strategies. You can directly impact your revenue growth by increasing your AOV. Below is how we calculate AOV:

Days Between Orders

Knowing the average number of days between orders is useful in planning your marketing strategies for each RFM segment. This metric only includes returning customers and excludes first-timers. Below is how we calculate days between orders:

Orders Per Year

Orders per year is a metric that can be used to see how many repeat purchases your customers have made over the last year. Below is how we calculate orders per year:

Total Revenue From Segment (Last 365 Days)

The total amount of revenue generated from purchases made within the selected segment. 

Changes to Segment Line Graph (middle left)

This chart includes the changes in the RFM score on contacts within. There will always be a lavender line that indicates the change in the segment for ALL segments. To compare a segment from the RFM chart to the change in all segments select a segment from the RFM chart. You will notice a line with the corresponding color added to the chart.

Example of the Changes to Segment chart with the At-Risk segment selected in the RFM chart.

Refresh Button (bottom left)

Use this button to refresh the data within the Customer Analytics By Segment Card. Note: RFM metrics can only be updated manually once every 6 hours whereas other cards can be refreshed every few minutes.

Key Performance Indicators (All Active Customers) Card

Key Performance Indicators (KPIs) are used to measure the performance of your business.

Features

     - Date range selector

     - Metrics

     - Refresh Button

Date Range Selector (top right)

Use this menu to update the date range you would like to view within the KPIs card.

Note: Most of our KPI metrics are optimal at 365 days or more.

Metrics (left)

Avg CLV

Average customer lifetime value is the average of the total worth to a business of a customer over the whole period of their relationship. Scroll up to see how CLV is calculated.

Avg Days Since Previous Order

The average number of days since all customer’s last orders were placed.

Average Order Value (AOV)

This metric is a repeat of the Customer Analytics By Segment card’s Average order value (AOV). This is placed in the KPIs card so you can see it relative to the other KPIs for your business. AOV is the average order total spent when a customer places an order with your business. Knowing the average order value is used to help you make decisions about your pricing strategies. You can directly impact your revenue growth by increasing your AOV.

Customer Retention/Defection Rate

Retention rate only pulls for customers who have had a chance to churn. So they must have been a customer longer than 365 days or what is set manually within the RFM settings. Defection rate is the opposite of Retention rate and represents your customer churn. To calculate defection rate you would simply need to subtract the Retention rate from 100%.

Reactivated Lost Customers

If a customer goes from the Lost segment to any other segment they are considered reactivated from Lost. This metric is the count of customers who were considered lost at the time of their purchase and the total revenue gained based on the AOV calculated or set on the account.

Reactivated At-Risk Customers

If a customer goes from the At-Risk segment to Promising or Loyal segments then they are considered reactivated from At Risk. This metric is the count of customers who were considered at-risk at the time of their purchase and the total revenue gained based on an AOV calculated or set on the account.

Refresh Button (bottom left)

Use this button to refresh the data within the KPIs Card.

Note: RFM metrics can only be updated manually once every 6 hours whereas other cards can be refreshed every few minutes.

Order Card

The orders card uses a heat map style chart in order to help you visualize the most active days for orders to help plan your marketing efforts.

Features

• Date Range selector
• Heat map with order counts for each day within the selected date range
• Total orders metric
• Refresh button to access the most up-to-date information
  
  

Date Range Selector (top right)

Use this menu to update the date range you would like to view within the Orders card.

Heatmap Chart

This chart includes order activity in a heatmap-style chart to help visualize the most active days for orders in your business. Each row represents one week which helps to see trends in order activity over time. 

To see the total number of orders for an individual date hover over the chart for the desired date.

Total Orders Metric

This the sum of all finished orders for the date range selected. In other words, each date within the chart above is summed up to this total number of orders.

Refresh Button (bottom left)

Use this button to refresh the data within the Orders Card. 

Customer Check-ins Card

The Customer Check-ins card uses a heat map style chart in order to help you visualize the most active days for store visits to help plan your marketing efforts. This card is only available for accounts that utilize our Kiosk services.

Features

     - Date Range selector

     - Heat map with store visit counts for each day within the selected date range

     - Total Check-ins metric

     - Refresh button to access the most up-to-date information

Date Range Selector (top right)

Use this menu to update the date range you would like to view within the Customer Check-ins card.

Heatmap Chart

This chart includes store visit activity in a heatmap-style chart to help visualize the most active days for check-ins in your business. Each row represents one week which helps to see trends in the order activity for the account over time. 

To see the total number of check-ins for an individual date hover over the chart for the desired date.

Total Orders Metric

This is the sum of all check-ins for the date range selected. In other words, each date within the chart above is summed up to the total number of check-ins.

Refresh Button (bottom left)

Use this button to refresh the data within the Customer Check-ins Card.

Wrap Up

Did you know that 60-70% of customers do not return after their first visit? The ability to bring customers back time and time again not only increases their value to your business but allows you to focus your efforts on the right customers with the highest return on investment. What would it mean if every customer came back just one more time?