We’re going to get advanced today. We’re going to really dive deep into customer churn: new customer and lost customer analysis.
Now another name for this is attrition analysis because we want to see how our customer are churning, how many of our customers are coming on board and buying our products, how many are coming back and buying some more, how many customers we are losing, and so forth.
There are so many great insights that you can achieve with this type of quite advanced analysis, which is why I wanted to spend a bit of time getting in-depth with the DAX language and DAX formulas.
Getting back to this tutorial… In the video, I start off going through customer churn and exploring how many customers are being lost after a certain time frame. Obviously, if you get customers on board, you want to be selling them more and not losing them to competitors, for example. It’s much easier to sell to an existing customer than it is to find new customers.
Analyzing your customer churn is a very key piece of analysis for an organization, especially if you’re a high-frequency selling business like an online retailer or a supermarket chain.
I also dive into new customers. How many of your customers are brand new? The marketing activities that you’re doing out there, are they converting new customers to your stores, to your brands? I show you how you can isolate just those new customers.
Lastly, I cover lost customers. We need to understand if we are losing customers after a certain time period. This type of analysis can really allow us to understand if we are keeping our customers engaged. Are they continuing to buy from us? If you’re seeing high lost customer numbers, then you’re obviously doing something wrong because you want to be engaging those customers.
Existing customers are crucial to most businesses as it’s so much more profitable to continue to market to them as opposed to having to find new customers all the time.
This is a really detailed tutorial so I hope you can get a lot out of it.
I dive into so many techniques in the video. Some are very advanced, but certainly you want to get exposure to these things. If you can see the opportunities and potential with Power BI, then your mind can just exponentially expand with the possibilities of running analysis over your own data sets.
Okay. All the best and good luck with these techniques.
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