ChurnIQ dashboards and metrics will be updated to enhance usability and insights, helping broadcasters manage churn, streamline decisions, and monetize better. These enhancements enable smarter strategies and more effective audience management.
Improvements
The recent updates are designed to align metrics more closely with your needs, improve efficiency, and enhance retention capabilities. Here is how these changes help:
Metrics Adjustments
We updated three key metrics to provide a more accurate and useful representation of subscriber activity:
- Churn Rate: The formula now excludes new subscribers and free trials, offering clearer retention insights. While this may increase the average churn rate slightly, it leads to a more reliable analysis.
- Average Subscriber Lifetime: This metric now includes all subscribers, not just churned ones, providing a more comprehensive view of subscriber lifecycles. This change was made in response to user feedback to better reflect both active and past subscribers.
- Customer Lifetime Value (CLTV): The updated formula now includes all product types, including non-recurring offers, and focuses on historical revenue to better reflect customer value. This change ensures alignment with diverse monetization models prevalent in the industry.
Dashboard Enhancements
Recent updates have made the dashboard more intuitive, with specific improvements in several sections to enhance usability for broadcasters:
- Updated Filters and Charts: We have refined existing filters and charts for better usability, making it easier to track subscriber metrics and gain insights.
- Cancelations Analytics Tab: A new Cancelations Analytics tab provides detailed insights into subscription cancelation trends, helping to identify patterns and develop targeted retention strategies.
- Refined Views for Voluntary and Involuntary Churn: These views allow broadcasters to easily differentiate between voluntary and involuntary churn, providing actionable insights for managing churn more effectively.
FAQs
General Questions
Why are you making these changes?
These updates are aimed at improving data accuracy, enhancing dashboard usability, and enabling advanced AI-driven features. They reflect feedback from clients and align ChurnIQ with industry standards to support better business decisions.
Will the updates disrupt our current reporting workflows?
Most changes are in the background and won’t significantly impact workflows. However, some charts and filters will be updated, and metrics will have revised formulas. If your team relies heavily on specific metrics, you may notice slight variations.
How can we provide feedback on these updates?
You can share feedback directly with your Cleeng Account Manager, who will relay it to our product team.
Metrics-Specific Questions
Why did the Churn Rate formula change?
The change simplifies analysis by excluding new subscribers and free trials, aligning with industry standards, and providing a clearer view of subscriber retention trends.
How will the new Average Subscriber Lifetime metric affect our analysis?
The new calculation includes all subscribers, providing a more comprehensive view of lifecycle performance. By incorporating both active and churned subscribers, this approach better reflects long-term revenue potential and highlights trends that can improve revenue forecasting.
What are the implications of the updated CLTV formula?
The updated CLTV formula includes all product types, such as monthly subscriptions, annual subscriptions, and non-recurring offers. This provides a more realistic view of subscriber value and aligns with evolving monetization models in the streaming industry.
How do these changes impact customer satisfaction and retention?
By providing clearer metrics and enhanced insights, these changes allow broadcasters to take targeted actions to reduce churn and improve the user experience.
Can we still access the old formulas for metrics?
Yes, you can request dashboards with the previous formulas during the transition by contacting your Account Manager.
Will historical data be recalculated using the new formulas?
Yes, historical data will be updated to reflect the new metrics formulas for consistency in reporting.
Dashboard-Related Questions
What filters or charts are being removed or modified?
Only filters or charts deemed irrelevant will be removed. For example, the "Subscriber View" filter (free or paid) was removed from dashboards focusing exclusively on paid subscribers.
What insights will the new Cancelations tab provide?
The Cancelations tab allows you to analyze cancelation trends, identify patterns, and take targeted actions to improve retention.
How does the split between Voluntary and Involuntary Churn benefit us?
The split provides focused insights, helping to differentiate between subscribers who churn by choice versus external factors (e.g., payment issues), enabling more targeted retention strategies.
Implementation and Support Questions
When will the changes go live?
The updates are expected to go live on Saturday, 30th November 2024. Scheduling changes for a weekend reduces risks and ensures minimal disruption to weekday operations, which typically have higher activity and reliance on system stability.
Will there be any training provided?
Additional training sessions can be requested. Contact your Account Managers for more details.
What should we do if we encounter issues after the update?
Please contact your Account Manager or Broadcaster Success Team for help.
Are there additional costs associated with these updates?
No, these updates are part of your existing subscription and are designed to enhance the platform’s value.
Future-Oriented Questions
What AI-driven features are going to be introduced in the future?
We've recently released the AI-ssistant for ChurnIQ Studio, an AI-supported tool for advanced data analysis, to a selected group of clients. If you’d like to join the beta-testing program, please contact your Account Manager. Stay tuned for other AI enhancements in the pipeline.
Will further changes to metrics or dashboards be communicated in advance?
Yes, all significant updates will be communicated with detailed documentation and timelines.
Additional information
For more information on how to utilize the different sections of ChurnIQ effectively, check out the following links: