Updated: Feb 15
Jack Welsch once said, "If you don't have a competitive advantage, don't compete!"
This is true until you decide to change the narrative !.. Well, I'm not competing at all; I am only working at being the BEST there is. One could ask, is that not a subtle way of saying the same thing? Well, you decide lol.
From time to time, I read job descriptions to level up. Late last night, my eyes caught Cohort Analysis and I will be sharing my thoughts and findings here.
picture credit: harrisbricken.com Cohort Analysis
Simply said, your classmates are your Cohort and here's what I mean. Everyone who signed up for CSC 303, in the same term as you, is a member of your Cohort. You say that a cohort is a group of people or users with the same behavior (or so).
Cohort Analysis seeks to understand behaviour and why people do the things that they do.
For instance, if I build an app and have 800m downloads (talk about bragging rights lol), you could say I am successful. Yes? No? But let's be factual.
App download ≠ App usage.
I have a caller app on my phone where I have to log in every day to get one point that enables me to make free calls to my family and friends in West Africa. Sometimes, I am asked to download a random app for an extra 30 points or thereabout. Of course, I download the app right away! But guess what, the moment the points are loaded, I delete the app (truly sorry but not sorry). Again app download does not equal to usage.
So this is why Cohort Analysis is crucial. It measures the number of downloads (as in my example) and how people use the app.
In business terms, you would say that Cohort analysis measures Acquisition and Behaviour.
Cohort analysis is a type of behavioural analytics
It breaks down complex data into related groups (e.g. your classmates) to better understand behaviours
Cohort analysis helps organizations understand and measure user engagement over time
Information obtained from Cohort Analysis helps companies improve customer retention.
Cohort analysis also helps test how effective a marketing strategy is for a specific segment.