“A data-driven churn prediction model is only valuable if it enables you to change what you’re doing in the market in a meaningful way”
Most organizations leverage analytics to get to right insights and drive business outcomes. But very few in true sense are able to move beyond gathering the knowledge. This essentially makes entire analytics initiative functionally useless.
Key Business Questions (KBQs) are forward looking questions that add sense and direction to your analytics initiative. Say for example “How can we drive organic growth for our business by increasing our average customer lifetime value?” It is imperative to invest in technology and infrastructure that supports KBQs and the required organizational changes.
Predicting or arresting churn is non-effective if there’s no bridge between insights and actions. It is only when answers are sought for KBQs that give direction to technology investment, organizational changes, team collaboration and actions.
Read the HBR article ‘Use Data to Answer Your Key Business Questions’ by Kevin Troyanos to learn about The Key Business Question Grid and how it can help you to get to the right answers for your business challenges and help you reduce churn, enhance life-time value, increase product adoption or any other
business goals.
READ THE ORIGINAL ARTICLE HERE