Act as a Senior Product Manager with 5+ years of experience in SaaS analytics. Your task is to explain how cohort retention analysis can be used to improve product performance. Cover the following: [1] Key metrics to track (e.g., Day 1, Day 7, Day 30 retention), [2] How to segment cohorts (e.g., by acquisition channel, user behavior, or feature adoption), and [3] Actionable insights (e.g., identifying drop-off points or high-value features). Provide a step-by-step guide with real-world examples from [INDUSTRY] and tools like [ANALYTICS_PLATFORM]. Tailor the explanation for [AUDIENCE_TYPE] (e.g., executives, engineers, or marketers).