Why User Retention is the KEY to Growth and Traction
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Transcript of Why User Retention is the KEY to Growth and Traction
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I’m inspired by:
Alex Schultz (VP Growth Facebook),
Brian Balfour (VP Growth Hubspot), Dan Wolchonok (Growth Hubspot) Andrew Chen (essays on growth)
www.popcornmetrics.com [email protected] @popcornmetrics
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RETENTION = “keeping as many users for
as long as possible.”
www.popcornmetrics.com [email protected] @popcornmetrics
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if you aren’t retaining:● low LTV (Life Time Value)● limited Acquisition channels● less referrals (virality) ● poor traction (no value?)● funding (difficult?)
www.popcornmetrics.com [email protected] @popcornmetrics
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“If you don’t have good retention, nothing else matters.”
Brian Balfour, VP Growth, Hubspot
www.popcornmetrics.com [email protected] @popcornmetrics
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BAD RetentionCOHORTS SHRINK
SOURCE: Dan Wolchonok (Hubspot)
www.popcornmetrics.com [email protected] @popcornmetrics
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GOOD RetentionCOHORTS RETAIN
SOURCE: Dan Wolchonok (Hubspot)
www.popcornmetrics.com [email protected] @popcornmetrics
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REAL DATA:Average retention rates for Android apps.
www.popcornmetrics.com [email protected] @popcornmetrics
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Average Retention:
Android apps
SOURCE: QUETTRA / ANDREW CHEN
www.popcornmetrics.com [email protected] @popcornmetrics
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Retention: Top 5000Android
apps
SOURCE: QUETTRA / ANDREW CHEN
www.popcornmetrics.com [email protected] @popcornmetrics
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first, build a retention curve:
go read this article:bit.ly/retention-curve
www.popcornmetrics.com [email protected] @popcornmetrics
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GOAL: Push the curve up.
prioritised1, w1
SOURCE: POPCORNMETRICS.COM
www.popcornmetrics.com [email protected] @popcornmetrics
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connect people with what makes them stick. ASAP!
facebook: connect friends (10 in 14 days)zapier: create your first Zapairbnb: find that first “cool” listingtrello: create project, add coworkersintercom.io: install JS, send first message
www.popcornmetrics.com [email protected] @popcornmetrics
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1. get a baseline.2. get inspiration.3. prioritise ideas.4. run experiments.5. measure results.6. learn what works. 7. repeat.
www.popcornmetrics.com [email protected] @popcornmetrics
7step
formula:
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that blog post (again):
bit.ly/retention-curve
www.popcornmetrics.com [email protected] @popcornmetrics
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50% OFF for 4 months (only for Event Attendees)signup at PopcornMetrics.com
www.popcornmetrics.com [email protected] @popcornmetrics
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Retention Rates Vary:Social Media: 80%
Ecommerce: 20-30%
Figure out what creates value.Get users to that value: fast.
www.popcornmetrics.com [email protected] @popcornmetrics
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why retention matters:● higher LTV● afford higher CAC● increase Referrals (virality) ● early traction: Prove Value● access funding? (ask me)www.popcornmetrics.com [email protected] @popcornmetrics
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Retention will
impress investors.
SOURCE: Mamoon Hamid, Partner at The Social+Capital Partnership (VC)
www.popcornmetrics.com [email protected] @popcornmetrics
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5 ideas to test:TARGET: first few days, especially D1● messaging● onboarding flow● find your “magic moment”● look at best users● get to value ASAP
www.popcornmetrics.com [email protected] @popcornmetrics