Learn more about business with this collection
Essential product management skills
How to work effectively with cross-functional teams
How to identify and prioritize customer needs
Building a Retention Chart
The Activation Curve shows the number of users activated over a specific period of time.
Many early-stage companies have bad retention at the start. They can get customers in but haven't figured out the mechanics to keep them around. When the metrics start to improve over time, you generally have the concept of product-market fit.
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Retention Can Make or Break a Business
Retention measures how long your customer stays actively engaged with your product or business.
The two key retention metrics are:
- Core retention: The total number of active users after a specific time period.
- Proxy retention
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How to Develop Measurable Cohorts
A cohort is a group of users who experience the product value at about the same time.
- Look at users for a month. The first month is Month Zero. All the users that experience the product in Month Zero is your cohort.
- Track the behaviour of each...
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Ensure to Have a Product-Market Fit
A product-market fit gives you a sense of how ready your product is for the market. It's a measure of revenue against the payback period and shows the percentage of users who value your product over a period of time.
When you have a product-market fit, you can:
- S...
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How to Built Retention Metrics
- Have enough tooling to track signups on a cohort basis, such as Google Analytics, Google Analytics 360, Segment, Mixpanel, or Amplitude.
- Know your proxy metric. What action is the user performing? (consuming content, a download, a daily active user?)...
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Four Key Factors that Impact Retention
Focus on new users and the initial experiences they have with your product.
To create a great first impression:
- Run experiments on user onboarding.
- Personalise your sales process.
- Incorporate feedback loops.
Target better user...
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2. Product-Market Fit
During this stage you validate the assumptions underlying your value proposition, and discover what customers really care about. This is a long and iterative process.
Product-market fit happens when you have evidence that your product is creating va...
Customer Lifecycle Funnel
There are six stages the customer has to go through: Visitor->Prospect->Activated User->Customer->Active Customer->Loyal Customer.
- Each stage that a customer goes through is preceded by a specific action.
- The effectiveness of each stage needs to be tracked and ...
Rules For Great Metrics
- Use retention as a way to assess your market-product fit, as it tells you how valuable the customers find your product after they stop using it.
- Understand the steps your customers have to take to get to your product, and if you can eliminate extra steps.
- Focus on key data...
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