PMF: Form Acquisition to Retention Shan-Hung Wu CS, NTHU Build - - PowerPoint PPT Presentation

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PMF: Form Acquisition to Retention Shan-Hung Wu CS, NTHU Build - - PowerPoint PPT Presentation

Sep 20, 2023 622 likes •1.02k views

PMF: Form Acquisition to Retention Shan-Hung Wu CS, NTHU Build Product after PS Fit Potential Customers Users 3. Scale (scalable business model) Your Goal Now 2. Product-Market fit (repeatable business model) 1. Problem-Solution fit

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SLIDE 1

PMF: Form Acquisition to Retention

Shan-Hung Wu CS, NTHU

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SLIDE 2

Build Product after PS Fit

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Customers 0 to 1

  • 2. Product-Market fit

(repeatable business model)

  • 1. Problem-Solution fit

(problem worth solving)

  • 3. Scale

(scalable business model)

Potential Users

Your Goal Now

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SLIDE 3

What’s PMF?

  • PMF =

Satisfactory Customer

  • Gen. Rate (e.g., 100/mo)

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10% 4 % 20% 5 % 0.1%

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SLIDE 4

Battle 1: Acquisition

  • It costs (time or money)
  • Reuse want you’ve learned

when searching PSF

  • If you want to spend

money, focus on lasting channels

  • SEO/ASO matters!

– How “strangers” discover your product?

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SLIDE 5

Search Engine Optimization (SEO)

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A d j u s t K W KPIs: CPM/CPC/CPA KW Planner

  • Use Google Keywords

Planner wisely

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App Store Optimization (ASO)

  • Keyword planning is still a key

– Tools: Apple Search Ads, Google Play Ads consoles

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Refine Your Landing Page!

  • Help SE

finds/ranks your product

  • Remember the

AIDA formula?

  • Also, tie your

title/description to keywords

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Ratings & Reviews

  • Shown on your (app) landing page
  • Very important

– Humans, when having little clue, tends to believe social proof

  • Ranking factors:

– App Store: #ratings > #installs > trends > avg. rating – Google Play: #ratings > #installs > avg. rating > trends

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How to Get Positive Ratings/Reviews?

  • Ask users to rate at right time, with right

pattern

– “Like” à rate – “Dislike” à feedback – when users are happy – and not interrupted “Ask Later” “Don’t Show Again”

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Battle 2: Make Users Happy & Returning

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?

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Lean Experiments

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… a t n

  • (

l

  • w

) c

  • s

t / r e s

  • u

r c e s / c

  • m

p l e x i t y

?

5 Whys

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SLIDE 12

Outline

  • Metrics
  • The Psychology of Retention

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SLIDE 13

Outline

  • Metrics
  • The Psychology of Retention

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Avoid Vanity Metrics

  • Vanity metrics are those you cannot act upon
  • E.g., #total users

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Users Time

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Engagement Funnel

  • Aware (App store or web) à downloaded à

launched à active à engaged (tier 1) à engaged (tier 2) à …

  • Track conversion rate for each step

– E.g., log custom events to Google Analytics

  • General benchmark for activeness?

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DAU, WAU, and MAU

  • Daily/weekly/monthly active users
  • Better than #users because they lead to actions

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DAU Time

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Retention Rates

  • Retention rates: % of returning users after ?

days

  • Low DAU (1 day): False advertising?
  • Low WAU (7 days): No activation?
  • Low MAU (30 days): No PSF? Not the first-

choice solution?

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Cohort Analysis

  • Your product is changing
  • The lifecycles of users coming at different time

may be different

– Awareà downloadedà active à engaged 1 à engaged 2 à … à paid

  • A cohort is a group of users coming at a

particular period of time

  • Cohort analysis compares the lifecycles of

different cohorts

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Exercise: How’s the Product Going?

Jan Feb Mar Apr May #Customers 1,000 2,000 3,000 4,000 5,000 Avg sess time 5.5min 4.5min 4.33min 4.25min 4.5min

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  • Static growth in #customers
  • Stable average session time
  • Growing idled?
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SLIDE 20

Exercise: How’s the Product Going?

  • The product is in fact flourishing!

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Jan Feb Mar Apr May #Customers 1,000 2,000 3,000 4,000 5,000 #New 1,000 1,000 1,000 1,000 1,000 Avg Sess time 5.5min 4.5min 4.33min 4.25min 4.5min Month 1 5.5min 6min 7min 8min 9min Month 2 3min 4min 6min 7min Month 3 2min 2min 5min Month 4 1min 1min Month 5 0.5min

Cohort 1 Cohort 2 Cohort 3

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Cohort Retention Rates

  • Available in most analytic tools

– E.g., Google Analytics

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C

  • h
  • r

t l i f e t i m e P r

  • d

u c t l i f e t i m e V1.1 V1.2 V2.0

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Extensions

  • Segmentation

– Split a cohort into segments based on attributes (e.g., age, gender, country, device, etc.)

  • A/B testing

– Randomly split a cohort into 2 segments – Deliver A and B to different segments

  • Compare results of the same cohort

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We have 15% retention rate after 30 days. Is it good enough?

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Know Your Industry

  • “80% of app users churn in 90 days”

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Outline

  • Metrics
  • The Psychology of Retention

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Lean Experiments

  • Measurements à psychology à new features

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5 Whys

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Why Psychology Matters?

  • Human are evolved to

survive in a changing world

  • You brain has

“shortcuts” to react fast

  • Most successful

products are encode themselves into a shortcut

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Exercise: Non-Stoppable Swiping on Facebook/YouTube/PTT?

  • Information hunting

– You expect “the next interesting story” – Evolution-supported!

  • How primitive mans hunt?

– Persistence hunting

  • How to turn Facebook/YouTube/PTT into a

shortcut of information hunting?

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The Hook Canvas

  • 2 keys of habit forming:

– Action frequency – Perceived rewards

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at right time at low cast dynamic for the next trigger

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Triggers

  • 3 types internal triggers?

– Searching for joy; avoiding pain – Searching for hope; avoiding fear – Searching for social acceptance; avoiding rejection

  • Google?

– “Avoiding the uncertainty pain”

  • External triggers at the right time

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Actions

  • Six barriers

– Time – Money – Effort – Brain power – Deviation from social norm – Breaking convention

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Rewards

  • Bio fact: dopamine are released (by nucleus

accumbens) at the time people “want” to get rewards

  • Rewards must be wanted

– Correspond to the internal triggers

  • Rewards must be dynamic

– If you don’t get it this time, you want it more – E.g., gambling

  • 3 types of dynamic rewards:

– Hunting – Self-satisfaction – Social

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Input/Investment

  • Goal 1: for the next (external) triggers

– Increase action frequency

  • Goal 2: to make users like your product

– The more people input, the more they like you – Commit and consistency – Rationalization

  • Input after rewards

– Reciprocation

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Exercise1: Facebook Shortcut

  • Triggers at right time

– Internal: information hunting, social approval, etc. – External: notifications, emails, etc.

  • Actions at low cost

– Relevant stories selected by algorithms – Only swiping needed to consume the feed

  • Rewards with dynamics

– Some interesting, unexpected posts

  • Input for the next triggers

– Like, comment, share, post, photo tag, check in, etc.

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Exercise2: Flora Shortcut

  • Triggers at right time
  • Actions at low cost
  • Rewards with dynamics
  • Input for the next triggers

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What If It Doesn’t Work?

  • Internal triggers
  • Actions at low cost
  • Rewards with dynamics
  • Input for the next triggers
  • External triggers
  • Measure the effectiveness of each step
  • Then solve the bottleneck first

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It’s Your Turn

  • Your MVP should be designed to include

– Retention engine – Revenue engine – Growth engine

  • Design your retention engine now
  • Make it as part of your final presentation

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