PMF: Form Acquisition to Retention · 2020-03-02 · #New 1,000 1,000 1,000 1,000 1,000 AvgSesstime...
Transcript of PMF: Form Acquisition to Retention · 2020-03-02 · #New 1,000 1,000 1,000 1,000 1,000 AvgSesstime...
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PMF:Form Acquisition to Retention
Shan-Hung WuCS, NTHU
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Build Product after PS Fit
2
Customers
0 to 1
2. Product-Market fit(repeatable business model)
1. Problem-Solution fit(problem worth solving)
3. Scale(scalable business model)
PotentialUsers
Your Goal Now
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What’s PMF?
• PMF = Satisfactory Customer Gen. Rate (e.g., 100/mo)
3
10%
40%20% 5%
0.1%
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Battle 1: Acquisition
• It costs (time or money)• Reuse want you’ve learned
when searching PSF• If you want to spend
money, focus on lastingchannels
• SEO/ASO matters!– How “strangers” discover
your product?
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Search Engine Optimization (SEO)
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AdjustKW
KPIs: CPM/CPC/CPA
KWPlanner
• 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 >
trends8
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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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… at no (low) cost/
resources/complexity
?
5 Whys
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Outline
• Metrics• The Psychology of Retention
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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 àlaunched à activeà engaged (tier 1) àengaged (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 5,000Avg 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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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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Cohort lifetime
Product lifetime
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 psychologyà new features26
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
dynamicfor 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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