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Growth and Retention

GROWTHO RETENTION and A LOVE STORY FIRST CAME GROWTH K Sean Ellis coined the term "growth hacking" in 2010, referring to a systematic approach to getting new users to a product while using its existing user base. Success stories like Uber's have made growth hacking one of today's biggest marketing trends. Uber grew from $60 million to $500 million in net revenue between Q1 2014 to Q4 20151. As one of the biggest buzzwords in the industry, Growth was thought to be everything. BUT GROWTH WAS INCcOMPLETE GROWTH NEEDED ITS BETTER HALF, RETENTION Acquiring users is important, but the real value comes with how many you can retain. 25% 80% 23% of installed apps are of users abandon after of users sign-in and never used2. initial download before never return. ever signing in3. 75% 5% 80% of users stop using an increase in customer of your company's future app within 90 days of retention can increase a revenue will come from download. company's profitability just 20% of your existing by 75%. customers7. "If you have poor retention NOTHING else matters" - Brian Balfour, VP of Growth, Hubspot GROWTH AND RETENTION ARE THE PERFECT COUPLE WHEN THEY BOTH COME TOGETHER, PRODUCT ADOPTION IS BORN For digital products, Product loption is the successful onboarding of new users and retention of existing users. Product Adoption is creating a delightful user experience from the start and engaging users throughout their lifecycle. This brings lasting value through user loyalty and referrals. BUT HOW DO YOU DO GET TO SUCCESSFUL PRODUCT ADOPTION? Inspired by the Growth Hacking process, Product Adoption can be achieved through a careful and targeted process. Acquire The potential user has Discover The potential user has become aware of your app. downloaded and has had their first experience with the app. Retain Recommend The user likes your app enough The user not only likes your to continue to come back and app, they love it enough to is now a loyal user. recommend it to others, 000 Convert The user has completed the action you want them to take. The action could be revenue-based or non-revenue based, depending on the purpose of your app. Want to hear more from the experts about how to implement a successful product adoption strategy? Visit us at http://learn.revunit.com/productadoption/ SOURCES GRevUnit 1 http://gawker.com/here-are-the-internal-documents-that-prove-uber-is-a-mo-1704234157 2 https://www.thinkwithgoogle.com/articles/mobile-app-marketing-insights.html 3 http://www.appcues.com/blog/3-cringeworthy-stats-on-customer-retention 4 http://info.localytics.com/blog/app-user-retention-improves-in-the-us 5 http://info.localytics.com/blog/mobile-apps-whats-a-good-retention-rate 6 http://hbswk.hbs.edu/archive/1590.html 7 http://www.forbes.com/forbes/welcome/

Growth and Retention

shared by milkwhale on Oct 03
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Describing growth and retention of a growth hacking in a love story analogy

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Milkwhale

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love story

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Business
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