Retention: Key Recommendations
In this article, Brian Balfour covers the three main reasons why retention is getting harder: increased competition, channel fatigue, and the rise of tech monopolies. If you’re building a startup, it’s a worthwhile read—so you don’t fall into the same trap.
What I found most interesting about this article is that it covers the stages of the user lifecycle where retention is most difficult: onboarding, habit formation, and long-term engagement/retention. It shows the process for systematically improving retention in spite of the challenges.
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Poor user retention has become the silent killer. In this post, Brian Balfour walks you through the three key ways that companies go wrong when it comes to retention:
- They deprioritize retention altogether
- They define their retention metrics incorrectly
- They don’t measure engagement
Keating argues that the simplest way to understand retention is to take Brian Balfour’s advice and to break retention into three stages:
Early retention: new users need to be onboarded into important actions in your product
Mid-term retention: existing users need to be engaged to go deeper into the product and build habits that stick
Long-term retention: seasoned users need to become loyal customers through constant realization of value
In this guest post Nicholas Holmes argues that although customer retention is commonly seen as something that exists only in the SaaS world, business leaders have recognised the importance of a loyal customers for decades, and sometimes they have valued it to an even greater degree.
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