Branchout 2017 - Day 2 Session - Josh Elman
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Josh Elman emphasizes the importance of understanding user engagement through a focus on core actions and retention metrics in product development. He highlights the necessity of analyzing user behavior to gauge if users find value in the product, including retention rates and recurring user engagement. The document outlines strategies for onboarding and retaining users, as well as the critical need to recognize and cherish core users who drive product success.
Branchout 2017 - Day 2 Session - Josh Elman
- 1. The Only Metric That Matters Josh Elman Partner @JoshElman
- 2. We’re all here to build products that matter.
- 3. We want to make an impact on our users’ lives.
- 4. We start with a launch. That means zero users. Hopefully they come (or we bring them).
- 5. We start hearing stories. Anecdotes. The plural of anecdote is data.
- 6. We have so much data now.. ..it can be overwhelming
- 7. There are lots of data points… “250 million PVs in the last 30 days” “Our D7 retention is 60%. D30 is 22%. Is that good?” “We have over 1 million downloads” “ We just topped 200,000 sign ups ” “ We have a 50% DAU/MAU ratio ”
- 9. Just focus on one thing: Are people using your product?
- 10. OK, but how can I tell? Purpose: Why do they use your product? Core Action: What is the key behavior? Cycle: Do they use it at the frequency you expect? 1 2 3 Key metric: How many times users perform the core action on the expected cycle
- 11. LinkedIn Circa 2005 Purpose Find and be found. Core Action & Cycle Find: search for other members 2-3x a week Be found: respond to inquiries when you receive them 1-2x a year
- 12. Yelp Purpose Find local businesses/services. And review them. Core Action & Cycle Searchers: search for businesses 2-3x a week. Reviewers: write a new review 1x/month
- 13. Facebook Purpose Stay connected with friends. Core Action & Cycle Check in with friends and see what they are up to. Sharing 2-3x/day
- 14. Discord Purpose Connect and communicate with friends around playing PC games. Core Action & Cycle Open the app to see who wants to play games and get on a live channel. 3-4x/week (depends on how often you play)
- 15. Airbnb Purpose Book a place to stay. Core Action Search and book trip options. Cycle 3-5x / year
- 16. Your “core users” are your best users 1 Top of Mind: They come directly, not because of a reminder, notification, or special deal Track: % users with direct traffic / engagement 2 Recurring: Do they come back again and again Track: % users who return weekly/monthly 3 Referring: Do they share it with others? Track: k-factor, and % users who are referrers
- 17. Are people really, really using your product?
- 18. Step 1: Analyze month over month usage # days visited in month 1 %whovisitedNdaysinmonth2
- 19. 0%# 10%# 20%# 30%# 40%# 50%# 60%# 70%# 80%# 90%# 100%# 1# 2# 3# 4# 5# 6# 7# 8# 9# 10# 11# 12# 13# 14# 15# 16# 17# 18# 19# 20# 21# 22# 23# 24# 25# 26# 27# 28# 29# 30# 31# 32# Reten%on'Rate'based'on'#'%mes'used'in'month'1' Step 2: Determine threshold for core CoreCasualCold
- 20. Step 3: Understand activation buckets Curious New Core Cold Casual 40% 20% 40% 8% 10% 4% 50% 1% 90% 95% 40%
- 21. Step 4a: Find out why — from your data Following more than 30 accounts 1/3 - mutual follows 2/3 - one-way follows
- 22. Step 4b: Find out why — talk to them 1) What prompted you to sign up and try out our product in the first place? 2) What did not meet your expectations or what was hard to figure out? 3) Why did you come back to give the product another try? 4) What worked the second time that got you using it more frequently? Ask these questions:
- 23. Cherish your core users. They are your superheroes.
- 24. I have a few core users. I want more!
- 25. Problem 1 Not enough people show up.
- 26. Clone your core users through virality Word-of-mouth Virality Demonstration Virality Infectious Virality
- 27. Problem 2 People sign up, but no one stays.
- 28. Onboard users all the way to the core.
- 29. Learn Flow: Teach your users your product as they sign up. Take your time. They are there to learn. Don’t rush it. Teaches users what the product does Shows a human curated list of the best content Encourages new users to engage and create content
- 30. Welcome Week: If users don’t do it the first day, nudge them to come back and keep going Use email to educate new users on the product.
- 31. Social Pressure: If friends are on the system, use them to welcome, teach, and connect with the new folks
- 32. Problem 3 People stay, but only for a little while.
- 33. Go back to the core analysis and extend it over quarters. Understanding churn is critical to your long term success.
- 34. One metric to rule them all.. How many people are really using your product?
- 35. Thank you. Josh Elman @joshelman @JoshElman #branchout17 Questions Submit your questions via sli.do Enter code Branchout2017