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Dan Romero
@dwr.eth
Consumer social products and marketing 1. Marketing creates 1) awareness and, hopefully, 2) demand to sign up 2. For nearly all consumer apps, ~50% of new sign ups never come back to the app after the first day! This declines over the next 30 days to get to a measure of day 30 (d30) retention. 3. Ideally, this decline curve “flattens” (i.e. asymptotic) or even “smiles”. This means you have a retentive product and you can measure $X spent turns into Y downloads and into Z sign ups and into A retained users. 4. However, if your product does not have a retentive curve, then all spending will do is make metrics go up for a bit and then air will slowly come out of the balloon. 5. Retentive social products work because their core value proposition and product / functionality / features creates long-term retention. Exceptional products do that and have a viral growth component (k-factor). 6. So before spending time and money marketing, be sure you have a product that benefits from the marketing.
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Icetoad 🎩 🍕 🎶 🐈 💚
@icetoad.eth
You're 4+ years in and you don't think you have a product that warrants people staying?
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Dan Romero
@dwr.eth
No! If we had one that consistently created retention I would be spending my time differently. We've had brief periods where it seemed like it was working but they have never stuck. Thus, back to the grind.
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Icetoad 🎩 🍕 🎶 🐈 💚
@icetoad.eth
Fair enough. Keep upping the weekly reward money and you'll get there.
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Dan Romero
@dwr.eth
:)
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