The impact of the retention metrics on business growth should not be underestimated.
For some types of business, this metric is the key one. If your Growth Team focuses only on the upper stages of the funnel, you miss a massive opportunity for growth.
Focus the command on the hold or create a separate control that will only work on this metric.
The retention team must include UX specialists, analysts, and developers.
The presence of technicians on the retention team is critical. Experiments around the retention metrics imply changes in the product, and this will require intervention in the code.
Data professionals are also critical. Their tasks include modeling experiments, measuring statistical significance, tracking correlations with other metrics and finding growth points.
All team members should focus primarily on the growth of metrics and the desire to see the result of their actions as soon as possible. Also, they should be prepared to communicate with users to find out the details of their experience with the product.
The tasks of the growth retention team, like any growth team, include, first of all, testing a large number of hypotheses. To maintain the high quality of the beliefs and the intense pace of testing, the process of the team’s work must be well-functioning.
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Systematize the process and increase efficiency by dividing users into four groups:
Only recently started to use the product and are in the process of development.
They use the product for a long time.
Used the product for a while, but then stopped.
Back to using the product after a long break.
There are two key objectives in this scheme:
– Resuscitate sleeping users;
– Convert the resurrected and the new into permanent ones.
The resurrection of sleepers is also an important task. In most cases, returning users who are already familiar with the product is much more profitable than attracting new users.
To this end, the team uses all sorts of tactics to attract attention from the creation of new features to the provision of discounts and coupons.
Teamwork can be organized through six weeks of sprints. The overall goal and strategy are agreed with the management of the company, and the team itself determines the tactics of working within the dash.
One sprint team can allocate to make the most of the experiments, learn more about the product and users, learn how to influence the metrics. In the next take for six weeks an enormous task, which was born of the proven in the previous sprint hypothesis.
While working on retention, you should always focus on the question: “What is the real value the product brings to users?
No hypotheses or experiments will help you to retain users and grow your business unless the product has proven value.
Bonus tool: Notion – all-in-one workspace for note-taking, project management and task management.
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