Growth and Retention Infographic
In a fast-paced digital era, startups and companies are in fierce competition to develop apps for various needs and purposes.
At the same time, developers need to mind their business’ growth and retention by acquiring new users and retaining existing users to keep using their apps.
Thus, growth and retention must have good chemistry for tech companies to come up with product adoption.
The connection between growth, retention, and product adoption may confuse some people.
Worry not! This explanation below has three of them covered. Keep reading to learn more about growth, retention, and product adoption.
Growth
Growth is a prominent aspect of running a business; it is about how far your business or products can go and be visible to many people.
In 2010, Sean Ellis introduced the term ‘growth hacking,’ which refers to a systematic approach to getting new users to a product while using its existing user base.
Growth hacking later becomes a trend, but it means nothing without retention.
Retention
Acquiring users is essential, but the real value is how many users you can retain.
Let’s look at the statistics below to see why retention is necessary by looking at users’ behavior after installing apps.
25% of installed apps are never used.
80% of users abandon after initial download before ever signing in.
23% of users sign in and never return.
75% of users stop using apps within 90 days of download.
A 5% increase in customer retention can increase a company’s profitability by 75%.
80% of your company’s future revenue will come from just 20% of your existing customers.
To retain existing users to keep using their apps, developers must develop new offerings regularly.
At the end, when growth and retention come together and have positive trends, that is the time when product adoption is born.
Product Adoption
For digital products, product adoption is the successful onboarding of new users and retention of existing users.
Product Adoption creates a delightful user experience from the start and continues the progress by bringing lasting value through user loyalty and referrals.
There are some essential steps to consider to come up with successful product adoption, as follows:
- Discover
- Acquire
- Retain
- Recommend
- Convert
Conclusion
To build a sustainable business, every app developer must account for their company’s growth and retention.
They must constantly update and upgrade their apps to attract new and retain existing users.
Look at the infographic below for more detailed information about growth, retention, and product adoption.
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