"Unleashing Productivity and Growth: Insights from Avid Readers and Social App Benchmarks"

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Sep 26, 2023
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"Unleashing Productivity and Growth: Insights from Avid Readers and Social App Benchmarks"
Introduction:
In a world filled with distractions, cultivating productivity and achieving growth can be challenging. However, by adopting the habits of avid readers and understanding the key benchmarks for social apps, we can unlock our potential and reach new heights. In this article, we will explore the common points between these seemingly unrelated topics and provide actionable advice for maximizing productivity and optimizing social app performance.
The Power of Reading:
Reading is not just about consuming words; it is an immersive experience that engages multiple senses. According to a report by the University of California, the average American encounters 100,000 words per day. However, simply reading for the sake of it is futile if we do not retain the knowledge gained. To make the most of our reading endeavors, it is beneficial to share our thoughts and reviews with the reading community on platforms like Goodreads. By engaging in discussions and exploring different perspectives, we can uncover hidden details and valuable lessons that may have eluded us. As Joseph Brodsky wisely said, "There are worse crimes than burning books. One of them is not reading them."
Unlocking Growth in Social Apps:
The success of social apps can often appear random, with some starting out as seemingly insignificant platforms. Facebook, for example, began as a way for Harvard students to rate their classmates' attractiveness, while Snapchat was initially perceived as a sexting app. However, assessing the performance and potential of a social app once it is launched requires a more scientific approach than one might expect.
Defining Core Metrics:
When benchmarking the growth of a social app, it is crucial to define the core metric. For most consumer social apps, this revolves around daily active users (DAUs). The goal is to have users engaging with the app on a daily basis, ensuring consistent growth in this core user metric. However, to truly unlock acquisition and reach broader audiences, it is essential to achieve growth rates that surpass baseline levels on a monthly basis. While growth may not be perfectly consistent, the overall trend should be consistently upward.
Harnessing Virality and Retention:
Social apps should possess inherent virality, with users motivated to invite friends and enhance the experience. If this organic growth is not occurring, there may be untapped potential within the product. Ideally, the majority of growth should come organically, with less than 10-20% of users originating from paid sources in the early stages.
Engagement and Retention Metrics:
Engagement ratios, such as DAU/MAU (daily active users divided by monthly active users), offer valuable insights into user behavior and the regularity with which they incorporate the app into their lives. Benchmarking DAU/MAU ratios can help determine the app's performance level, with 25% considered okay, 40% deemed good, and 50% or higher classified as great.
The L-ness curve measures the distribution of users based on the number of days they are active within a specific timeframe. Best-in-class social apps exhibit an L-ness curve that "smiles" or has a "crooked smile" skewed towards longer-term usage. Achieving 30% or higher of users active for five or more days is considered okay, while 40% is good, and 50%+ is great.
Retention plays a crucial role in a social app's success. N-day retention, or bounded retention, provides insights into how many users continue to engage with the app after a specific number of days. Benchmarking this metric can help assess the app's performance. For example, achieving 50% retention on day one, 35% on day seven, and 20% on day 30 is considered okay. Good performance entails 60% retention on day one, 40% on day seven, and 25% on day 30. Great performance is represented by 70% retention on day one, 50% on day seven, and 30% on day 30.
Additionally, monitoring the flattening of the retention curve is crucial. If there is a significant degradation of retention between specific time intervals, it may indicate long-term retention issues. A benchmark of 40% retention in week one and 20% in week four is considered okay, while 55% in week one and 30% in week four is good. Achieving 75% in week one and 50% in week four is classified as great.
Actionable Advice:
- 1. Maximize your reading experience: To truly absorb and retain knowledge from books, engage with the reading community, share your thoughts, and explore diverse perspectives. This will enhance your understanding and help you uncover hidden details and lessons.
- 2. Prioritize organic growth: For social app developers, focus on achieving organic growth rather than relying heavily on paid sources. A product's inherent virality and the desire of users to invite friends are key indicators of success.
- 3. Optimize engagement and retention: Constantly monitor engagement and retention metrics, such as DAU/MAU ratios, L-ness curves, and n-day retention. Benchmarking these metrics against industry standards will help identify areas of improvement and guide decision-making for enhancing the app's performance.
Conclusion:
Incorporating the habits of avid readers and understanding the benchmarks for social app growth can revolutionize our productivity and success. By actively engaging with the reading community, sharing our thoughts, and exploring different perspectives, we can unlock valuable insights. Similarly, by focusing on organic growth, optimizing engagement and retention metrics, and aligning with industry standards, social app developers can maximize their app's potential. Embrace these practices, unleash your productivity, and watch your app thrive in the ever-evolving digital landscape.
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