The Role of Community and How It Should Be in the Curator Economy

Kazuki

Hatched by Kazuki

Aug 10, 2023

5 min read

0

The Role of Community and How It Should Be in the Curator Economy

In today's digital age, the power of the word has become increasingly profitable. Content creators have always had a significant market, but now there is also a growing demand for curators. Curators are individuals who research, write, and edit content, providing valuable insights and recommendations to their audience. However, being a curator is much more than simply reposting images or articles. It requires a deep understanding of the community and building trust with them.

One of the reasons why micro-influencers are gaining popularity over sought-after celebrities is their ability to connect with their community. Micro-influencers are more relatable to their audience because they are more engaged and connected with them. People value content that is curated by someone who understands their specific interests and perspectives. It's not just about consuming content; it's about consuming content that adds value to their lives.

The value of curated content lies not just in its distribution but in the judgment and expertise of the curator. Knowing who stands behind the curated content you consume is essential. It allows you to assess whether their specific outlook adds value to what you're consuming. It's about more than just consuming content; it's about consuming content that has been carefully selected and curated by someone with knowledge and expertise.

However, there is a concern that the term "curation" has been misused and monetized without the necessary diligence. Some individuals have been monetizing sloppy work and calling it curation. This undermines the true meaning of curation and diminishes its value. It's crucial for a knowledge-obsessed community to reclaim the meaning of true curation, ensuring that curators are driven by a genuine desire to inform and select content.

As a community, we have a responsibility to teach one another what is worth focusing on in this oversaturated world. We need to support and recognize those who put in the effort to curate quality content. Monetizing curation is not unfair; it's a recognition of the hard work and dedication that goes into the process. By valuing and supporting curated content, we can create a more informed and thoughtful society.

Now, let's shift our focus to a different topic - benchmarking social apps for growth. Benchmarking is crucial for understanding the performance of your social app and identifying areas for improvement. The core metric for most consumer social apps is daily active users (DAUs). The goal is to have people using your product every day. However, for apps with less frequent use cases, weekly active users (WAUs) can also be a starting metric.

To secure a coveted spot on the home screen, a benchmark for monthly user growth in seed-stage consumer social companies is as follows:

  • OK: 20% growth
  • Good: 35% growth
  • Great: 50% growth

Organic growth is essential for social apps, as they often can't monetize until later stages. If more than 10-20% of your users are coming from paid sources at the early stages, it may be necessary to rethink your acquisition strategy. Paid marketing cannot fix a product; growth should come from the product itself.

Another crucial metric to benchmark is DAU/MAU (daily active users to monthly active users) ratio. A good benchmark for DAU/MAU is as follows:

  • OK: 25%
  • Good: 40%
  • Great: 50%+

Best-in-class social apps have an L-ness curve that "smiles" or skews right. This means that users make the product a regular part of their lives. For weekly L-ness curve, a benchmark for L5+ performance is as follows:

  • OK: 30%
  • Good: 40%
  • Great: 50%+

Retention is another vital metric to consider. N-day retention, which looks at what percentage of an original cohort enters the app on specific days, is the primary metric for retention. Benchmarks for n-day retention are as follows:

  • OK: d1 50%, d7 35%, d30 20%
  • Good: d1 60%, d7 40%, d30 25%
  • Great: d1 70%, d7 50%, d30 30%

It's important to note that the slope of the retention curve typically flattens between d7-d14 and hits a plateau by d20. Weekly retention can also be relevant for companies transitioning into a network. To benchmark weekly retention:

  • OK: w1 40%, w4 20%
  • Good: w1 55%, w4 30%
  • Great: w1 75%, w4 50%

While point-in-time numbers are valuable, evaluating cohorts over time provides a better understanding of trends. A good social app should have strong network effects, meaning that the product becomes more valuable as more users join.

In conclusion, the role of community in the curator economy is vital. As a community, we have the power to teach and learn from one another, focusing on what truly adds value to our lives. Curators play a crucial role in providing valuable insights and recommendations. However, it's important to distinguish true curation from monetized sloppy work.

When it comes to benchmarking social apps, understanding key metrics like DAUs, WAUs, DAU/MAU ratio, L-ness curve, and retention is essential for evaluating performance and identifying areas for improvement. By setting benchmarks and striving for growth, social apps can become more valuable and engaging for their users.

Three actionable advice for curators and social app developers:

  • 1. Prioritize quality over quantity - Curators should focus on providing valuable insights and recommendations rather than simply reposting content. Social app developers should prioritize creating a product that adds value to users' lives.
  • 2. Build a strong community - Engage with your audience, listen to their feedback, and foster a sense of belonging. A strong community will support and amplify your curated content or social app.
  • 3. Continuously analyze and improve - Regularly analyze key metrics and identify areas for improvement. Adapt your strategy based on user feedback and market trends. Keep learning and evolving to stay ahead in the curator economy and social app industry.

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