Unleashing the Potential: How to Benchmark and Overcome Limiting Beliefs in Social App Growth

Unleashing the Potential: How to Benchmark and Overcome Limiting Beliefs in Social App Growth

Introduction:
In today's digital age, social apps have become an integral part of our lives. From connecting with friends to discovering new content, these apps have revolutionized the way we interact and engage with others. However, in order to ensure the success and growth of a social app, it is crucial to benchmark its performance and address any limiting beliefs that may hinder its potential. In this article, we will explore the key metrics for benchmarking social app growth and delve into strategies to overcome limiting beliefs.

Benchmarking Social App Growth:
When it comes to benchmarking growth in social apps, it is important to define the core metric that aligns with the app's purpose. For most consumer social apps, the daily active users (DAUs) metric is a key indicator of success. The goal is to have users engaging with the app on a daily basis. However, for apps with less frequent use cases, weekly active users (WAUs) can be an acceptable starting metric. Eventually, upgrading to DAUs is crucial for securing a spot on the home screen.

To gauge the success of monthly user growth in seed-stage consumer social companies, it is helpful to establish benchmarks. Ideally, organic growth should be the primary driver of user acquisition. This is because social apps often struggle to monetize in the early stages, making paid marketing less feasible. Additionally, social apps should have inherent virality, with users naturally inviting their friends to enhance the experience. If more than 10-20% of users are coming from paid sources, it may be necessary to reconsider the acquisition strategy.

Key Metrics for Benchmarking Social App Growth:

1. DAU / MAU Ratio:
   The ratio between daily active users (DAUs) and monthly active users (MAUs) is a crucial metric for understanding user engagement. A higher ratio indicates that users are making the app a regular part of their lives. Benchmarks for DAU / MAU ratio are as follows:

• OK: 25%
• Good: 40%
• Great: 50% or more

2. L-ness Curve:
   The L-ness curve measures the frequency of app usage. A "smiling" curve, or even better, a "crooked smile" that skews right, indicates that users are consistently engaging with the app. For weekly L-ness curve, focusing on L5+ (users in the app five, six, or seven days a week) is a good indicator of near-daily use behavior. Benchmarks for L5+ performance are as follows:

• OK: 30%
• Good: 40%
• Great: 50% or more

3. Retention:
   Retention is a critical metric for evaluating the longevity of user engagement. N-day retention, specifically d1 (day 1), d7 (day 7), and d30 (day 30), provides insights into how many users continue using the app over time. 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%

Overcoming Limiting Beliefs:
Limiting beliefs can hinder personal and professional growth. These beliefs act as barriers, preventing individuals from reaching their full potential. In order to overcome these limiting beliefs, it is crucial to adopt a mindset of questioning and challenging assumptions. Here are three actionable strategies:

1. Invert, Invert, Invert:
   Inverting your thinking can help identify and challenge limiting beliefs. Instead of accepting a belief as true, try to find evidence that disproves it. By questioning assumptions and using first principles, you can break free from self-imposed limitations and unlock new possibilities.

2. Surround Yourself with Exceptional Individuals:
   Surrounding yourself with like-minded, high-achieving individuals can have a profound impact on personal growth. Seek out friendships, business partnerships, and even join mastermind groups where individuals support and challenge each other to grow. Remember, you are the average of the five people you surround yourself with.

3. Reprogram Yourself with NLP:
   Neuro Linguistic Programming (NLP) is a powerful tool for understanding and reprogramming limiting beliefs. By identifying these beliefs and systematically challenging them, you can transform your mindset and achieve personal and professional success. Explore resources like Tony Robbins' teachings to delve deeper into NLP techniques.

Conclusion:
Benchmarking social app growth and overcoming limiting beliefs are essential steps towards unleashing the full potential of a social app. By setting clear metrics, optimizing user engagement, and challenging self-imposed limitations, app developers and entrepreneurs can pave the way for success in the competitive landscape of social apps. Remember, growth and self-improvement are continuous processes that require constant evaluation, adaptation, and a willingness to challenge the status quo.