The Power of Retention: Learning in Public and Open Sourcing Knowledge

The Power of Retention: Learning in Public and Open Sourcing Knowledge

Retention rates are a crucial metric for any business or project. They indicate the ability to keep customers or users engaged over a period of time. But what exactly is considered good retention? The answer varies depending on the industry and context.

In the world of consumer social platforms, a retention rate of around 25% is considered good, while a rate of approximately 45% is considered great. This means that a quarter of users sticking around is a positive sign, while almost half is an impressive feat.

On the other hand, in the realm of consumer SaaS (Software as a Service), the bar is set higher. A retention rate of 40% is considered good, while a rate of 70% is considered great. This discrepancy can be attributed to the nature of SaaS products, which often require a higher level of commitment from users.

So, how can businesses and individuals improve their retention rates? One powerful approach is to learn in public and open source knowledge. This concept, popularized by the idea of "open-sourcing your knowledge," emphasizes the importance of sharing your learning journey with others.

When you learn in public, you attract support and assistance from those who notice your genuine desire to learn. People are often willing to help those who are actively seeking knowledge. By putting yourself out there and being open to both successes and failures, you create an environment where learning thrives.

Feeling uncomfortable or like an imposter is actually a positive sign. It means you are pushing yourself beyond your comfort zone and challenging your existing knowledge. Embrace this feeling and let the internet correct you when you inevitably make mistakes. Learning in public means wearing your "noobyness" on your sleeve and being transparent about your learning process.

To truly learn in public, it's important to engage with the broader online community. Platforms like Stack Overflow and Reddit provide opportunities to ask and answer questions, share insights, and contribute to the collective knowledge. Avoid confining yourself to walled gardens like Slack and Discord, as they lack the public nature that fosters learning and collaboration.

When you embark on your own learning journey, create the resources you wish you had found when you were starting out. This could involve building your own libraries, cloning projects you admire to understand their inner workings, or even teaching workshops to share your newfound knowledge. The key is to contribute to the learning ecosystem by creating value for others.

Attending conferences and summarizing what you've learned is another powerful way to learn in public. By distilling the knowledge you've gained and sharing it with a wider audience, you not only reinforce your own understanding but also contribute to the collective growth of the community.

And perhaps the most impactful way to learn in public is to open source your knowledge. This means making your insights, code, or resources freely available for others to benefit from. By open sourcing your knowledge, you enable others to build upon your foundation and create a ripple effect of learning and collaboration.

In conclusion, improving retention rates requires a combination of strategies. By learning in public and open sourcing knowledge, businesses and individuals can create an environment that fosters continuous learning and growth. To put these ideas into action, here are three actionable pieces of advice:

1. Embrace discomfort and embrace being wrong. Push yourself beyond your comfort zone and let the internet correct you when you make mistakes. Learning from failures is a vital part of the journey.

2. Engage with the broader online community. Participate in platforms like Stack Overflow and Reddit, where you can ask and answer questions, share insights, and contribute to the collective knowledge.

3. Create resources for others. Whether it's building your own libraries, teaching workshops, or open sourcing your knowledge, actively contribute to the learning ecosystem and provide value to others.

By incorporating these strategies into your retention efforts, you can not only improve customer or user engagement but also create a culture of continuous learning and collaboration. So, go ahead and open source your knowledge, learn in public, and watch the power of retention unfold.