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With an ROI mindset, we aim to move by inches with each distinct task. That isn’t bad by itself. But the problem is that this motion lacks cohesion. It’s like Brownian motion.
With an Opportunity Cost mindset, we aim to move by miles, with more intent behind each inch of motion.
When in a High Leverage...
@shreyas on Twitter
"Science" is understanding a system in the world. "Engineering" is building a system in the world, where the challenge is often understanding what we're building.
Media for Thinking the Unthinkable
worrydream.com
Even though it is *7 times less expensive to retain customers than gain new ones*, most companies don’t pay enough attention to it.
This is why those trying to increase customer retention take a solid step towards long-term success.
**How can you improve retention?**
Coming at this question from first principles, what does it tell you when someone stops using your product? Well, it means that they no longer find enough value in your product. Your task is to change that.
Here are the seven ways to increase the rate of new users finding value in your product and increase retention:
1. __Improve your product offering__ - deliver more value for users
2. __Improve your onboarding experience__ - connect more users to the existing value
3. __Make your product stickier__ - make the value hard to give up
4. __Make it hard for your users to leave__ - give them an excuse to stay
5. __Remind users of your product's value__ - deliver value more often
6. __Bring back users after they’ve gone__ - remind them what they’re missing
7. __Change your users__ - target a more suitable audience
The key to retaining users besides delivering values to your users is #2 onboarding & #3 engaging your users when using your product.
Product : Retention | Stoa Learning
Stoa School
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