So, you’ve found product market fit and you’re starting to acquire users. But it’s not enough to just have users – you need to make sure they’re sticking around and keep finding value in your product. How do you measure and track user engagement and retention? a16z general partners Andrew Chen (formerly of Uber and author of the book, The Cold Start Problem) and Jeff Jordan (formerly of OpenTable, eBay) dig into the two key elements for any growth strategy: engagement and retention.
After achieving product-market fit and starting to gain users, how do startups then avoid the "leaky bucket" problem of losing users as quickly as they gained them? By focusing on user engagement and retention, startups can not only keep their hard-won customers but also ensure that each new cohort of users gets more and more value out of their product.
This episode is part two in a two-part series on the basics of growth. Featuring a16z general partners Andrew Chen (formerly of Uber and author of the book, The Cold Start Problem) and Jeff Jordan (formerly of OpenTable, eBay, Disney, and more), in conversation with Sonal Chokshi, the conversation goes deep on many aspects and nuances of engaging and retaining users: from how network effects come into play and if there is really a magic number or "aha" moment for a product to who are the power users and the power user curve for measuring, finding, and retaining those users.
For a deeper discussion on user acquisition, check out last week's episode, the first part of this series.