How to Increase Retention in a C2C Marketplace?
5 Key Steps All Startup Founders Should Know
Let’s face it, retaining users is one of the hardest tasks to do in the world of startups.
You might have created a really cool product and your first step was to make sure that it solves a real problem, and that you have the best solution for it.
The next step is to promote your product and create awareness around it. Once you did that, your first batch of users will be coming in and at this point you might be thinking: “This is great!”
However, as you know by now, creating a successful product isn’t as easy as it sounds. But don’t worry, I have some really helpful tips for you!
Increase Retention in a C2C Marketplace
First of all, you need to remember that the majority of your users will be first time users.
So, if you want to retain them, you need to make sure that they have a great experience with your product. The first impression is the most important one.
Here are some things that you can do to make sure that they’ll stick around:
1.Design your onboarding process well
I think it’s one of the most important things that a company can do in order to increase retention.
The onboarding process is what makes sure that new users are not only coming back but also engage with your product.
If they don’t get the feeling that they have understood everything about your product and its functionality, they won’t come back!
In other words, it’s a place where you have to explain all of the functionality and how it works.
2. Create an “Aha” moment
It’s not enough to have a great onboarding process, you also need to make sure that your users get it and understand how to use your product.
If they don’t, you need to make sure that they will find out the right way.
It’s a great idea to offer them a support ticket system so that they can ask questions or send feedback if they don’t understand something.
You can also add some video tutorials on how to use the app, or even better, you can create a forum where users can help each other out.
3. Encourage people to invite their friends
People are more likely to stay on your platform if they know that their friends are there too.
So, if you want people to stay with you for longer, make sure that you have a good referral system in place.
4. Create content
I know this might sound weird but creating content for your product is very important!
You should create blog posts about how your product works and what new features you are working on at the moment.
It will help users get an idea of what the future of your product looks like and why it will be better than others out there.
This is one of the best ways to create excitement around your product.
5. Be transparent
Letting users know what’s going on behind the scenes is a great way to show them that you care about them and what they think about your product.
As mentioned before, people love transparency and openness because it shows them that you care about them as customers/users/members of your community.
In the end, you need to remember that the best way to increase retention is to make sure that your product solves a real problem.
You need to be honest with yourself and your users.
Make sure that they understand how your product works and make sure that they are not lost after using it for the first time. People want a product that they can rely on, so don’t forget about them.
Regards,
Alexander
About the Author
I am the Founder of Cudy Technologies (www.cudy.co), a full-stack EdTech startup helping teachers and students teach and learn better. I am also a mentor and angel investor in other Startups of my other interests (Proptech, Fintech, HRtech, Ride-hailing, C2C marketplaces and SaaS). You can also find me on Cudy for early-stage Startup Founder mentorship and advice.
You can connect with me on Linkedin (https://www.linkedin.com/in/alexanderlhk) and let me know that you are a reader of my Medium posts in your invitation message.
