How to Optimize Your Product for Customer Acquisition and Retention
Posted on Dec 23, 2020
When discussing Web3 UX or Product design, it is easy to get lost in the technicalities of the design and forget that ultimately, the goal of the company is to acquire and retain customers. In fact, many UX or UI designers might not even know what customer acquisition and retention is and how important it is to the product they are supporting. Customer acquisition and retention are the lifeblood of the business. Without them, the business can’t survive. So, how can Web3 UX/UI designers help improve customer acquisition and retention to build a successful product?
Let’s start by explaining what customer acquisition and retention are. Customer acquisition is the process through which companies obtain new customers; and, customer retention is the process through which companies keep their customers.
For example, companies like CoinMarketCap gain new customers by providing up to date price charts. This is how most people come across the website. However, CoinMarketCap retains or keeps their customers by providing superior tools such as “following coins” or “adding to a watch list” if you have an account with them. Now the user has invested time to “set up” on CoinMarketCap and they are less likely to stop using the product.
So, how do UX/UI designers utilize both concepts to optimize their product and grow the company? To optimize a product for customer acquisition, you have to answer 4 questions:
- What are your potential users expecting from your product?
- Is your product ready to acquire users?
- Do you have a clear product purpose?
- What is the product user’s first-time experience?
Creating good product acquisition isn’t unlike dating. Marketers have already painted a picture of the product, so the UX/UI designer should try to understand what that image is and match it. The goal is to make a product that catches the eye of customers, invites them to try it, and delivers great results at the first use.
To retain customers, UX/UI designers have to answer 3 additional questions:
- What relationship do they want to build with the customers?
- Are they speaking the user’s language?
- What (if anything) in their product impresses their users?
The goal of customer retention is to be in a long-term committed relationship with the customers. UX/UI designers must deliver a product that almost begs the customers to use it. The product design also has to continue working as intended and even get better. For a more comprehensive look at what goes into each step for customer acquisition and retention, you can read the full article from Avani for free.