How Can We Improve Steemit's User Retention? (English/Turkish)

How many users does Steemit have? It's a difficult question that seems simple at first glance. Values such as number of users and number of customers are vital to the companies/platforms that address the end consumer. If the homework is done well, a large number of consumers will benefit from the platform's value proposition. The more people actively use the platform, the better financial results the platform have.

From my experience in retail banking, I know that user retention is very important in platforms that adress the end consumer. It is not not enough for people to start using your platform, they need to continue using it. I would like to share a few data showing the impact of consumer loyalty on financial outcomes.

80% of the company's future income is derived from 20% of the current users.
Increasing customer loyalty by 5% increases revenues by 25% to 95%.
The cost of new user acquisition is 5 to 25 times higher than the cost of existing users.
68% of users leave existing platforms thinking that they are not different from others.
Sources: hbr.org and sweetcaptcha.com

I follow Steemit user statistics through the posts of @arcange and @penguinpablo. You can reach recent statistics published on both accounts from here and here.

Steemit's total number of users is increasing rapidly. You can see the development of the number of users from the following graph created by @arcange.

There are over 1 million users with Steemit accounts worldwide. Since the beginning of the year Steemit has increased almost twice the number of users. It is a promising development. On the other hand, half of the users have become active by doing any action.

The total number of users increased by two times, while the daily number of users continued to be around 60,000 since February. From these statistics I conclude that Steemit has a user-loyalty problem.

The price of Steem and SBD affects the new user acquisition and the number of active users. Steem price, which was 7.5 USD on January 4, 2018, made it possible for a large group of users to meet Steemit, including me. Prices have been on the downward trend since then. Steem's price has fallen by about 5 times compared to its peak in January. In the same period, the price of bitcoin decreased by about 3 times.

To sum up, although there are more than 1 million Steemit users, appx. 60.000 users use the platform on a daily basis. Since the beginning of the year, the total number of users has almost doubled, but the number of daily users has not increased. The number of people actively using the platform will also positively affect the price of Steem and SBD.
Why Steemit Is Not Used More Often?

Because I don't have a research on why some users leave Steemit, I can only write my predictions. I will try to offer solutions for each of the possible causes I have mentioned.

Steem Price Has Decreased

Steem's price has decreased by 5 times compared to the peak in January, particularly negatively affected the motivation of the authors. A similar price drop was experienced in all crypto currencies, but Steem decreased more than the average.

We can consider the price of Steem as a result of the activities in the Steemit ecosystem, so all the suggestions I will list in the items below can have a positive effect on the price of steem. The first suggestion I can think of is to ensure that Steem is traded on more exchanges. For example, we cannot buy or sell Steem directly on any crypto exchange in Turkey.

The Environment Is Very Complex

The Steemit system is very complex for the end user. Although I was a person close to technology, I had a hard time getting to know the environment. To take advantage of the value proposition offered by Steemit, it is necessary to learn this complex structure. Publication of educational articles by members of the community who are well aware of the steemit environment will make it easier to understand the environment. Moreover, such articles are very popular. You can find mn latest articles about steemit via the links below.

11 Different Ways Of Making Money in Steemit
11 Applications I Used Along With Steemit

The "welcome" menu on the Steemit site is available to access very large and comprehensive information. However, the content is so wide that user confuse which one to look at. Access would be much easier if the content in this section is served via a chatbot.

Content Quality Is Not At Desired Level

In essence, Steemit is a platform that provides users with content. The higher the quality of the content provided, the more motivated users will be to enter the platform. Increasing the quality of content will be possible if the experienced authors share their know-how. You can find the link of my recent post about creating quality content.

11 Tips To Create Quality Content

Authors who create high quality content must be supported by accounts with high steem power to be permanent in Steemit. I find it important that the Whales, Orkas and Dolphins, who have invested in steem, support quality content independently of their concern for return. On this occasion, I would like to thank the owners of the @geoffrey @emrebey @redpalestino @newhope accounts.

Approximately Half Of New Members Never Use Their Account

Users whose membership is accepted may be sent an e-mail communicating the benefits of Steemit on days following the approval of their accounts, for those who do not have any transactions in their account. This will make a big difference if even 5% of the accounts being contacted are activated.

Numerous Authors Become Inactive After The First Few Posts

The first impression is always very important. The authors whose initial experiences are positive will stay on the platform for a long time. Users who post under #introduceyourself tag and have a reputation score of 25 can be further supported. In terms of voters, the appreciation of the posts under this tag will also help to win new followers. (I know from my own experience)

Steemit Password Cannot Be Recovered

Users who lose their Steemit password have to say goodbye to their accounts forever. Since there is no way to recover the password, many people who intend to reuse the platform have become inactive. I think that users should recover thir password like in banking mobile applications. The overwhelming majority of the accounts are worth less than $ 100. For such accounts, the mobile phone and e-mail information used to open the account wouldbe sufficient to renew the password. Biometric identification methods, such as facial recognition, voice recognition, fingerprint, etc., can be used in addition to recover the password for high-volume accounts.