Identifying Key Activation Events for Day 1 Retention
Is there as way to easily find out what might be our service's appropriate activation event? I would like to know what event has highest correlation with day 1 retention
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Yes, Mixpanel provides a feature called Signal that can help you identify the events that correlate with your desired outcomes, such as day 1 retention. Signal measures the association between a correlation event and a goal event and quantifies the correlation between the two. This can facilitate a deeper understanding of the behaviors that drive customer conversions, and can help guide product decisions.Here's how you can use Signal to find the event that has the highest correlation with day 1 retention: 1. Enter the Signal report in your Mixpanel project. 2. Determine and specify the target users. “All users” is the default. 3. Select any event performed by the target user by clicking the + sign. 4. Further filter by property by clicking + Filter and selecting any properties as well as the frequency of occurrence. 5. Determine and select the Goal Event and its properties. In your case, the goal event would be day 1 retention. 6. Determine and select the Correlation Event and its properties. It is possible to add up to ten different correlation events by clicking the + button at the bottom of the query builder. 7. Select the time frame for the query and the users who are to be evaluated. It’s important to select a long enough time frame that allows users to complete both the correlation event(s) and the goal event. 8. Click Correlate.After running the correlation, Signal will display the optimal action, correlation with the goal event, and key findings about that optimal action. The optimal action tells you how many times and in how many days your customers should do the event in order to achieve your optimal correlation.For more information, you can refer to the Mixpanel documentation on Signal.
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Yes, there are other ways to identify key metrics that correlate with user retention without using the Signal feature. Here's a general approach you can take: 1. Look for correlations: Analyze your user data to find behaviors that are correlated with subsequent outcomes. This could involve looking at the actions users take before they become regular users or before they make a purchase.2. Form a hypothesis: Among the correlations you find, identify one or two that seem actionable. These are your hypotheses. For example, you might hypothesize that if you increase a certain behavior, you will improve user retention.3. Test your hypotheses: The gold standard for testing product hypotheses is a well-designed A/B test. Alternatively, you can use a causal analysis like Mixpanel’s Impact report.Remember, the goal is to find the actions that make your customers want to come back for more. Once you uncover these events, you can work on making them more accessible and engaging for users.For more detailed steps, you can refer to this Mixpanel blog post.
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