Is Money the Main Ingredient in Steemit's Retention Ratio?
It’s the same old story. You tell your friends how awesome Steemit it. They listen to you at first, maybe even signing up for an account after you explain to them what a “life-changing” move it might be. Some time passes and you discover they’ve put out a post and only made a few cents before dropping the whole idea soon after like a tonne of bricks.
The age old adage of “perseverance pays off” and “you get out what you put in” fall on deaf ears. Even when potentially vast amounts of money are on the table for any prospective new steemian. Now, of course I understand the money aspect of Steemit is a vital selling point to the platform itself. That goes without saying. But as highlighted, one main ingredient that we are missing right now seems to be the “retention ratio”. Once that is addressed, Steemit will take off like a space rocket on its way out of orbit and beyond. But I believe money won’t be the sole reason for it. Herd mentality will.
For example, the social element of Steemit involves human interaction. Preferably with those who you are familiar with and form an integral part of your daily life. Friends, family, colleagues, etc. That is the missing piece of the puzzle and will only change with development and gradual mass adoption of the platform. I find it intriguing that even the monetary gain to be achieved from creating a name for yourself on Steemit is not enough to entice newcomers to put in the time and effort to establish themselves on here. The people who I know in my personal life still scoff at the very mention of Steemit. To the point where I’m almost wary to broach the subject for fear of being ridiculed for being a member of some sort of weird cult or something.
The message will eventually hit home when those same individuals have a solid “connection” to work with. When their peers also talk of how this new, interesting social media site called Steemit is taking the world by storm. Of how dtube is fast gaining adoption from the YouTube massive because of the prohibitive restrictions implemented by their former go-to medium of choice. Everyone needs to be talking about it and that will happen. People relate general acceptance, especially from a variety of different sources close to them, as the “green-light” to try and experiment with new endeavours in life. It’s just the psyche of how people’s minds work. That’s why every one of us who took the step to actually give it a go “independently” of what others think or say, deserve a pat on the back. After all, breaking away from the norm is usually easier said than done.
So, looking forward to the coming year, it got me thinking. The last two days have garnered more coverage for Bitcoin than any other time I can remember. And I’ve been in this game for a number of years now. So as far as cryptocurrency is concerned, we are literally gonna see this year out “WITH A BANG!!!”.
That is a fundamental step in gaining that “mass adoption” we are all hoping for in the future as Steemit grows and crypto becomes something sought after instead of berated and laughed at. It is clear as day to me that come the next year, those who opted to stay away from the ride will be kicking themselves silly. And all because the masses near and dear to them didn’t give the “green light” to try something new. So consider yourselves privileged to be in a great position right now.
Thinking out of the box may well have been the best financial decision of your life…
interesting discussion @ezzy, as I just write a post in Chinese discussing similar topic. At the end, my conclusion is that we should develop towards social locally, blogging globally since our attention cannot go beyond like a couple of hundreds of people while good content can travel fast and be enjoyed by millions. But the question is: are our blockchain designed to facilitate this?
I have no answers, but only hope so. ^_^
Hey there, @deanliu.
Yes, I agree that there are many factors still to be ascertained at this point. But I have totally faith in Ned and the devs that any such eventuality will be addressed.
Thanks for dropping by, buddy. :)
Ahh, just to let the newer guys know most of us came to Steemit with nothing and built up from there. It took many hundreds of good posts and comments to build up a following.
@ezzy can tell you of the days in which him and I toiled away writing our hearts out trying to get noticed. We know what it is like to not be heard. But we also know that it really works when you 'never give up' like I have said so often.
You know, my 'network' is all people like me. People that started from scratch. I will eventually find those that write interesting posts and leave comments that advance the discussion of the post.
So find those people that are like you, motivate each other to stay around and write, and you will build up day by day.
If there was ever one person who can relate to the absolute "pain" of the grind at the beginning, it's you. Man, if ever there was someone at the start to urge me to not give up and solider on, it's you. But that's the thing. Without those words of encourage you gave me when I'd never make much at the start, would I still be here? Honestly, I can't say... But that's the thing. The friendship we had got me through the hard times... a.k.a. the "social" aspect. So does that mean that ultimately transcends the "financial" aspect of the platform?
Well, if not now, I believe some day it will...
Thanks for stopping by, bud. :)
Random thoughts in no particular order:
~ When I first joined steemit (almost a year ago) and I was reading different posts and talking to different people I always heard, "Just make quality content and you will make good money." The onus being on quality content and not a "network" surrounding you. But that ended up being discouraging for me as someone completely new to steemit - I felt I was putting out quality content but I wouldn't even break $1, then to make matters worse I would go to "trending" and see, for lack of a better term, 'shitposts' getting $20, $30, $40+ dollars which was clearly because of the network they had created and not the actual quality. Thus, I felt what they were saying (quality vs crap) wasn't actually true - it wasn't about quality (completely), it was about the network you build first and foremost. Which I think leads into the second "problem" with steemit:
~because it is money based, and everyone wants to find a "network" so their posts can consistently make $10+, it creates, imo, a sort of lack of authenticity - people will upvote/comment to try to create in-roads with those who's votes are worth a decent amount as opposed to actually making a comment simply to connect for fun; in short, it is a lack of authenticity that is driven by wanting to create a network to help you make more $$ on your posts. And I think the whales/dolphins know this too and respond accordingly, knowing that some people only want their vote. To me that is a problem for steemit - I'm not sure exactly how to fix that.
~Sometimes I even hesitate to comment on someone's profile if I feel I don't have much to say because I don't want it to seem as if I am "fishing" to build a relationship just so I can get their coveted vote on future posts.
~I took a break from Steemit for a while (partially b/c my HDD died) and when I came back I have found that I can actually enjoy steemit if I stop "analyzing" how I can create a network or how I can try to get more $ to my posts - I also have stopped looking at trending because it can still be discouraging. Basically I "gave up" and decided to just blog as if it was any other site where $ wasn't attached.
~For the record, I don't think creating networks or whatnot is bad - it simply exists as part of steemit and I think it's an important thing for new people to know - if you want to make consistent money, it's about the network; just knowing that going into it I think sets up the right mindset for someone new to steemit - that it's going to take time to create a network, it wont' happen overnight, even if you are putting out amazing content - you might get a whale to upvote you every now and then but if you want consistent $ it is about the network.
~I have about 10k instagram followers and I've been thinking about creating a post to drive some of them to steemit, but first I want to create a sort of "network" for them, for us all to interact with each other - maybe it will help create that missing "social interaction" you talk about that can help keep us in touch.
~I like steemit, I think it has a bright future; I just think you have to have the right mindset interacting with it to truly enjoy it and stick with it for the long haul.
Thanks for the comment, bud. I think the changing of your mindset is the way forward. The human engagement factor should only grow as more and more people form groups, build their power together and make the whole journey a "fun" experience (which is what it should be after all.)
But in the same vein, I feel Steemit still too young to have an establish community such as other social media platforms. You, as well as every other user here, are at the very beginning. So finding your footing is always going to be tough at this stage. But in the future, I see the network of human interaction as being much stronger. The focus will be taken away from the financial aspect to a certain degree. Communities and subject categories will allow a more honed approach from a user of Steemit and therefore will be more about building relationships and communicating with people you already know rather than being thrown in the deep end with "everybody" and learning to swim at a furious rate.
I believe posting to create a historical diary of what you can do is pretty important when first starting out. The more development with Steemit in the future, the easier I feel the process should be to filter yourself into a niche category where like-minded people exist. We are only at the very beginning of an epic course...
Exactly my ideas, sir. I have recently joined steemit and i also feel the exact same way. And nobody wants to talk about it, that's the biggest problem. I recently made a post about it devoting my full day but still it got very less views. It really is very demoralising. Looks like nobody wants to change the way things are.
I can exactly feel the frustration here. Please if you can spare some time, read my most recent post which is all about this, and most of your ideas from this comment are there, and let me know your reply @allstarrunner
A good point: "Thus, I felt what they were saying (quality vs crap) wasn't actually true - it wasn't about quality (completely), it was about the network you build first and foremost. "
I believe It's a combo of both (not to say you cannot succeed by having just 1) However, most ppl did not gain any sort of following/network by posting only crap right...? That won't fly for long & if you do look at some of the most successful ppl on steemit who are not straight up investors, you will see they are extremely active and outputting mostly "good" (very subjective so lets say "robust") posts.
As Ezzy mentioned below, Steemit is still pretty young and not enough groups exist to really help out the new user enough who may be outputting great content yet doesn't have an established circle in which to draw support during their infancy.
That will definitely change in the near future and I believe that it has a strong part to play in user retention.
Yeah I agree, I'm definitely not against the "network" approach and I also agree that if you're constantly putting out crap you probably will never get any kind of following, so quality is definitely important no matter what.
I think my main critique (based on my mindset at the beginning) was it felt like I was being told quality is most important to making money; but I actually think for someone who is new to steemit the better message is "it will take time to create a network, but don't worry, if you're putting out quality work you'll start making money". This at least creates the mindset that this isn't a place where you'll start making $20-$100 per post right away (even though some have success stories like that, it isn't the norm) but with persistency you will eventually get to making money.
@jaybird and you are spot on. Nobody explained to me either how the "success mechanics" behind Steemit work. It's something we all have to find out for ourselves. But yeah, networking and quality posts are a winning formula I feel.
And we have to bear in mind, this is only the situation at present. Thing will change drastically next year regarding functionality and structure of the platform. So establishing one's self at this early stage, no matter how much of a "grind" it may be, could turn out a very wise move in the end.
Ya, I can agree with that.
Unless you are on-boarded by a friend or bunch of friends who are already established, I believe it's significantly more difficult to get established. It's a process of meeting ppl in the community and also producing content that seemingly contributes to the community
Oh for sure, We all have those friends and fam who have signed up and then never posted or, posted a few times and then abandoned their blogs.
You can lead a horse to water, you cannot make it drink, or so they say ;)
TBH, part of the reason is that as individuals we don't yet have a solid model for introduction and retention that we can all follow.
There isn't really a great "3 step program" for this yet. I believe there will be one day, & that currently certain users are actually in a position to be able to do this effectively, yet probably don't or don't know they could are.
For example, I don't fully believe that I've positioned myself enough to onboard people in such a way that I know I can retain them more often than not. I'm getting close, however, there a few steps in the plan I still need to implement in order to do this effectively and reliably.
I believe that there are several different mechanisms for on boarding new users and retaining them and that we just haven't implemented these ideas properly to date. Another issue is that many great retention ideas don't yet exist in practical applications.
Let's revisit this convo in March, hopefully I'll have some more to tell you ;)
BTW I laughed pretty hard when you wrote "broach the subject" nice choice of words.
I hear ya, buddy. There are so many features yet to be finished or implemented in Steemit but I'm hopefully they will be addressed soon. We are still so early in the life of this platform. But the way I see it, every post you write is one post better off than you were before it. And the same with comments.
But as a community, we haven't even touched the surface yet. I see a time in the future where Steemit will be the "go-to" place for bloggers and social media activists, regardless of remuneration. Just like reddit for the past so many years, the benchmark will have been set for Steemit. The growth in the last few months stands as testament to the power this platform can achieve. Please stick with it, bud. As you say, come March, let's see what the platform and price are saying.
I'll be sure to "broach" the subject again! All the very best, man. :)
ahahaha, yes please broach !
That's actually the problem. User retention is super low because minnows are not getting much audience even if they post good content, i recently wrote a post about it but it also did not receive much views.
This is very demoralising which is leading to lack of interest by new users, as if a person is writing a post which is consuming his/her whole day but still nobody is viewing it, then you can imagine the amount of frustation.
Other platforms don't provide the money but atleast you will get praise for your work and that is more than 2-3 $ which minnows receive for their posts.
This is a problem I have seen from so many people starting out on this platform. The feeling of discouragement and lack of visibility. Not getting the attention you feel you deserve. I know this because I felt "exactly " the same way when I first started out. In fact, I reckon the "taking some time out" aspect of Steemit is integral to actually starting out in the first place. Hell, I did it. When my posts were making nothing after nothing after nothing, I left for a bit and after some reflection, began again. Because the way I saw it, if I shun the platform, my chances of success "are" zero, without a shadow of a doubt. But man, the recognition came after some time. Many posts later, but it did arrive. And I honestly hope the same happens for you.
Right on, brother! :)
Cannot add anything else to your words of wisdom!
Thanks, man! That coming from you means a lot.
Bless... :)
Haha you're right on the money there! People who quit after making a few posts just don't understand that it takes time and effort to grow an audience. As for people who quit after making 100 quality posts, that's a different story. In any case, money does play a factor for sure. With other options popping up, Steemit would definitely stand as a pioneer in the field, but I feel like it has to step up its game if it doesn't want to be usurped.
Hey my bro! Yeah, this takes time and patience. The more you "spread your Steemit seed" so to speak, the better the chances. Simple as that. I still see Steemit as standing head and shoulders above the rest as they seem to be reaching higher and higher as time progresses. I for one, am very excited at the new prospects for the coming year.
Bless, my bro.... :)
Great points @ezzy!
I think mass adoption will happen when people realize that Steemit is an online social status indicator.
So instead of "likes" on Facebook & Instagram being an indicator of your social status, money will be the indicator of your social status.
Everyone will be checking to see "which of my friends & family is making the most money today?" I see this leading to a lot of competition, which will cause more and more people to get hooked on Steemit.
Hey buddy...
Yes, I agree. Money, status and social standing will matter more, but also community engagement will be more focused too for the points I outlined in the post.
Thanks, man. :)
What is missing for those who just come to this community is to have a little patience and be more creative when making their contributions, many come with the illusion of making a lot of money by posting a meme or a video and do not realize that the most elaborated material is valued here, great contribution by the way
Yes, bro. Patience ans looking at the bigger picture is key. :)
Yes.. it is.