Population is going online and this share is increasing day by day. With this increase, success metrics for consumer startups is also going high. However, getting users is becoming more difficult than ever. With multiple devices, screens and operating systems, competing for people’s fragmented attention has become an arduous task. It has become almost impossible for a young startup, in such a scenario, to thrive; especially when you compare with giants like Facebook and Twitter who can well afford to spend hugely on user acquisition advertisements and incentives.
So, here we are going to give you three significant tips to hitting it big.
1. Ensure growth before engineering rapid growth
Before working on rapid growth, you must make sure that you actually have product-market fit. It may sounds trivial, but trying to scale with a product that is not ready can lead to eventual failure. Answering these questions before scaling is quite beneficial:
• Is your product’s value acknowledged by consumers?
• Are you seeing sufficient retention?
• Is the value sustainable?
• Do you have a sufficient targeted audience?
If the answer to all of the above questions is “yes”, you have built a right product and there are bright chances of growth. But in case you don’t, run your development cycle in loop until it delivers sustainable value to the specific set of users.
2. Engineer your way to rapid growth
After proving the product-market fit, it’s time to engineer your way to rapid growth. It can be defined as a scalable and predictable process that runs in a loop and is aimed towards getting more customers to use your product while delivering optimal value to them.
The efficient ways to scale user growth are viral channels, non-viral organic channels like SEO, PR, etc. and non-viral paid user acquisition channels like pay per click advertising, social campaigns, etc.
3. Keep learning and experimenting
Industry is increasingly turning technical and getting evolved at a fast pace; which, in turn, demands expertise. This expertise can only be achieved via continued learning and experimentation. So, always be curious and experimenting; and keep your technical edge over all things.
Industry is witnessing new optimization platforms now and then. As such, there are numerous growth opportunities and tactics that keep popping up. You just need to act fast to beat the huge competition and achieve rapid growth.