Everyone wants more customers, but then they make the product fight growth and marketing. Your product is your best asset to acquire customers cheaply and easily. Lets talk about a few guaranteed ways you can do this.
The goal is to get people excited about their utility within your product. If you’re building an analytics tool, you can build an aggregator where you can show them what their position is with respect to monthly recurring revenue, daily active users against their competitors who are also integrated into your platform.
This slight move will get people to come back to your app more often as it invokes FOMO as well as a layer of competition which is natural for most people.
Fast.co is a great example of a network effect product. They more companies that have the button installed, the smoother the checkout experience will be for retailers.
It drives on FOMO as well, you will become a customer of fast if you run an ecommerce business because the cost of utilisation is easy balanced out by the reduced cost of customer acquisition and increased conversion.
Another great example is a product like Slack, Slack without having your whole team onboard is useless, this essentially means the cost of total acquisition would fall onto getting one person to use the product, and then they will inevitably act as the champion to get more people onto the app.
When you are trying to build out a product where customers are creating content, you need to make sure they’re rewarded, and in a handsome way. Alex Zhu speaks about this in the early stages of TikTok, rather any platform, the people who put in the most effort, i.e the creators are rewarded with higher organic reach in return encouraging them to move their audience from other platforms to TikTok as they would focus on creating on TikTok rather other tools.
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