A product that fits into market straight away has the most advantageous position for growth. Businesses who have a secure revenue income stream, often find it risky to be the first to introduce an entirely new product into the market.
It’s easier to follow what competitors are doing. However, if you are able being a pioneer of a new product that has the product-market fit for your customer, you will have significant substantial growth.
If you couldn’t be the first, that’s okay too. As long as you can develop a strong differentiator feature that makes you stand out on top of your competitors. A short path to predict this fit is by looking at a particular problem your customers are facing. Recruit some early-adopters for your product to minimize the risks so that you can prevent the risk of your whole customers disappointed with your product. Maximize your early adopters to collect the data you need to evolve your product to fit potential users.
What kind of solution are they looking for during their experience with your product? Do a lot of experiments and start introducing the product to your customers. Let them decide which solution might solve their problem best, pain-free solution product. Build a lot of scenarios to find out what will make them want to share the idea with their coworkers, colleague, family, and friends.
Your customers are the key to understanding your product-market fit. Asking several key questions will help you to identify new features for your product and make the decision for your company. Focus on engaging with your customer effectively, listening to their needs, and improving their experience. Even if they are probably not going to use your product, keep interacting with them humbly; every interaction has to represent your brand experience at an incredible level.
Once customers believe in your product, follow up to turn them into influencers for your company. Influencers will share your product within their community. Start by giving them something unique or worth sharing, because they are your brand ambassadors for possible revenue in the future.
Turning your customers into influencers will gain you huge multiplication impact that is worth more than just promoting your product.
The retention to optimize customer loyalty
Let your users know what’s coming next by leveraging a “coming soon” campaign. If you already have a user database within your current business, show them your next product’s value at their emotional level.
Make sure you are engaging with your loyal customers so that it will be easier to bring their friends into your business. The monthly subscription model is one of the retention tactics that are easy to implement.
A lot of companies have difficulties with retention at the start, especially when they are too focused on product features instead of viral growth. Optimize your existing customer loyalty requires you to look out for any other aspects of your business, focus and tunnel your vision for viral growth by asking people who already use your product to expand it within their network.
As a case study, let’s take a look at Groupon, a viral daily deal site; they had a very high new user coming in but a little retention number of their customers. The brand had a stock crash of 43% in 2014 because their clients were leaving faster than they were coming in. High retention is an important path to grow your channel over time in viral marketing.
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Determine your retention rate by looking at your data so that you get a clear goal where to implement your viral Growth Hacking mindset. From here, you can minimize risks and open an original dialogue to collect information.
Strive for an important channel in your industry by studying your customers’ movement, your competitors’ next offering, and their clients’ pain-problem. This might sound an enormous amount of work outside your expertise, but this effort will produce the significant result in the long run rather than assuming results.
The key formula to virality
Many companies believe in viral hits, a quick and attractive widespread content by people in the digital era is simply good luck and has no formula. However, there is some key to understand why people share their viral content that repeatedly shared on Facebook, YouTube, and any other sites. It is not merely about the pursuit of luck.
Virality that achieves a million shares requires understanding what your audience will share and why it is important for them to share. Make sure that your brand is unique by delivering the type of content at the right time, during their anniversary, or special events that matter to them.
Remember, your virality must have a focus on your brand; you can’t just copy any company strategies to achieve viral hits. You must have an excellent grasp of your audience, content, timing, and executions to get a closer understanding by walking at your audiences’ shoe.
It takes a lot of hard work at the beginning, but the final key within your execution will determine how you can start to deliver content your audience is most likely to share. Production value that works must strategically generate leads, acquire visitors, and grow curiosity around your brand that is different from anyone else.
Date: March 6, 2019
Category: Business Innovation