Growth loops help you think about acquiring users in waves (e.g. catch one wave & ride it while it lasts, then find another wave to catch)
What gets you the first 10 users may not be what gets you the next 100, or 1,000, or 10,000. As you expand your wedge & cater to more personas, you’ll need new reinforcements & value propositions.
The examples below are fairly basic, but you’ll want to have clear reinforcement loops in your product and treat “acquisition as a product” in and of itself—most startups think about acquisition as an afterthought and that’s a mistake. It should be designed in from day one.
Not all products have network effects built in, but the concept of network effects parallel well with growth loops in terms of how users build and/or share value to organically grow the network.
Growth Loops: Reinforcement loops to acquire users
Share Coda doc on how to launch startups faster! 😉
Build this doc about how we’re building Venice → Help others launch faster & learn about / use Venice → they share this doc if it’s valuable → others learn about / use Venice
Use Venice → show attribution → others learn about Venice → others use Venice
Open source / base plan:
Implement Venice’s Link tool in your app to allow users to connect their financial institutions
Show attribution in a prominent area of the user experience (e.g. Powered by Venice)
Other users see the attribution & use or share Venice
Paid / premium:
No need to show attribution
Use Venice → get a discount for recommending it publicly → others see Venice → others use Venice
Venice Template Gallery
Search for financial templates (e.g. for finance teams or personal finance geeks) → see Venice template gallery → copy / share Venice template → others see Venice branding
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Growth channels help you think about where you can actually find customers
Where are customers naturally at or where do they find themselves when solving for their pain points? Start making a big list and associating your personas, so as you choose to acquire certain personas in the early days you can narrow in on exactly which channels you can find them at for lowest effort.