In order to expand their business, startups need to identify and use efficient products (tools). We have listed down Top 5 Products for Startups, and what makes them the top products.😎👇🏻
#prodmgmt #productsforstartups

THREAD: How to grow your startup through referrals, and word of mouth.

(Actionable tactics from working with 400+ startups)

Here's the truth: Your startup most likely won't make a video and go viral like Dollar Shave Club.

So instead of trying to "go viral," focus on acquiring customers through fans who already love your product.

There are 3 ways to grow through your current customers:

1. Product-led growth: Your product is built for sharing.

2. Word of mouth: Users proactively recommend your product to friends.

3. Referrals: You create an incentivized reward program.

Let's dive into each 👇

Product-led growth.

It's powerful: You don't have to artificially incentivize users to refer—you simply empower them & get out of their way.

E.g. To pay someone with PayPal, the payment recipient needs to first join PayPal—they're incentivized to sign up to receive their cash.

Product-led growth is possible when ppl use your app to:

• Transact or collaborate w/ others (PayPal, Dropbox, Zoom, Slack). These products are only effective when others use them with you.

• Create content intended to be shared w/ others (Twitter, Instagram, YouTube, Cameo)

You can find a lot about a company's undisclosed strategy by simply looking at what positions it is hiring for.

A thread about building a company from scratch:

Building a startup and then attempting to scale is like designing then building a car that will need to eventually fly, even become a rocket ship.

You need to spend time sketching the initial design of the vehicle. 1/n

Almost no one will give you money to sketch. YOU are the likely only investor at that stage.

You can move quicker by finding something similar and then modifying that template for time period, market size, geography, experience and skills.

Then you have an MVP to build

MVP isn’t only for tech companies. Any company can build an MVP version of itself to test and iterate.

Now your likely investors include your family, maybe a friend or two who believe in your vision and mission while sharing the same values.

That is fuel to move the car forward

No one will give you fuel if you don’t have a car because you don’t need it.

You also won’t get enough fuel for the entire journey. You have to be willing to take a risk and start the journey anyway believing that you will secure more fuel along the way.

As you proceed on the journey, you get feedback, adjust your route, circle a few times, hit a dead-end and back up, but you keep going towards your destination - your next goal.

Along the way you secure more fuel from friends and family who start to like your progress

How to run a company (in priority order):

1: Define a crystal clear north star

Great companies know their destination.

Everyone rowing in one direction.

The best north star? A SIMPLE, measurable metric.

Get it right, and watch the magic unfold! 💫

2: Hire uncomfortably good people

Ah, my favorite line!

Hire people you have no right to hire.

Who are so good it makes you nervous.

Who force everyone to step up their game.

Always level up 🦾

3: Create a culture of urgency

Nothing is more powerful than a group of people making every day count 🔥⚡️🚨

4: Make sure no one gets blocked

You’re paying good people good money.

Make sure they don’t get stuck!

Demotivating for them 🤦

Disastrous for the bottom line.