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Let's get closer to "cold start" through this in-depth sharing
"Cold start" refers to the process of a newly developed product going from 0 users to obtaining its seed users.
The initial data of the product is empty or the amount of data is too small to meet the requirements, the cold start is the process of accumulating the first batch of seed users, in the case that the product is not polished very fine, it is not suitable for large area promotion, which is the very difficult part of the work before the cold start process.
So, how to get your first group of users with No Money, No traffic, and No Connections?
To better help you understand this concept, we invited Amal, the product manager of HoloBase, to share her thoughts on the cold start of the product on September 29.
A focus group is effective
When it comes to how to run a new product and how to find users who are interested in the product in the first place, a focus group may be an effective way, which can quickly explore people's responses to a new product or service.
On this issue, Amal shared her experience when running HoloBase: "we have so many experiences of being rejected. In the beginning, we didn't think clearly about who the target users were and where they were. We tried to recommend HoloBase to users on Facebook and INS, but it took 3 months and we didn't get any users."
"Focus group is a good way to get to know the consumer attitude before taking actions to launch product or marketing," one of the participants said.
"Indeed, well thought out customer persona gives you a solid overview of your target market and its capabilities. And remember, this persona will change as you interact more with actual users," another participant added.
The understanding of a logically closed loop
Entrepreneurs who "are not able to form a closed-loop ecological construction, but only rely on boldness and impulse to bet on probability" are doomed to failure.
In this part, Amal said: "our business closed-loop is to make the value cycle between Holobase&Users get closed." Just like what she said, she shared a picture about this:
Meanwhile, she also gives some tips about how to start:
1. Define who your users are;
2. Find their gathering place (whether online or offline) and try to connect with them;
3. Deliver the value of your product in a clear and concise way;
4. Attract the users by offering them a reward or a free subscription or a discount and let them be your ambassadors and refer others to you.
The tough time to stay motivation
"How to stay motivated throughout the process of building a project from scratch? Or more specifically, how did your team get through the first three months without one single registration?" One of the participants asked.
Amal, who has a deep understanding of Holobase, believes that: "it depends on how you look at this product. One of the reasons why many people can’t stay motivated is that he just builds the product as his job. This does not mean that he will not complete his work, but the final result may only be 60% complete. Building a product from scratch is a process full of frustration. People who can maintain their enthusiasm tend to regard this product as their child, and they believe in the logic behind this product completely."
The way to boost use growth
How to stimulate user growth is always a topic that everyone concerns.
The viral growth of users depends on the attributes of the product. Just like what Amal mentioned: "this will vary greatly depending on the type of product, but in the end, you need to let users get the value of the product and win real benefits so that they are willing to use and share your product or new function."
"In many marketing cases, users will be provided with a coupon that needs some friends' help to unlock. In the end, users get a discount on the price, and the seller gets new users."
If a user finds value in your product, they will continue to use it, introduce it to others and be willing to pay for it ….
In a word, if you want to start a business, a product development plan should be formulated in conjunction with your operational goals. For example, your goal is user growth, so you should plan some functions that promote virus growth. If you want to be able to establish contact between users, then you should plan some functions related to this.
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