Derived from…
Adam L Penenberg, Viral Loop
PROFIT : How do you create a business that reaches new customers quickly, scales up rapidly and has the potential to earn a huge amount of money in a short period of time? Here’s 13 business characteristics you’ll need to consider to make this happen.
Adding a fee to your offer will slow down the adoption rate. Build a massive audience at no charge before looking to monetize. Model Google, Facebook, Twitter.
It’s much easier to adopt these characteristics online.
Let your users create the content. Be the one that organizes it. Provide a means to sort, search and access it. Mimic eBay, Flickr. Become the marketplace!
Look for opportunities to lay your network over other expanding networks. YouTube rode MySpace. PayPal piggybacked eBay.
The simpler the better! Visit Google’s home page.
Design the means to pass on your message in to your product. Hotmail added an email signature. LinkedIn asks you to invite your colleagues.
Products designed correctly will grow virally at predictable rates. This makes it way easier to forecast, plan and keep up with demand.
The more users play the more they will want to. Google search results get better the more people search. Design this into your business model.
Multiply your growth speed by allowing users to share with each other. Each one drawing in other new users.
The point of nondisplacement is when competitors can no longer take your number one position. Think Amazon for books and Google for search.
Your network will mature and growth will slow when your market is saturated. By this point you’ll have a huge user base.
Go big fast. The quicker you grow the less chance your competitors have of catching you. Skype had 12 million users in 13 months. Hotmail 30 million in 30 months.
To grow exponentially, you need a viral co-efficient greater than 1. Anything less won’t be enough.
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