What Facebook's Growth Tenets Mean for YouGear up for serious growth
The F8 Facebook Developer Conference gave us more than a new phone and a Virtual Reality system (yeah, we got those too). We also gleaned some cool tips on growth and the tenets to keep in mind when you're building a product.
We took a few of our favorites from Facebook's growth tenets and elaborated on how they've affected us below.
Tenet 1: Your product has to have a good market fit before it can grow.
You don't have to solve everyone's problems if you solve a small group's problems with incredible efficiency. Study your target market and make sure your product fits them perfectly. Stay ahead of the curve and try to anticipate what changes in your product may make life easier for them - be open to ideas, and keep your product easy to adapt.
Tenet 2: Your product must have a solid retention curve.
Are people still using your app 3 months after they download it? How about 6? Millions of downloads don't mean anything if your product is abandoned within a couple months of use. That means that another product has a better market fit. Do not pass Go, do not collect $200.
Tenet 3: Your product has to consistently be in front of users.
So you have a product with great market fit and a dedicated user base. How are you gaining new users? For growth to happen, you have to have a plan in place to constantly and consistently reach new potential users.
Tenet 4: Your product has to fight for new and retained users.
That means listening to feedback and actually doing something with it. We recently revamped the way GoFanbase populates Facebook pages with product photos because of user feedback. Don't get complacent with your users - new products are cropping up all the time, and often times the grass can seem greener because it's something new. Utilize feedback to make your users love your product so much they wouldn't think of using something else.
Have you implemented these tenets or something similar with your product or business? Think we're missing something? Let us know!