They say lighting does not strike twice, but it definetly did at Kunzum café where the 4th #PNMeetup was happening. The theme “Making your product go viral on a low marketing budget” got over 40 people to the venue all intent to desipher the Virality dilemma. We had Amit Ranjan from SlideShare’s, Pathik Shah from Hike & Bipin Preet Singh from Mobikwik.
— gbhatia (@gbhatia) March 16, 2013
Amit from Slideshare started off first by asking What is Virality? The ability of an object to self replicate.
He took examples why sites like facebook are viral, the basics of virality being- the ease and ability to get referrals from existing users. Increasing the Viral co-efficient – for every additional user how many additional users do you get. If it is greater than 1 than we get unbounded virality and if it is less than 1 then it grows to a certain level and then stops. The different Channels of Viral Distribution being Newsfeed, Widgets, Notifications, Email and Inviting a friend – any one will get you more additional business. These Viral channels are not the same as features, features essentially keep existing users happy, Viral channels are vectors that grow your business. He stressed that Design, Convenience, Speed of the app or website matter, to create a good user experience which has a impact on the virality of the product.
Pathik from Hike then takes over and talks about how Hike touched 2 Million downloads in two weeks of launch, he goes on to outline some basics for a startup product to go viral. In his view the product needs to truly be a great product addressing a real need thus building a strong core value for the product. Once we have a good product the Desigining and the U&I needs to be of very good quality thereby getting eyeballs to the product. The next stage will be to have a large Distribution channel focusing on Growth and Retention of all new Customers. Smart Marketing will play an important role in being able to get the message across to the user base in a fast and simple manner. This may include offering free talk time, additional storage space on referring etc, anything to spread the message especially through one customer to another. An Innovative business model will ensure that the longevity of the product is maintained.
Pathik then goes about to explain the concept of Growth Hacking – a new process for acquiring and engaging users combining traditional marketing and analytical skills with product development skills. In the past, marketing and product development departments were often at odds where marketing groups would be spending significant amounts of money to acquire users but couldn’t get any development resources to build something as simple as new custom landing pages. And on the other side, product development teams would often build what they think users want and will attract users without deeply measuring and understanding the impact of their changes. This concept of “growth hacking” is a recognition that when you focus on understanding your users and how they discover and adopt your products, you can build features that help you acquire and retain more users, rather than just spending marketing dollars.
Growth Hacking is one very fast way to get Virality of Sales vis-a-vie the traditional Marketing Channels.
By being able understand the needs of the customers you reach the A-HA point with the customers which is essiantialy the main reason of the product going Viral.
Bipin from Mobikwik then takes over and talks about Virality. He emphasis on the 3 basic things, First Product Innovation is the key for any product. The Product needs to be disruptive to create new positive impacts for the users for them to get hooked to it. Secondly, Cheap Acquistion for a startup is essential. The Aim needs to be able to target a large audience for the product at a low cost. Thirdly, their needs to be high rates of Retention on the client base which has been acquired enabling you to ensure the client base continues to grow.
We then moved onto the session where we featured a new company, this time it was Zest.md. The company offers saas based platform, providing eclinics for medical practioners. The participants shared their product and got feedback from the audience in relation to scaling their businesses.
After a very interactive 3 hr session the time was just right for everybody to interact with the speakers and network with the audience. It was a session which helped people share some interesting conversations and am sure all the people who came gained a good insight .
— Rajagopalan C (@crajagopalan) March 16, 2013
We eagerly now await the next #PNMeetup in April.