Every startup has a few common questions which revolve around the early stage challenges that is to figure out how to gain traction. How do you find them? How do you get them to see the value of your product? What is the best way to get clients/users for your product? Where to start?
We are in the era of growth hacking, a place where startups are taking the world by a storm. As important it is to create a user base, it is equally important to retain the already existing users.
A product which is unique in its functionalities, features and has a unique story attached to it will fit perfectly in the market. A product that differs from an ecommerce website or a social media platform with a unique story will spread like a storm.
How important it is to derive a target audience?
A product is as powerful as it’s user base. Thus, making it important for the owner to indulge in extensive market research to narrow down to the target audience.
One of the first questions to ask yourself is who is your perfect client?
A perfect client will vary depending on the type, nature and scope of the product. Most importantly it depends on who you had in mind while developing it. The target market for Workash is USA. The application has been developed keeping in mind the needs and requirements of the people in the states.
We see that demographics play an important role in designing and developing a product. The target market is decided before the execution of the idea. Hence, the process of development is done keeping in mind the tastes and preferences of the people in that geographical area.
The three main ways to find your target audience is through geographical, demographic and psychographic factors. Once you arrive at a place where you know who is going to use your product, you can go ahead with your product.
How to approach your target audience?
The final step in any product positioning is to convey the value- added aspect of the product or service to the target audience through the communication channel that suits best for your product.
Certain messages are designed to convey how your product varies or is different (better) than your competitors as well as to specify the value added features that are of vital importance to the users. A few examples of this could be-
- Presentation Deck
- Social Media
- Conferences/ meetings
How important is it to have a User base?
A strong user base will define the strength and longevity of your product. Apart from this, it also has the capability of defining bugs in the product which makes them a potential source of quality analysis thus making them an important part of the growth of the company.
A few more strengths include-
- Important aspect of developing a user base is the honest feedback.
- Improve the accuracy and personalization of the app.
- A loyal user may indulge in indirect branding of the company which will increase users.
Critical analysis of the product which leads to feature advancements later on.
Importance of user base
User growth is often seen as the reason behind the valuation of companies in the IT sector. For most companies who do not earn revenue on user base, their growth is mostly based on the number of users, however, WorkLake along with its user base as its core strength will be generating revenue in the long run.
The success of a company largely depends on the ‘it’ factor. The ‘it’ factor for every company is different but for a product, it is the user’s/clientele. The more the users or clients, more the growth of the company.
WorkLake is designed keeping employee delight in mind. Moving forward with this vision, organizations can expect an increase in the performance of the employees. The social aspect of WorkLake allows employees to highlight and initiate discussions around any dashboard title or topic.
We often see in most big enterprises, there is never a shortage of people walking around in search of a person who is most likely on leave. We see this as an opportunity to create real value for your employees. Products like these should be weighed in terms of the soft value they bring to your company. Thus, giving more value to the most valuable asset of your organization i.e employees, however, the product is only as good as its user base/ clients for whom employees are the backbone of the company.