First 1000 - 🚵♀️ Strava
If this was forwarded your way and you wish to sign up to First 1000, you can do so here :) Hello Frens 👋, Happy Tuesday! Covid is waning down a little bit here in New York and I’m cautiously optimistic about putting it behind us. This week started with me wanting to understand how networked companies bootstrap social graphs off of other social platforms. I was particularly curious about non social media companies that had a social layer as a core part of the experience. The research commenced with the typical candidates: your Venmos and Fortnites. But soon enough, I ended up down the Rabbit hole of Strava— the social fitness app. What I missed at the beginning of this research was that almost all non social media companies I looked into did not have the social layer until years later in their product journey (somewhere around the 2-3 year mark was the most common threshold). Instead, the question I should’ve asked myself was: how did these Social+ companies create a differentiated utility for the first person to use the product. After amassing critical volume, the road to building a unique social graph is easier to imagine. And I found the answer to creating differentiated utility in the go-to-market strategy Strava utilized: the Inch-Wide Mile-Deep go to market. The Inch-Wide Mile-Deep GTMThe answer to creating differentiated utility lies in the Go To Market strategy that Strava employed. Mark Gainey and Michael Horvath, cofounder of Strava practically wrote the playbook for going after a small niche first with their pre-2000 bubble startup Kana Communications and later with Strava. The inch wide Mile deep Go To Market strategy is another fancy way of saying build a product that a small number of people find great. Go small, so you can go big! How niche should one go? Small enough that you can become the #1 player within a 18-24 months timeframe. And the road to being the #1 player in your niche often lies in building just 1 or 2 killer features that barely anyone outside this tiny cohort of people find remotely useful. Yet for them, it is a game changer. Getting accused of being a feature not a product, is a good barometer you are going after a small enough niche. Strava & the Inch-Wide Mile-Deep GTMPicking the right niche Neither Mark Gainey nor Michael was an avid cyclist but if they were to build the global fitness home on the internet, they had to start with an underserved niche with a high propensity to pay and work their way downwards. Grass roots recruiting Great products are not built overnight. Focus too much on acquisitions before you have a great product and you end up churning through the entirety of your niche, at least the accessible portion of it. Instead making sure that 5, 10 or 20 people who use the product continue to extract (increasing) value of the product is what one should be striving for. Engagement is the closest proxy to measure value provided by your solution— at least it was in Strava’s case. However as is the case with network effects or trust, engagement may need some bootstrapping especially in the early innings of product development. This is where extrinsic (external) motivators come into play: encouraging people to do something (in this case use the Strava web app) not for the sake of inner fulfillment (because we want to), but to gain a reward or avoid a punishment A demonstration of motivating people to use Strava in the early days came during the Tour De France when there was a total of 20 users on the app. During Tour de France was running competitions along the way amongst their 20 users, primarily managed via email threads. They asked users to upload daily metrics to the Strava platform and one day sent out an email to these guys saying whoever uploads the fastest 5k ride sometime in the next 24 hours will get a free set of race wheels. The team sat back and watched a couple of things happened:
Strava continued running competitions for about a month, and with every new use, every new customer onboarded because they wanted a new set of race wheels the product got slightly better. Their understanding of the nuanced way people use the product got just a little bit better until they were able to craft a user-experience where growth would come organically from the value and experience of the product rather than wanting to win some award. If you are great, big will come! Until we meet next week 😉, I am testing out a new referral program for the newsletter, still in beta but you can check it out here. |
Older messages
GTM Canon
Tuesday, January 18, 2022
The best GTM content from around the internet
🤷♀️The Trust Paradox
Tuesday, January 11, 2022
How did startups with businesses anchored on overcoming a large threshold of trust acquire early customers when they have no track record to fall back on?
✨Notion
Tuesday, December 14, 2021
+ launching a product in a crowded space, growing through Word of Mouth and positioning a product that is hard to explain!
Navigating First 1000
Tuesday, December 7, 2021
Making the best out of all previous First 1000 issues.
53 ideas to get your first customers.
Tuesday, November 30, 2021
Today's issue is brought to you by Alternative Assets: There are tons of stock market newsletters. The Alternative Assets Newsletter is about stuff that doesn't get discussed as much. Each week
You Might Also Like
Why not asking for what you want is holding you back | Kenneth Berger (exec coach, first PM at Slack)
Sunday, May 19, 2024
Kenneth coaches startup leaders on how to prevent burnout, advocate for their desired lifestyle, and make a meaningful impact on the world. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
That’s (Not) A Pipe Dream
Saturday, May 18, 2024
One Of The Most Interesting Companies Being Built Right Now ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
🗞 What's New: Tips for better user onboarding
Saturday, May 18, 2024
Also: Make your business blog stand out!
What’s 🔥 in Enterprise IT/VC #394
Saturday, May 18, 2024
Let's go - great to see developer first infrastructure startups like Vercel + Harness cross the $100M ARR mark - what's next? ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
🐻 $630K ARR - Simple API to generate images
Saturday, May 18, 2024
+ New idea I'm researching right now
🚒 It’s time to pour water on this myth
Saturday, May 18, 2024
Ecommerce is hard. Dear , There's one thing important that you need to know. Some people think running an e-commerce business is a simple, quick way to make money. Many others feel the opposite is
🚀 Carnival Goes 100% Starlink
Friday, May 17, 2024
Plus $ASTS and AT&T six-year partnership, Q1 2024 SPAC earnings, $RDW's new VLEO spacecraft and more! The latest space investing news and updates. View this email in your browser The Space
AI Spending Patterns : It's Not What You Think
Friday, May 17, 2024
Tomasz Tunguz Venture Capitalist If you were forwarded this newsletter, and you'd like to receive it in the future, subscribe here. AI Spending Patterns : It's Not What You Think Ramp
7 best AI video tools for creators — tried and tested
Friday, May 17, 2024
Plus tips, news & Buffer updates for your social media journey Image Hey there 👋🏾 This week was a battle of the robots playing out in real time. Between GPT-4o and Google's Gemini — AI is
10words: Top picks from this week
Friday, May 17, 2024
Today's projects: Viaconvo • BillboardGrid.com • Refact AI • Flot.ai • Botrush • PromptPal • Documenso • insightIQ • SEOBox • AskVideo.ai • SecondBrain.fyi • refine 10words Discover new apps and