The Intersection of Collaboration and Growth Strategies for Infrequent Products

Hatched by Kazuki
Aug 04, 2023
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The Intersection of Collaboration and Growth Strategies for Infrequent Products
In an exclusive interview with Noah Glass, the forgotten founder of Twitter, we gain insights into the collaborative efforts that led to the creation of the platform. Glass emphasizes the importance of recognizing that Twitter's success was a result of a group effort, with various individuals contributing their ideas. This collaboration was born out of necessity and fueled by a shared belief in the massive potential of the product.
Glass recalls the early days of Twitter, where the social aspect between people played a crucial role in its growth. From the start, the concept of using the platform for updates from police and fire departments was incorporated. The simplicity of Twitter's design and its engaging nature made it stand out from other SMS applications of the time.
Drawing from Glass's interview and the ICED theory of growing infrequent products, we can identify common points and insights that shed light on successful growth strategies. Both emphasize the significance of engagement and distinctiveness in capturing and retaining users.
The ICED theory provides a mental model for addressing the challenges faced by infrequent products. It highlights the importance of understanding the degree of infrequency, control over the user experience, engagement before, after, and during transactions, and the distinctiveness of the product. Infrequent products often struggle with product recall and customer retention due to the long gaps between transactions. Therefore, higher engagement becomes crucial for building customer loyalty.
Reducing the perceived effort invested in a transaction can discourage customer disloyalty and reduce churn. By focusing on simplicity and ease of use, infrequent products can enhance the user experience and increase customer satisfaction.
Distinctiveness is another key factor for infrequent products. In a market with longer time gaps between transactions, being unique and standing out becomes even more important. The ability to differentiate from competitors and offer a compelling value proposition can significantly impact customer acquisition and retention.
Moreover, infrequent products may face challenges during economic cycles due to their high order value. Building a resilient product that can withstand macroeconomic factors becomes essential for long-term success.
Based on these insights, here are three actionable pieces of advice for growing infrequent products:
- 1. Focus on engagement: Invest in creating an engaging user experience before, during, and after transactions. Simplify the process to reduce perceived effort and increase customer satisfaction.
- 2. Be distinctive: Differentiate your product from competitors by offering unique features and a compelling value proposition. Stand out in the market to attract and retain customers.
- 3. Build resilience: Consider the potential impact of economic cycles on your product. Explore strategies to make your product less susceptible to macroeconomic factors, such as diversifying revenue streams or targeting markets with lower order values.
In conclusion, the collaboration and group effort that led to the creation of Twitter, as described by Noah Glass, aligns with the ICED theory's emphasis on engagement and distinctiveness for growing infrequent products. By understanding and implementing these principles, infrequent products can overcome challenges and achieve sustainable growth in today's competitive landscape.
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