Wednesday, August 14, 2013

Is Site Traffic & Sign-Ups Enough To Confirm You’ve Got a Growth Business?

Without patiently testing for actual business that offers an invaluable service, entrepreneurs sometimes get caught up in the number of signups or on the thousands of site visitors who checkout their site and think that’s enough reason to build a business.  And some VC’s throw millions of dollars on these hunches.

Here’s what I’m trying to say. Do you have a business that meets the needs of your target and if you stop providing that product or service will there be protest?  Does it solve a life or death pain?  
Facebook, YouTube, Groupon, Zynga, Twitter have traffic but they result to advertising as their business model. They can leverage their data for money but ask yourself would you die if you didn’t have access to Facebook for a week?

So below are some ideas to consider:
  • develop and experiment with as many possible values-proposition
  • find the one that will give you the multimillion  dollar business. 
  • just because you have this much signups or trials doesn’t necessary mean you have a business. IT companies and VC’s have brainwash naive entrepreneurs to believe traffic & sign-ups are confirmation of a business.
  • you only have a great business when your value can be converted to recurring cash.
  • where hard work begins is whether you have a high conversion rate of paying customers. For example, after a 30 day trial and people are paying your regular price, and coming back then  you have some sign.
  • If you can’t convert, don’t add more trials.  Instead try a new value proposition or different type of customer.
  • When you figure out both your business value proposition and growth strategies then you have a great chance of being larger than life. And greater return for investors.
  • A good sign that you’ve got a growth multi-million business is when the marketing you have is word of mouth.
  • Remember success doesn’t happen over night.

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