Having a hard time scaling your Web3 startup? You may be able to accelerate your startup's trajectory by refining these 3 growth strategies.
Here are 3 Reasons Your Startup's Growth May Have Stalled
1. Your business model is to capture market share of existing liquidity
Capturing market share is a short-term business strategy. A startup should have a business model for the future, not the past. If you believe you have a revolutionary idea yet you are looking to capture market share, then this is the misalignment that is impeding your growth trajectory. Pivoting your business strategy to growing into new audience segments will be essential. Think about what’s unique about your idea and align that core value proposition to customer segments that may not have entered into Web3 yet. From there, create a revenue model around the moment of delight you are providing to this new audience.
2. You haven’t formally defined your customer segments
Most startups are confident they know who their customer is when in fact, they’ve just built cool tech with a mantra of “if you build it, they will come.” Customer segment validation and documentation is vital to growth because it is the blueprint for prioritizing your feature set. Having a standardized way of looking at your customers and the problems they need to solve keeps your team aligned with what’s most important to prioritize. It’s common for people to have different ways of viewing the same customer segment, which in turn causes your team to waste time and resources.
Here are the minimum questions you need to be validated to ensure your roadmap is as lean and impactful as possible:
- How many customer segments do you have?
- How do you refer to each customer segment?
- What problems are you solving for each of the customer segments?
- What behaviors do they exhibit?
- Are those behaviors trackable?
- How do you find them?
- What message resonates best?
3. You are spending money on marketing
We know many Web3 companies drive hype before launch through marketing, but hype marketing should leverage organic growth tactics. Spending money on marketing, such as PR, influencers, or advertisements, is the last growth lever to activate. TO turn on the marketing spend floodgates, it’s imperative that your startup has completed the following tasks:
- Confirmed your acquisition loops are working
- Validated product-market fit - this takes at least 3 months
- Next quarter’s roadmap exercise prioritizes mainly optimizations and not net-new products
- Confident your retention metric will maintain as you grow
Check out Moon Now's Product Growth services to learn more about our consultative approach.