Growth Hack does this - 2018 Dark Continent Practical Chapter

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This article The author Tang Jiahong is an architectural therapist and serves as the chief architect of Inside and Outside Architects. Compared with architects, architectural therapists use the care of interior designers to provide integrated interior and architectural designs, reducing modifications. Compared with interior designers, architects are professional and can accurately judge the safety of structural modifications, taking into account both beauty and safety. Thank you for the permission to reprint, hereby thank you.

Do you want to start a business? Or indecisive?

There are only two kinds of people in the world, those who start a business without thinking and those who are content with not starting a business. However, starting a business is like trying to cross a river by feeling for stones in the dark. Is there no direction to refer to?

We can go to the bookstore to find the answer. There is a full list of books about entrepreneurship that you can read. But most of the cases in the book are success studies and theoretical frameworks. Isn’t there a practical framework that can be referenced in many fields?

At this point, it’s time to find someone who’s awesome and ask for clarification. Xdite is a veteran entrepreneur. He has experienced blogging platforms, case-taking companies, offline packed GrowthHack lectures, online full-stack camps, ICO.info, and the latest OTCBTC, which is growing as fast as a rocket taking off.

This time I participated in Xdite’s Growth course, which used OTCBTC as a practical case and brought out many wonderful method frameworks and histories of blood and tears. I will share them below in the order of rapid growth from 0 points to 75 points.

Looking for entrepreneurial topics

There are usually two situations at the beginning of starting a business. One is quitting in anger, and then the problem of starting a business is the business model of the original owner. The new boss also silently thinks in his heart, “I will definitely do better than the original boss”! The other is to have new ideas and can’t wait to test them out.

Neither of these two entrepreneurial topics guarantees success, but there are guidelines for selecting entrepreneurial topics that increase the success rate.

After Xdite’s ICO.info was shut down by the Chinese government, it faced the choice of starting a business. There are only three options at this time, namely currency-to-crypto exchange (99% choice), Japanese fiat currency exchange (75% choice) and OTC exchange (15% choice).

Because there is no experience in currency exchanges, there are still many companies competing; and the issuance of Japanese legal currency exchange licenses is difficult and requires support from the Bank of Japan. In the end, Xdite chose the OTC exchange with the fewest people.

For OTC business, there was only LocalBitcoin on the market at that time, and the website experience was extremely poor; according to the tenfold field theory (details below), it would be easy to surpass LocalBitcoin!

Criteria for selecting entrepreneurial topics:

• Anyone can fly in the wind.

• Segmented monopoly (reference book: “Startup is to segment monopoly”).

• The timing changes drastically (Taiwan is a time pauser!).

*Projects that you are good at.

• Countries with a large population base: the United States and mainland China (a common continent with unified language).

• Seize the 10x field: Consumers overestimate the 3x benefits of the original solution in their hands, and entrepreneurs overestimate the 3x benefits of their own solution. Therefore, at least 10x > 3×3=9 is required to have a chance to grow bigger.

0 points >> 20 points (Minimal Viable Product)

If you don’t grow quickly in the blockchain world, you will be left behind. Therefore, Xdite expects to launch the website within a month. Such high-intensity work cannot be completed unless there is a group of super strong teams.

So how to build a good team? I still remember that Xdite has established Rails full-stack camps in Taiwan and mainland China, and the best students are sent to first-class companies. However, what Xdite keeps by his side are partners who share the same values.

Even if there is a shortage of people, it is not easy to recruit people with “different values” and would rather outsource than compromise (poaching and outsourcing are also good).

With the full support of a good team and the ability to manage projects, it is very important to accurately place precious manpower (advertising!?) at this time. Xdite simplifies OTC into “Coin Taobao” + “Alibaba Want Want”, and keeps the secondary functions (multiple roles, multi-currency, multi-language) unchanged.

Thoroughly implement the steps of breaking down the big goal into small projects and completing them step by step (don’t tell the team that there are still big pitfalls to prevent collapse XD).

Quickly achieve MVP criteria:

• Jobs to be done (Reference book: “Innovative Use Theory”).

• Solve the right problems.

• Control complexity.

• Race against time.

20 points >> 40 points

Before the product is officially launched, it needs to be thoroughly optimized before it can be launched. After all, it is difficult for users to come back if they leave. As the saying goes, “If you want to practice magic, you must first come from the palace.” Just take out the Onboarding framework (picture below) and come from the palace!

After the team self-reviewed and listed at least 100 problems, they began to solve the problems. Next, users of Alpha, Closed Beta and Open Beta are invited to provide real feedback and suggestions. This allows the product to be quickly iterated, and it takes one month to iterate to produce six months of results.

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Product iteration guidelines:

• Pre-product iteration (On boarding framework).

• Internal testing by own team.

• Open for testing with a small number of loyal customers.

• Find at least 100 questions.

40 points >> 60 points (Product Market Fit)

After going through the internal closed beta test, it will be tested in the real market. At this time, more questions will pour in. Especially for real money exchanges, any mistake will cause great distrust, so online customer service comes into play!

I still remember that the boss’s first task is to recruit the “right people”, and his second task is to go to the fire line to answer customer service. Just imagine, what could be more reassuring than a personal reply from the person in charge of the company.

Faced with a large number of problems, how to sort the important weights? The simplest method is that the most people complain = the priority level. But sometimes a single bug involves many links, so it needs to be paired with the commander task system to allow the team to solve one thing together instead of assigning small tasks individually.

The purpose of optimization is not to make the same mistakes again. Turning recurring problems into FAQs is a good way to save time and increase trust. Automate repetitive and mechanical processes to allow the team to focus on the most important issues.

Optimization guidelines:

*Reply to customer service in person (using online real-time customer service).

• Complain in the morning and make improvements in the evening.

• Only do one thing a week (reference: Commander’s Task).

• Stable growth of 7% every week (Growth).

• The only competitor is yourself.

• Continuously optimize, optimize, and optimize again.

• Continuous automation, automation, automation.

75 points (Referral)

After raising the NPS to 70 points, you need to vigorously promote the website. The promotion expenses spent at this time have full effect because the churn rate has dropped.

Therefore, referral seeds are planted in Onboarding (beforehand, during service, and afterward).

The recommended person will be provided with a red envelope of BTC upon registration, and will receive a second red envelope upon completion of identity verification and the first transaction. The referrer will also receive rewards at the same time, thus radially expanding new customers.

But just acquiring new users is not enough for the company to survive. It also needs real core users (80/20 rule). At this time, launching high-threshold limited activities can filter out the core user group.

Because of the high threshold of 5 transactions, in addition to developing usage habits, it also indirectly promotes the connection of core users to swipe orders from each other. Because of the closed circle relationship of WeChat groups, only user promotion can break through, not to mention the secret small circles of high assets.

Use the registration red envelope to obtain retail buyers, and use the permanent Qianyi activity to obtain large sellers, and it will be completely ignited. Finally, the platform token of OTCBTC was launched. This is different from ordinary membership points. Core users have the first right to purchase, and the tokens can be traded at a price. Unlike stagnant membership points, the tokens are expected to increase in value. Another purpose of issuing tokens is to bind the interests of buyers and sellers to the platform. The reason is very simple. If the platform develops well, the tokens in hand will increase in value, and users will become small shareholders from the perspective of promoters! In an instant, you can add a group of high-quality salespeople.

Referral three links:

• The first step is to register a red envelope: Take Airbnb as an example.

• The second move is the permanent Qianyi activity: a high-threshold limited-edition activity to screen out the core user group.

• The third move is TGE: issue tokens (tradable points = value-added space), and core users have priority to purchase (VIP benefits).

Entrepreneurship is like a drug addiction. Once it breaks out, you will continue to start a business.

Have you ever stayed up late playing video games, or even taken out your wallet to be a NT warrior? Entrepreneurship is even more so. There are uncertain challenges every day, and you are even on the edge of bankruptcy and survival. The market provides abundant rewards for changes, and teammates turn around and become the dark devil. Is there any more exciting tuition game than starting a business?

Appreciation is a wonderful thing; it makes the best of others our own.

——Voltaire

★This article The author Tang Jiahong is an architectural therapist. Thank you for the permission to reprint, hereby thank you.

★ Picture source: Architectural Therapist Tang Jiahong

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Further reading

• What is “Growth Hacking”? Come and learn about the most valuable careers in the next ten years
• Recommended preface to the era of rapid growth: Let entrepreneurship avoid unnecessary mistakes
• Experiences from reading and listening to “Lightning Development”: Strengthen the ability to solve problems so that you can stand at the forefront and win the market

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