Want to futureproof your application? A major challenge in application development is ensuring longevity of your application in the context of changing market conditions, continually increasing competition and technologies.
NETFLIX, QUORA, Airbnb, SLACK Facebook, Twitter are some examples of applications that continue to sustain and succeed. While there is no manual for future-proofing your application, there are two key approaches you can take to ensure that your product is set up for long term success even in a fluid and ever-changing market.
Sustaining long term growth like that of Facebook, Quora, Netflix and reaching millions of users worldwide requires a scientific approach to growth in the wake of new age technology and constantly changing user behavior. A rock-solid sustainable plan involves an organized and disciplined approach to iterative product development and product marketing.
Building a Rock-Solid Application Plan
Successful product engineering companies understand that launching an application is just the first step. Therefore, to deliver sustainable value to the company, a holistic thinking which emphasizes on market needs should be incorporated in every phase of product engineering. How do you develop a rock-solid application sustainable plan? Here we go:
Have A Rock-Solid Growth Team:
John Wooden, the legendary basketball coach at UCLA started each season by teaching all his new players on how to put their socks on. The logic was that if you put on your socks incorrectly, you get blisters, which won’t let you practice. If you can’t practice, you can’t improve and if you don’t improve, you won’t win.
To foster successful sustainable growth, organizations need to break away from the traditional silos and establish a cross-functional growth team. While traditionally marketing team was responsible for driving growth and user acquisition, in the new order a separate growth team is a way to formalize the process through which the company understands and optimizes towards growth.
Brands that have seen amazing growth have a collaborative team in place with expertise in analytics, engineering, product management, and marketing. This allows companies to efficiently marry powerful data analysis and technical know-how with marketing savviness to develop a robust application.
The team tests every hypothesis and asks the right questions like how do customers interact with the product? What is the truly important to the customer? How can the product solve their problem as soon as possible?
Facebook. Airbnb, Quora are great examples of how growth teams make big impact. Facebook pioneered the concept of a separate growth team and what started then as a team of 3 people and has since been a major driver of Facebook’s sustained growth and success.
A good starting point is to choose among the two growth team models namely Independent and Functional model. Interestingly while growth teams in companies like Facebook, Uber work independently inside the organization, growth teams in companies like Pinterest, Dropbox and Twitter report directly to one functional head have a functional model which reports to functional head.
However, don’t rush into investing in an application plan before you’ve tested the viability of the product and its ability to generate repeat customers.
Establish true-north metrics:
Establishing a single metric that best captures the core value that your product delivers to customers helps you measure between winning and losing.
Many companies use true-north metrics to measure success like in case of LinkedIn (Quality Signup within first week as member), Facebook (Get users to connect with 7 friends in ten days), Pinterest (Weekly Active Repinners), Slack (Tracks Teams who have sent 2000 messages).
So how to create your own custom success metrics?
Firstly, discover your Growth Flywheel – engine of growth – to get an understanding of the value proposition that your business delivers and areas where the growth will come from. Once you have your guiding light, you can confidently move forward with rapid experimentation to figure out how to best deliver that value.
Hit the Ground Running!
Successful ISVs and major unicorn companies like Airbnb, Facebook, Uber, Google attribute a large part of their success to sustainable growth created by growth teams and establishing true-north metrics. It enables you to build a great product that resonates with your audience and expedite the path to success.
If you’re ready to take the next step towards developing your app idea, we’d be delighted to hear from you. Our experts will get in touch with you. Contact us now, we’re just a call away!