The end of an era draws near
Its been a really turbulent and exciting time at HQ, many things have changed - nothing more than our goals. Having become borderline obsessed with the platform and our technical sophistication we have had a very clear and concise message come through loud and clear from some VCs potentially interested in investing in our larger funding round in March: hit 10,000 users; we’ll put in ‘serious’ money. (We were getting bored of this humorous money anyway)
So one milestone at a time, we hit 1,000 users this week. Yay. We received some really great compliments about the site and have been told to stop developing it so aggressively and to be content with what we have, and prove we can bring it to market successfully. Up to this point we have spent a grand total of £0 officially on marketing - (OK, yes we have spent the odd Facebook pound here or there), and have printed material for presentations and offline engagement activity such as Instagram street style activity, but that aside, we haven’t yet planned a marketing splurge. Our first investment round was split in 2, with the 1st round going on tech, its now time to raise part 2 - to be spent on marketing.
Getting to 1,000 users with no marketing budget is nothing to be ashamed of - we have had many hits and a lot of traffic through to the site thanks to our content partnership with studentcom, but the lack of implementing serious AB testing on our homepage means that we haven’t had the chance to properly optimise our sign up procedure, resulting in ‘leakage’ at the top of our ‘funnel’.
With optimising, tracking, and A/B testing all at the top of our agenda, we are now getting into the mindset of “Growth Hackers”. With this decision comes a change in personnel requirements and as such, its out with the old and in with the new. We are sad to be mixing up the team, but the business comes first and with such great clarity of our ultimate objective we are in a great position to focus on what matters most.
We are interviewing for a “Growth Hacker” even though we have some pretty clear ideas and strategies about how to implement a few tweaks to drive our database growth quickly and efficiently in time for Christmas, and have hired a consultant who was the head of E -Commerce at Coast, and is currently a chief product strategist of Ebay.
We. Mean. Business.
Watch this space to find out how quickly one can get from 1K to 10K users, and the lessons we will learn, and share, along the way.