The customer journey map can provide insights into your audience, offering, and future as a company. But how can the customer journey map work for B2B audiences, especially in relation to a service…
We all see them. Those companies with products that seem to sell themselves… They have a secret sauce; something that’s going on that just makes their products so much more engaging than our own.
These companies make us jealously look at our own products and wonder “How?”
How do some products seem to take hold in the market and spread effortlessly, while others don’t? It’s a good question and one worth answering. Let’s take a moment to dig a little into the subject of product virality and impart some pertinent insights that will help you turn your products into viral sensations.
First off, there is a definite science behind product virality. It comes down to a few key points.
Let’s first explore the concept of the viral coefficient and what this means for virality.
A viral coefficient is a number that describes how many new users a company’s existing users are bringing to the company. It’s a KPI that allows companies to quantify, track, and control for activities that encourage product adoption and customer acquisition.
It’s calculated using the formula:
VC = R x CR
Where:
R = Average referrals per customer
CR = Average conversion rate of referrals
To make sense of this it pays to look at an example.
Let’s say we have a company that is looking to understand it’s viral co-efficient as part of its growth planning strategy.
The first thing they must do is find R.
Indoor cannabis growth requires a precise balance of environmental factors, including temperature, humidity, and light. However, arguably the most critical component of successful cannabis…
Passion means loving what you do (on most days). Passion means not dreading Monday every week. Passion means not living for the weekends. Statistically, most humans live work lives of quiet…
Jesus tells a story about a King who prepared a lavish banquet, only to experience the heartbreak of rejection. All the expected guests said no to his majesty’s request. He said, come and join the…