Explosive Growth

Cliff Lerner

Explosive Growth

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20min

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Explosive growth summarises the lessons which the author learned during the years that lead to the exponential growth of his startup; increasing its value tenfold, from one day to the next. According to Cliff Lerner, the three magic ingredients that enabled his success were: testing every idea and gathering real time data, constantly improving the product and using viral marketing techniques. The rise of Snap Interactive was full of challenges, slip ups, problems to be solved, and important decisions to be made, all the while, keeping the focus on continuous innovation.

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Analysis and key concepts

01.

Making an existing service ten times better

02.

Launch phase: don’t underestimate start-up capital and prepare for the worst

03.

Choosing the road less travelled to be faster than the competition

04.

Remember that the more a product is used, the more it is worth

05.

Every product needs to be a purple cow: to stand out from the others

06.

Deciding to bet everything on a new type of platform with the potential to revolutionise the web

07.

Tests and data analysis are essential to get to know your users better

08.

A startup needs to grow quickly to stay strong in the market

09.

You cannot charge for a service that has always been free, it is better to add a new function that you can charge for

10.

Do something that no one else is doing, do it well, and at the right time

11.

Only hire people that you would have a drink with: the importance of staff selection in company culture

12.

Read a lot to be good at problem solving and always remember to ask the experts

13.

Create a vision and a mission: engage and motivate all co-workers

14.

Use big data combined with storytelling

15.

Changing the perception that users have of a product could help to increase your success

16.

Having a team dedicated to developing innovative products

17.

Recognising when it is time to change for the good of the company

18.

Quotes

19.

Take-home message

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Many useful tips to:

  • Realise exactly how much work and planning goes into the success of a startup.
  • Understand the importance of selling the benefits of a product, and not its functions.
  • Learn to plan for the worst case scenario, to be ready for a crisis and possible hard times.

Cliff Lerner is a manager who left a promising career as a Wall Street analyst to launch an online dating startup, Snap Interactive. His company (which created one of the first apps for Facebook), experienced exponential growth (of more than 4000%), in just 5 years, exceeding 100 million users. Cliff Lerner lives in New York, and is always on the lookout for new entrepreneurial adventures.

Publishing house:

Clifford Ventures Corporation

Year:

2017

Pages:

306

ISBN:

978-1619617698