How Quick Will Your Startup Grow?
The pace at which your startup will grow can be assessed through the innovation diffusion rate. In other words, how long it takes for an innovation to be used by the majority of customers in its defined market. And this is what I believe growth hacking is trying to crack.
30 years after Rogers, G. Moore added what he calls “the chasm” - see graph -which is basically the step from which a niche product starts being used by a majority, also called take-off. This happens if the following 5 intrinsic attributes of innovation are aligned:
Relative Advantage: How much better is aproduct or service from what the alternative was before. Ex: email vs post.
Visibility: People adopt a product or service when they can see others adopt it. Ex: I can see others using a car but the email is not very visible.
Trialability: How much cost, time and effort is needed to try a product or service. Ex: trying a car is more difficult than trying to email.
Simplicity: When you see someone using a product or service, how obvious is it for others to understand how it works? The simpler to understand the faster it will take off.
Compatibility: If you adopt a product or service what do you have to change in your life in order for it to work. Ex: for the car, I need a license, a parking space, I need to fuel it, an insurance...
So whether you’re already on the startup journey or just getting started, I’d highly suggest you to try the honest exercise of assessing your project based on these 5 parameters. It will give you a good idea of the obstacles hindering your startup to go all the way to full adoption and on which parameters you should work on to ensure the quickest adoption.