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How to Get a 1 MILLION+ CUSTOMERS Before You Have a Product

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The 10 Minute MBA, is a no-fluff daily podcast that teaches you practical business lessons you can use to grow your business immediately.

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Welcome to the ten minute MBA, where we break down actionable, no fluff business tips you can use tomorrow every single day. I'm your host, Scott Declari, and today I'm going to teach you how to get a million plus customers before you even have a product. And this may seem a little bit superfluous, it may seem a little bit Scott is full of it and there's no way I can get a million customers without a product. But we're going to break down the viral growth take to market strategy that Robin Hood, if you've ever heard of the Investment Platform Fintech giant Robin Hood, that just ipoed recently. I'm going to walk you through their strategy that they used to get over a million customers before they even launched a product. And they did it for a software platform, a SASS platform. But you can use it. You can use these strategies and these tools in these insights for any product you're...

...launching. And I want to put this out because the way that they did it was very cheap, very cost effective and requires very little technical or coding skill. So let's get right into it. Is it no fluff? So three tools or ideas or ways that Robin Hood took their product to market and got a million plus customers. So number one, they used Fomo fear of missing out. So before they even had a viable product, Robin Hood allowed its users, and potential users rather, to sign up for an invitation only private Beta. That means that they built a landing page, a website and they asked people to sign up for a product, the private Beta. At the time the product wasn't even created and finished yet. So you were literally just getting customers to sign up for an email list at a website. They had a form, the captured emails. That's it actually wasn't even a website, it was a landing page and they pushed some massive PR campaign around the private Beta because they structured it in a way that it would allow you to...

...think that you were getting in ahead of everybody else and you would have extra, added advantage for getting into this product before everyone else got into the product. And that's what they pushed. And because they created pomo around this private Beta that you were signing up for, tons of news outlets picked it up. So this brought them hundreds of thousands of customers the private Beta. The Revolutionary Fintech tool that was going to democratize investment and allow everyone in their home to invest in stock market, something that was traditionally something that you had to go into a bank for. This was a private Beta that they were going to give you access to. They used a PR campaign and they pushed it out. It was picked up by several news outlets and then that brought them hundreds of thousands, if not, I don't have exact numbers because it's not public, but hundreds of thousands, if not over a million, emails of customers wanting to use this because they wanted that initial access. They wanted to...

...try something that they knew nobody else had access to yet. And if you actually want some practical tools for setting this up with the private Beta is a landing page. So you can use wordpress, you can use wicks, you can use literally any website builder and a form. So if you have a website builder, there's forms that you can actually put on a landing page with almost any website builder. And if you want to use a more advanced email capture tool, you can build a landing page and then you can go to mail chimp or you can go to Sendoso or if you're using HUF spot, you can actually build a website and a landing page and have spot or in Zoho and use their in house email capture tools to capture email regardless. There's a million in one ways to create a landing page and capture emails with a website form or an email form rather. So now you have your website in your email form. Now you have to run a PR campaign. That's literally all they did. And if you want to run a PR campaign you can use newswire or press hunt, dot ioh or Presley PR's at loy you Google...

...any of those options, you will have relatively cheap pr options to run PR campaigns to reach hundreds and thousands of people. And if you run a proper PR campaign and you have a convincing offer and you combine Pomo, then people are going to sign up. There's no cost, the barrier to entry is low and people want to get in on the ground floor of this new revolutionary tech or product or service. All of a sudden you have optimized the Phonemo, you have optimized the pre product invitation. That will allow people to sign up and if it really is a convincing offer and something that is exciting for potential customers. It will get picked up by various PR outlets because pr they what resonates with a PR firm is the exact same thing as what resonates with a customer. It's something new and exciting and if there's a little bit of phomo around it or a private or exclusivity Piero pick that up as well. The second thing that Robin Hood did the game of FID the on boarding. So Robin Hood actually created a referral based on boarding process that offered rewards and...

...prizes for joining the private Beta. So now, after you've put in your email address for this private Beta, you would be notified of how many people were in quote unquote line ahead of you. So they were put on a waiting list and once on the waiting list they got viral sharing options that allowed them to increase or move their place up in the line or the waiting list by sharing a link, by tweeting, by emailing. So they basically launched a pre product affiliate program that would game of fi or allow you to get priority access by referring your friends, and the more friends or peers that joined, the sooner you'd get access because you could actually see your spot in the waiting list move up. And then you're going to you're going to say, Scott, I don't know how to quote something like that. Well, you don't have to, because there's tools that do it for, if I'm not mistaken, between twenty and forty dollars a month. So one tool that I've used for this is called prefinery. So if you go to prefinerycom. You don't want to code it yourself, that's fine. There's a lot of other...

...tools. I would also just recommend you google waiting list, viral launch, affiliate program and you're probably going to get like twenty tools that do this. So second step was this gamification and referral based on boarding process. This led to exponential growth, numbering in the millions before the product even went live. And then, lastly, the most important piece in all of this is the simplicity of the onboarding and the sign up. So we spoke about the fact that they had this landing page with a form and then they had this viral referral based on boarding, but none of that would have mattered if the actual onboarding, the actions that the potential customer takes the second they get to your landing page is not as simple as possible and many companies over complicates sign up. Many company companies put too much text or too much copy on a landing page. The Robin Hood Landing Page that it was sending everybody to was a...

...picture of somebody on a phone using probably a mock up of their APP, as well as the words, quote unquote, Robin Hood, Zero Dollar Commission Stock Trading, stop paying up to ten dollars for every trade, and then below that, at sentence, there was a blank box where it said enter email address, and then there was a button that said get early access, and that's all there was. There was nothing else. They removed anything superfluous, anything complicated, and they made the CTA or call to action as straightforward as possible. The only option, the only thing that you could do on that landing page was to opt in to get early access, and Robin Hood has always been focused on making things as simple as possible for the users. That's literally the reason why they are a company. It's to make stock trading and purchasing as simple as possible and it only made sense that they're onboarding fell in line with that prerogative. So let's take some notes. virality achieved through...

Gamification Fomo, adding on simplicity, equals over a million customers before they even had a product, and then fast forward to today, it equals a billion dollar IPO. So take those three things when you're taking a product to market, the Fomo that referrals, or gamification and the simplicity and launch your product before you have one so that you have customers day one. This has been another ten minute MBA. I'm your host, Scott Declare. Have a great day. We'll see it tomorrow. Great.

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