User acquisition & retention consulting project for an Event Ticketing startup
Utilizing network effects for growth of two-sided marketplace
Background and challenge
Our client offers an event ticketing SaaS for business clients that allows seamless creation of event pages and ticket sales. App Marketing Minds (AMM) were approached to develop a sales approach that would enable our client to generate demand on both sides of the two-sided market place. That is, to attract the businesses to sell tickets, and also customers to visit the marketplace and search for events. Starting from square one, businesses operating in two-sided market places often face the “chicken or the egg” problem – which side of the market to attract first. The goal of this project was develop a growth strategy with detailed plan of execution.
Recommendations and results
AMM developed sales strategy and also a blueprint for tactical implementation. In terms of strategy, AMM built on a framework that utilized network effects. Meaning, the product gains more value as more people use it. In practical terms, more event-goers will use the product if more events are on offer, and more businesses will publish their event and/or use the product for creating events if the product has a base of users that are ready to purachse.
We focused on 5 elements to achieve network effects.
- Product value: How to communicate the product value to both sides of the market
- Aligning market messaging and ICPs’ buyer questions
- Growth tactics: How to grow efficiently within the shortest time frame
- Segment and prioritize the market according to different verticals
- Building demand before supply
- Attracting the “hard-to-get” side of the market (businesses) by reduced fees to publish their events through direct marketing initiatives and content marketing
- Attracting attendees by utilizing PPC to gain initial traction
- Critical mass: How to activate and leverage existing user base for attracting more users and customers
- Financial incentives
- Viral campaigns
- Product development tweaks to encourage sharing
- Engagement trigger: how to build an engaged audience
- Encourage in-app engagement and event engagement through reducing friction and increasing value/motivation
- Utilize social components, such as event galleries, social media integration to create personal connections
All the above approaches were supported by detailed sales execution plans, time frames and milestones, just as hiring guidelines. As a result, our client received a personalized growth strategy that could be executed in-house with their team.
” Highly Recommended ”
Exactly the support I needed. Strategy for initial customer acquisition was detailed. Went above and beyond with creating the sales strategy and setting up a game plan for my SaaS business. Highly recommended
Frank Avila, Founder