Working on the growth strategy for an app. Consumers will be able to earn money from the app and companies will benefit from consumer data. How do you build both audiences (or do you build one first) such that users or companies aren't immediately frustrated with the app's growth timeline?
Lots of moving pieces to that question Greg, but in terms of audiences I'd just think of it this way - do consumers care if there are also companies benefitting from the data? As in, does it solve their needs? I would imagine not.
Conversely, I'm assuming companies want the data coming from the users, so if there are low users, companies won't find much value.
So sounds like the course of action is to focus on getting consumers, build up that database and then work on monetizing that database.
Trouble is, the consumers can't earn money off the app until the companies are there. And the companies won't be there until there's a lot of consumers. It's a real chicken/egg problem.
I do agree, that instinctually I want to grow the consumer base first. But who would download an app without any function? It's functionless until both parties are there.
But even growing them simultaneously seems tough.
Have been contemplating having a "hold over" feature of some kind that potentially adds value for consumers while the consumer base is growing, but not sure what.
More details on the app will be needed so as to fully answer this. but to me it looks like there is no app without consumers. what ever you decide on should be consumer focused. how about you convince a few companies to make use of the app on a trial base so as to gain more response from consumers that meaning you will have to compensate the consumers your self. you got to make sacrifices anyways