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Guest post by HowAboutWe cofounder on lessons learned from trying to grow a new dating product. Eventually acquired by IAC.
Like anything that appears on Andrew Chen’s blog, this is a great article. I like his emphasis that building a product that people love is the most important growth determinant. I also like his emphasis on the role that conversion rate and LTV optimization play in increasing the likelihood of scaling paid channels.
The only thing really lacking in the article is that there isn’t enough emphasis that each growth situation is different. Using the dating category as his case study, the author seems to make some broad conclusions about growth in general.
I spent some time working in this category with the SpeedDate team a few years ago. Compared to some of my earlier roles (Dropbox, LogMeIn, Eventbrite) the dating category has some unique advantages and disadvantages when it comes to driving growth. On the advantage side, you’re marketing into strong intent that can be impulsively triggered. The need for companionship (whether marriage or just sex) is a strong one. On the disadvantage side, if you successfully deliver love, you eliminate that person’s need for your service. Strong customer retention makes it a lot easier to grow most businesses. I believe that Tinder is successful because it’s been more about finding sex than love.
But on the whole, I highly recommend reading this article. He makes a ton of great points that will help you better understand growth - particularly around "PainMath" assumptions.
Thoroughly enjoyed this article! Wow!
Very well-written. Definitely liked how Aaron wrapped it up.
Thanks for this @andrewchen!
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