The Field of Dreams Fallacy: Why Building a Great Product Isn't Enough?
The Field of Dreams Fallacy: A Misconception in Business Growth
When it comes to growth, many businesses fall victim to the Field of Dreams fallacy – the belief that all that's needed is to build a standout product, and "they [the customers] will come." However, this belief can be dangerous for businesses, as it assumes that customer acquisition will happen naturally. In reality, driving growth requires effort and strategy.
Dropbox: Identifying the Potential for Growth
Dropbox faced this challenge when it realized that a full third of its users were coming from referrals, but it wasn't coming close to its potential for signing up new customers. This indicated that there was enormous potential for growth, and the next challenge was to figure out how to tap into it. The company decided to experiment with finding alternate ways to ignite growth beyond paid ads.
Harnessing Word of Mouth: Dropbox’s Strategy for Growth
To do this, the team at Dropbox delved into its user data and made a key disc…
Keep reading with a 7-day free trial
Subscribe to PLG with Rishi 🦄 to keep reading this post and get 7 days of free access to the full post archives.