Finance for Humans Product Strategy: Leveraging Insights from "Cold Start"

Author : Sanjay phs

Tags: Blogs, Planning

Introduction:

In the quest to build Finance for Humans as a thriving network, we can draw valuable insights from Andrew Chen's book "Cold Start" that explores strategies and challenges associated with building new networks from scratch. By focusing on critical mass, supply and demand balance, a crawl-walk-run approach, leveraging existing networks, continuous iteration, and establishing trust and reputation, we can lay a strong foundation for Finance for Humans' success. This in-depth product document will further explore these concepts and provide actionable ideas for implementation.

 

  1. Power of Critical Mass:

To create a vibrant network, we need to achieve a critical mass of users. While the specific number of users required may vary, aiming for an initial user base of at least a few thousand users could provide a solid foundation for Finance for Humans. By strategically targeting early adopters, leveraging social media, referrals, and other marketing channels, we can drive user growth and establish a thriving ecosystem. 

= 1000 users In 1 month sep to Oct

 

  1. Solving the Deal Providers and Deal Takers Challenge:

To foster participation, it's crucial to attract both deal providers and deal takers. Encouraging deal providers to offer enticing rewards or incentives can attract users to engage in deals and improve their financial habits. Building partnerships with companies or organizations willing to provide rewards can help jumpstart the network. Simultaneously, highlighting the benefits of participating in deals, such as personal growth, financial improvement, and community building, can motivate users to take on deals and explore the platform.

= get college students into it quickly 

= Add an AI judge into as well if need be ?

 

  1. Balancing Supply and Demand:

Achieving a balance between supply (deal providers) and demand (deal takers) is key to ensuring a vibrant ecosystem. Initially, it may be necessary to focus on building a strong user base of deal takers to stimulate demand. As user engagement increases, attracting and onboarding deal providers becomes more feasible. Employing targeted marketing strategies and incentives for early deal providers can help attract and retain a diverse range of offers on the platform and cater to different user needs.

= hope to get parents into the mix

= figure out ways to get schools and colleges into it ? with homework ?

 

  1. Crawl-Walk-Run Approach:

Starting with habit-building and personal finance improvement is an effective crawl-walk-run approach. By focusing on small and achievable goals, such as building healthy spending habits, saving for goals, and managing expenses, users can establish a strong foundation for their financial well-being. As users become comfortable with the platform and gain confidence in their financial abilities, Finance for Humans can gradually introduce more complex contract types, like land transactions or loan agreements.

= only start with habits

= get into other contracts ?

 

  1. Leveraging Existing Networks:

To accelerate growth, Finance for Humans can leverage existing networks like WhatsApp, YouTube Shorts, and other popular platforms. Creating awareness about the app, sharing success stories, and offering incentives for user referrals can help tap into these existing networks and reach a broader audience. Integrating features that allow users to share their achievements or invite others to join can also drive organic growth and expand the user base.

= Use whatsapp to send messages and referrals ?

= Use Instagram Shorts and more to try and see if people would use it ?

 

  1. Continuous Iteration and Fast Moving Velocity:

To ensure product-market fit and meet evolving user needs, Finance for Humans should prioritize continuous iteration and adaptability. Incorporating user feedback, conducting user testing, and collecting data on user behavior can help identify areas for improvement and facilitate rapid iterations. Regular updates, bug fixes, and feature enhancements are essential to keep users engaged and satisfied.

= ship regularly everyday in fact 

= accelerate to a state where you can start shipping daily 

 

  1. Establishing Trust and Reputation:

Trust and reputation are fundamental in fostering a healthy network. Finance for Humans can establish clear guidelines and policies to ensure transparency, security, and ethical practices within the platform. Implementing user verification processes, user ratings, and reviews can build trust among users. Providing proactive customer support and handling disputes promptly further strengthens the platform's reputation as a reliable and trustworthy financial network.

= get a list of A name investors on On board

 

Conclusion:

By leveraging insights from "Cold Start," Finance for Humans can embark on a successful journey in building a thriving network. With a focus on critical mass, supply and demand balance, a crawl-walk-run approach, leveraging existing networks, continuous iteration, and cultivating trust and reputation, the platform can empower users to improve their financial habits, engage in deals, and build a strong and accountable financial network. Emphasizing habit-building and personal finance improvement as a starting point, Finance for Humans can gradually expand its offerings and establish itself as a trusted platform for various financial transactions and contracts, ultimately fostering financial growth and inclusion for individuals worldwide.