The secret to Envato’s success lies in the tactics it used to attract its first 100 users, co-founders Cyan and Collis Ta’eed say.The Melbourne-based entrepreneurs describe how they grew both sides of their two-sided digital marketplaces, as well as what they’d do differently if they had their time over again.To make sure the supply met the demand in the early stages, Envato paid designers to put their work on the platform.
“The first bits of content available was commissioned work, including lots we made ourselves,” Collis says.
“We then focused on finding people to buy that work and made sure to show sales counts and popular lists. This helped provide the proof that it was worth investing time into creation.”
Startups in this space should only look to expanding their customer bases when they know they have enough content, he says.
“For a marketplace for digital content, I think it’s a good idea to put the money into getting some content in,” he says.
After that, it’s all about finding the right audience for this content.
“I’d just constantly look to see how I could refine the kind of content and material to be more attuned to what people want to buy, and then returning to invest more in content that I think will sell,” Collis says.
“There’s no single action that goes from naught to 100 users but I think a general pattern of trying to narrow down systematically what’s the right kind of content to sell and who the right kind of people are to buy, plus finding cheap and simple ways to get in front of the buyers.” Continue reading…
Reference | Joseph Mucira