Kristian Gundersen, Product Management and Growth Marketing, Graduateland
May 10, 2017 – Risk may be an unavoidable part of doing business, but there are ways to be smart about which risks you take – and when you take them. Because wouldn’t you rather test things out a bit, before you put all of your eggs in just one basket?
Kristian Gundersen has taken a very systematic approach to taking and assessing risks in the early stage of a project – instead of later, when money and hours have been invested.
Case in point: Graduateland wanted to find out if they could monetize the 30,000 monthly signups on their website.
They collected 31 ideas in a brainstorm and then threw away most of them by writing them down and examining each idea through a variety of factors such as customer need, potential market size and competition.
When there were four ideas left they tested them. Thats right – they only had ideas, no product.
They made brief marketing emails outlining the four ideas and sent each to 1,000 users. The idea being that if these quickly-made emails could not capture the attention of the users, the idea would not work.
But one of the emails did work, and quite a lot of recipients clicked the link in the email, which directed them to a landing page, where users could sign up for more information, once it was available.
One of the 31 ideas made the cut – take a look at the video to see the extensive process how the final idea was found.