Nicki Friis, a founder of 3 startups & the CEO of NICQI, helps startups to scale better with his unique blend of user psychology, quantitative and qualitative modeling, acquisition, virality, retention, engagement, and monetization strategies. With an experience that spans more than a decade in growth, Nicki continues to guide businesses to grow in multiple industries and markets by building growth strategies.
Listen to the full podcast here:
Time-Stamped Show Notes:
[03:28] What do you do and how do you help companies?
[09:11] Is there any indicator that clearly shows there is a product-market fit?
[13:42] How do I choose a channel that is a good fit for my company?
[20:16] How do I know that there is an opportunity in this channel?
[35:38] What is the ideal sample size you would suggest?
Question: What do you do and how do you help companies?
Nicki: I help digital platform companies. They have a digital business model of any kind. It could be SaaS companies, social platforms, e-commerce subscription businesses and what I help them with is, basically finding out where their growth constraints currently are. I mean what is currently limiting their growth, why aren’t they scaling as fast as they could?
Question: Is there any indicator that clearly shows there is a product-market fit?
Nicki: So a clear indicator if you have a product-market fit or not, is looking at your retention curve. And what I mean by that, let’s say you have 1000 users over a period of time, how many of these thousand users are still using your product? And what needs to happen is that, let’s say, over a period of three months. You need your retention curve to flatten at some point,
Question: How do I choose a channel that is a good fit for my company?
Nicki: Your acquisition channels are the challenge that feeds traffic into your product when you feed traffic into your product. You also need that specific traffic to work as an acquisition channel itself. So your product can also be an acquisition channel.
Question: How do I know that there is an opportunity in this channel?
Nicki: I would figure out there are certain parameters that you want to, you can say, analyze the different channels across. So one of them is cost and the other one is control.
Question: What is the ideal sample size you would suggest?
Nicki: It really depends on your industry and the number of users you have.