Where is my network effect?
Every time I read about growth, the term "network effect" is always mentioned.
I know what it means and it makes total sense to me that if I can implement the network effect into my product, it might be a game-changer.
(I run a SaaS for packaging designers and print houses)
However, I can't find it. Did you manage to create it? How? Any advice?
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To achieve a network effect your product needs to provide more value to individual users as the number of users increases. It doesn't necessarily apply to all products. With a SaaS if there's some way for your users to contribute to a common knowledge base or to help each other that might work, or maybe there's some way your product could be self improving the more use it gets? (eg like Machine Learning based products).
One way to artificially create a network effect in a SaaS product is through referrals. So if someone can get a friend on board then both of them get a discount, and if they can get more friends then more, so on.
But first, they need to see real value in the product. And you need to work out the price levels you are comfortable with.
gotta start with a great product first, that people really, really want. start there. the network effect is an outcome of a great product.