Mike Hudack
speaker
274 appearances
2 recordings
2 series
first heard Sep 2024
last heard Dec 2024
Mike Hudack’s voice in public audio — every appearance, attributed to the second.
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Appearances
show that they enjoy it in ways that cannot be lied about meaning they're spending time they're moving money with it they're you know talking to their friends with it whatever your thing is listening to music with it then it wasn't good if you build it they will come agree no you need to have distribution for sure but it's not a good product if you don't but if i push back i agree with you totally but if i say we create the most delightful banking experience yeah truly delightful do people not share that do people not tell their friends
yeah i think they do so i i think that maybe what you're getting at is there are different strategies for distribution so we had this conversation at the office this morning we had a marketing meeting this morning we're about to remove wait lists we're about to really launch sling and we had a conversation about whether we should do paid marketing or not we have some people who are already using the product and returning and using it a lot and and giving us great feedback and we had a long conversation about whether or not
Our strategy in the short term should be a bunch of paid marketing or whether or not it should be, you know, viral growth and just encouraging people to tell their friends. And, you know, I think we're going to do viral growth to start with, because to your point, if it is really great, people will tell their friends and they will tell each other. We may have to encourage them to do that.
We may have to help them to do that in various ways.
100%. I'd rather spend the money on users than spend the money on some other company.
Yeah, I see that a lot where people are like, well, we're building a thing and, you know, it's going to be useful to a lot of people. And they're not really tight about describing their initial target market. There's a laziness in that. It's okay to have a really broad initial target market if your value proposition and the motion that you want users to conduct is universal and super clear.
Like if you're saying... Well, I don't know.
I half agree with you. So I admire WhatsApp so much. When Facebook bought WhatsApp, I think 99% of people in Spain had WhatsApp. It was some of the most incredible market penetration. It was a global product. It was just texting. Everybody needs to text. And it had kind of two growth mechanisms. One was international texting was shitty and expensive.
And so if you texted a lot internationally, your phone bill was really high and WhatsApp fixed that for you. And then there were certain countries where the telcos were really greedy, where they would charge a lot for domestic text message.
And so, of course, what happened was people who were experiencing that particular pain point then got WhatsApp and spread it virally with other people who experienced that pain point. And then something really magical happens because it's an innately social product.
At some point, people who aren't even experiencing that pain point both realize that they have WhatsApp and that they can consolidate on a single network for texting. And something magical happens, like the network completes. And the value of a social network is the square of the participants, right?
This comes from telephones, like the value of the telephone network was the square of the number of people who had telephones.
Coming back to your original point about ICPs, I think you do have to find small communities that you cozy up to and you develop deep relationships with and you find sparks of success and then you double down and triple down on them and then you spread virally out from there.
Man, it was such an unbelievably different environment. You know, I've now done social media, advertising, online video, food delivery, a regulated bank, and now Stablecoins. And they're all dramatically different. And I think that the most striking difference with Deliveroo compared to Facebook, both are fast-paced.
But Deliveroo plays a game every day from breakfast to dinner, which doesn't stop. Every order is being delivered in real time. It's either on time or not. You either have enough riders to deliver on time or not. It's either raining or it's not. It's Sunday night and everybody's starving. The restaurant is overrun by riders standing outside waiting for the food to be cooked.
And then at the end of the day, you look at how many orders you did and whether or not you grew from the day before. It is a real-time, unbelievable exercise in logistics, but also just physical movement, which leads to a dramatically different culture and way of working and way of building software than you get when you're building a... Does that impact your way of building product? It can't not.
So how does it then? Well, you ship things quicker. You test more. Facebook. I mean, Facebook ships unbelievably quickly, or at least I assume it still does. I mean, when I was there, I mean, the pace of shipping was just unreal. I'm not sure that Deliveroo or I assume, you know, Uber is like this or DoorDash, you know, I think it's more. that there's more a feeling of urgency.
At Facebook, you may ship really quickly because you believe that shipping really quickly is the best way to make the graph go up.
At a real-time logistics company, which is moving food for people who get cranky if it doesn't arrive in 32 minutes, you're shipping in real time in order to ensure that you're fulfilling your brand promise in just a fundamentally different way than if you're doing social media or anything like that.
Yeah.
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