Quick Insights: How Lunchclub Leveraged Invite-Only Exclusivity for Growth?
$100 million valuations š
Created 1 million+ connection š¤Æ
This AI-driven match-making platform has made it possible for users to build a network that can benefit them in their pursuit of goals.
Launched in 2017 as an invite-only platform for in-person introductions, the company pivoted to video calls during the pandemic.
Although the world's leading professional social media platform, LinkedIn, has made it easy for people to build many professional connections.
But the quality of contacts made here often doesn't lead to mutually beneficial relationships.
Not to mention the no. of cold DMās both on Linkedin and Twitter go unreturned.
To fill that gap, Lunchclub leverages its AI algorithm to connect people with common personal goals & relationships.
While signing up, the platform asks about your background, professional goals, and what you are excited about.
Based on the user's data, every week matches you with the right person based on mutual goals and professional aspirations, setting up a meeting link for a 1:1 video meeting.
For example: If someone is looking for career advice, he will be matched with a mentor signed up n the platform.
Unlike other professional matchmaking platforms that require manual effort & time to find a relevant connection through swiping or searchingā¦
LunchClub algorithm automatically pairs you with a person each week without much effort.
Possibly, the algorithm would be learning from the userās profile data, meeting duration and the after-meeting feedback to improve the quality of connections.
With such fantastic product-led growth, I thought Lunchclub's growth strategy worth a quick analysis.
And after deep-diving I found the one primary thing that worked well for Lunchclub (after its AI algorithm) isĀ Invite-Only Exclusivity.
letās understand how š
1. The Cold Email āhackā
Out of nowhere, several folks on Linkedin/Twitter claimed they received a Cold email fromĀ Lunch club.
The goal of this cold email was straightforward: Asking the recipients to join the platform by skipping the waitlist.
Letās take a closer look at how this cold email is structured:
Strong opening line: Introduced Lunch club and clearly answers āfrom where they get to know about the person: i.e Linkedin. (A hint of flattery works each time :))
Builds credibility by curating the current press coverage.
Shares the clear benefit of being on the Lunch Club.
Asked the user to Signup.Ā
Not have much data on the impact of this acquisition strategy yet surely Lunchclub couldāve onboarded some % of users to try the product.
2. Building FOMO via Fireside chats
The more insiders are talking about Lunchclub, the more outsiders will want in.
Just like Clubhouse, LunchClub organized several Fireside chats with top-notch Founders, Marketers and Product experts exclusive to Lunch club users.
Based on the userās Lunch club profile and questions for the host, only a few selected users can join these panel discussions.
A Lot of Lunchclub users were talking about the Fireside chat experience on Twitter and LinkedIn. The result is people begging for a Lunchclub invite from their online network.
3. Gamifying referrals via Club points
Lunch club has a āclub pointsā model, where you can spend acquired points (gained from having meetings, referring friends, etc.) to further customize your meeting options such as choosing to meet someone with a specific speciality or having more than 3 meetings in a week.
That means you are engaging in something that has already undergone review by a person you know and trust.
A couple of years back, I invited my friends and community members to join Lunchclub via referral linkĀ (see image below)Ā and earned more than 100 Lunchclub points which helped me to have some insightful meetings with new people.
This reward system not only helps Lunchclub to acquire more users but encourages current users to join meetings via Lunch club.
Eventually, this referral hack will improve the product algorithm by weeding out those unlikely to find Lunchclub useful for them.
The combination of FOMO and the trust-friendly invites creates means youāre way more likely to take the action.
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Lunch club seems to be a great solution right now for networking especially after the impact of the pandemic effect, yet I feel that it would have a hard time retaining and monetizing users.
But unlike other Networking products that quickly lose usersā interest, Lunchclub users grow over time.
If you like what you read, please share this post within your company Slack or Whatsapp groups. It means a lot to me :)