Building a waiting list for a minimum viable product (MVP) launch is a highly effective strategy that many successful startups use to create initial buzz, validate interest, and jumpstart their user base. However, there isn't much specific quantifiable data available about the effectiveness of waiting lists because it varies based on numerous factors such as the product, market, audience, and how well the waiting list campaign is executed.

Million Labs is changing this by collecting waiting list data from all our startups, the early data suggests that having a waiting list gives a startup a much higher success of MVP launch and initial traction.

Even without empirical data there are numerous anecdotal examples of startups that have effectively used this strategy. For instance, Mailchimp used a waiting list to validate demand before launching its new product, Google used a waiting list and an invite-only system when it first launched Gmail, and Dropbox used a waiting list combined with a referral program to boost its user base.

Here are some recommendations for building an effective waiting list:

1. Create an Attractive Landing Page

The landing page is where you'll collect email addresses, so it needs to be engaging. It should explain your product and its benefits clearly and succinctly. Make it easy for visitors to sign up, with a simple form and a clear call to action. Use our Smart Landing Page service to create your landing page.

2. Offer Incentives

Give people a reason to join your waiting list. This could be early access to your product, exclusive features, discounts, or even merchandise. The better the incentive, the more sign-ups you're likely to get.

3. Leverage Social Proof

People are more likely to join your waiting list if they see that others are excited about your product too. Feature testimonials, endorsements, or the number of people already on the waiting list, if that number is impressive.

4. Use Social Media and Content Marketing

Promote your waiting list on social media and through content marketing. This will help you reach a wider audience. You could create blog posts, videos, or infographics that provide value to your audience while also promoting your waiting list.

5. Implement a Referral Program

A referral program can help your waiting list grow exponentially. Offer incentives for people to refer their friends, such as moving up in the queue or getting extra features.

6. Regularly Communicate with Your Waiting List

Once people join your waiting list, keep them interested by sending regular updates. This could be news about your product, helpful content, or simply a countdown to launch.

7. Use Paid Advertising

If you have the budget, consider using paid advertising to promote your waiting list. Target ads to your ideal customers to ensure you're attracting quality leads.

8. Test and Optimize

Try different strategies, track your results, and tweak your approach based on what works best. This could involve testing different landing page designs, incentives, or promotional strategies.

What does Success look like?

Building a waiting list is a powerful way to validate your product idea, generate buzz, and acquire early users. By following these steps, you can maximize the effectiveness of your waiting list and set your startup up for success.

For a startup selling Business to Business (B2B) then a 100 potential customers on the waiting list is good. For a startup selling to consumer (B2C) then a 1000 potential customers on the waiting list is good.