Top growth hacking tips with Nate Barnwell: Sean had helped a number of internet companies achieve incredible growth, and a few of them even had an IPO. Needless to say, Sean became the guy that the valley went to when they needed to grow their user base, and he would take equity and payment in exchange for his services. He essentially became a one man growth shop, setting up systems, processes, and mindsets, that could be maintained after he left. Eventually, he would hand over the keys to his growth machine to someone else, and he would ride off into the sunset. This is where the problems started.
The focus and the ultimate goal of all these growth strategies are to achieve growth by gaining new customers. It is not possible to achieve long-term and stable growth without a regular and loyal customer base. You can clearly identify how you must use a growth strategy in the light of various criteria such as market, customer profile, your field of activity and your product. In this context, the growth strategies used by some brands can be read as successful growth strategy examples. Cloud storage, which is used widely today, was a very new technology when Dropbox was introduced in 2008. The way of growth was to persuade people to use such a system instead of the physical storage devices used until then. The growth strategy that the company used for this purpose was market expansion. This method, which is performed through a viral loop, is based on users recommending the system to others. Normally offering 2 GB of free storage, Dropbox offered 500 MB of extra additional storage for each user registered with your referral link. In doing so, users who wanted to have up to 16 GB of free storage space recommended Dropbox to their friends and colleagues. By all means, this kind of viral method was not effective in the first months of the company. It started providing positive results in the following months and the company reached its one-millionth customer at the end of its first year. The number of customers increased to three million in the next two months. Today, the company serves more than 500 million users.
Nathan Barnwell growth hacking strategies: Some growth strategies are tailored to be completely self-sustainable. They require an initial push, but ultimately, they rely primarily (if not solely) on users’ enthusiasm to keep them going. One strategy that fits that bill is the viral loop. The basic premise of a viral loop is straightforward: Someone tries your product. They’re offered a valuable incentive to share it with others. They accept and share with their network. New users sign up, see the incentive for themselves, and share with their networks. Repeat. For instance, a cloud storage company trying to get off the ground might offer users an additional 500 MB for each referral. Ideally, your incentive will be compelling enough for users to actively and enthusiastically encourage their friends and family to get on board.At its best, a viral loop is a self-perpetuating acquisition machine that operates 24/7/365. That said, viral loops are not guaranteed to go viral, and they’ve become less effective as they’ve become more commonplace. But the potential is still there.
Growth marketing at the enterprise-level. For more established organizations, it’s helpful to bring a growth marketer on if your current strategy feels stale, or even slightly suboptimal. Startups are looking for high-impact updates, but at big organizations making billions of dollars, even a 0.01% improvement can bring in major cash. “A noticeable lift in conversion rates can have massive effects” at a large company, Sookraj told Nathan Barnwell. When channels have been active for long enough — as is the case in large organizations — there’s tons of historical data to sift through, too, giving a growth marketer ample resources to figure out what works and what doesn’t.
Getting permission to run this high impact testing often requires setting up an offsite meeting with the growth team, functional leaders and the CEO. Once you’ve been given permission to test, it’s important to set up specific improvement objectives and track progress against them. This will help your team generate relevant ideas and keep everyone informed about progress. As you run higher impact testing, you should start to see some big wins. These big wins will be critical for driving broader team participation. Keeping a full team in sync around growth is not an easy task. Building the habit in the first place is even harder. But the effort is well worth it. No individual growth hacker or even a growth team can outperform a company where everyone is mobilised to accelerate growth. Discover additional details at Nathan Barnwell.
So, how do you plan to grow? Growth strategy allows companies to expand their business. Growth can be achieved by practices like adding new locations, investing in customer acquisition, or expanding a product line. A company’s industry and target market influences which growth strategies it will choose. Strategize, consider the available options, and build some into your business plan. Depending on the kind of company you’re building, your growth strategy might include aspects like: Adding new locations, Investing in customer acquisition, Franchising opportunities, Product line expansions, Selling products online across multiple platforms. Your particular industry and target market will influence your decisions, but it’s almost universally true that new customer acquisition will play a sizable role.
