Premium growth hacking tips from Nathan Barnwell: Growth hacking is an interesting trend that gives us glimpses into the future of internet based companies. There has often been a barrier between the product team, and those responsible for acquiring users for the product. The coders build. The marketers push. It seemed to work for a while that way. Now, those in charge of growth are having to learn what an API is, and those in charge of programming are having to think about the customer experience within the product. Worlds are colliding.
There are four classical methods called growth strategies. In addition to these four strategies, there are also different growth strategies that can be implemented according to the structures of companies by diversifying them. But basically, all growth strategies emerge and are shaped by these four classical methods. One or more of these may be used together. These are: Product Development Activities such as producing new products and increasing the existing product range with improvements and developments. Market Penetration: The main approach here is customer acquisition. It includes strategies such as product price reductions, product grouping for specific customer profiles, advertising activities. Market Development: It is carried out with approaches such as opening offices and branches in different locations, selling through different online channels and giving dealerships. Diversification: Diversification can be made by starting to operate in a completely different and a new market than your current market by introducing brand new products.
Nate Barnwell growth hacking strategies: Instead of needing as many leads as possible at the top, a viral loop funnel requires just one satisfied user to share with others. As long as every referral results in at least 1.1 new users, the system continues growing. The milestone referral model is similar to the viral loop in that it relies on incentives to kickstart and sustain it. But milestone referrals add a more intricate, progressive element to the process. Companies that leverage viral loops generally offer a flat, consistent offer for individual referrals — businesses that use milestone referrals offer rewards for hitting specific benchmarks. In many cases, “milestones” are metrics like number of referred friends. For example, a business might include different or increasingly enticing incentives that come with one, five, and 10 referrals as opposed to a fixed incentive for each individual referral. A company will often leverage this strategy to encourage users to bring on a volume of friends and family that suits its specific business goals. The strategy also adds an engaging element to the referral process. When done right, milestone referrals are simple to share with relatively straightforward objectives and enticing, tangible products as rewards.
The term “growth marketing” has marketers rolling their eyes — and hiring managers hungry for their next great growth hire. Here is what it means, why it matters, and why you might need a growth marketer (or be one!). Imagine you had a marketer on your team who could look at every element of your strategy — from media buying to creative execution — and implement quick, data-driven tweaks, like reducing ad frequency and increasing creative variation, to win you new customers and maintain those you already have. That’s what growth marketers can do — and if it sounds good to you, you’re not alone. Interest in growth marketers has been growing since 2011, according to Google Trends.
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. See even more info at Nathan Barnwell.
Once you’ve determined what you’re growing and why you’re growing, the next step is to determine how much you’ll be growing. These goals should be based on your endgame aspirations of where you ideally want your organization to be, but they should also be achievable and realistic – which is why setting a goal based on industry research is so valuable. Lastly, take the steps to quantify your goals in terms of metrics and timeline. Aiming to “grow sales by 30% quarter-over-quarter for the next three years” is much clearer than “increasing sales.” Next, outline how you’ll achieve your growth goals with a detailed growth strategy. Again – we suggest writing out a detailed growth strategy plan to gain the understanding and buy-in of your team.