Best growth hacking advices with Nate Barnwell
Awesome growth hacking tricks from Nathan Barnwell: Traditional marketers are skilled at understanding traditional products, but the internet has created a radical redefinition of the word product. For thousands of years a product has been a physical good, but now they are invisible bits and bytes in the form of software products. Products used to only be things like cars, shampoo, couches, and guns. Now Twitter is a product. Your online accounting software is a product. Things you can’t hold, per se, are products. This transition is most responsible for the new age of growth hackers. The internet has given the world a new kind of product, and it demands a new kind of thinking.
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.
Nate Barnwell growth hacking strategies: It might be a while before this particular approach can be employed again, but it’s effective enough to warrant a mention. Sometimes, adding a human element to your growth strategy can help set things in motion for your business. Prospects are often receptive to a personal approach — and there’s nothing more personal than immediate, face-to-face interactions. Putting boots on the ground and personally interfacing with potential customers can be a great way to get your business the traction it needs to get going. This could mean hosting or sponsoring events, attending conferences relevant to your space, hiring brand ambassadors, or any other way to directly and strategically reach out to your target demographic in person.
What is a growth marketer? Similar to “marketing managers” of the past, growth marketers know enough about paid search, paid social, CRO, user experience, email marketing, content marketing, and SEO to be dangerous. They’re more focused on strategy than execution, though; you will likely need someone more specialized to 10x the plans a growth marketer puts in place. A growth marketer is someone who runs constant, iterative tests throughout the funnel, and uses the results to craft data-driven strategy updates that lift key performance metrics. Think of them as a CMO-lite, or a modernized marketing manager. Growth marketers look like this T-shaped model of growth marketing skills. They are well-versed in a ton of topics, which is helpful for the entire organization, and go deep mostly in acquisition marketing and conversion-rate optimization.
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 more info on Nate 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.
