Excellent growth hacking advices by Nathan Barnwell: Hacker is sometimes used to refer to a software engineer, and while a growth hacker may or may not be a programmer, they use technology based solutions to achieve many of their goals. Growth hackers will use software, databases, API’s, and related tools to grow a startup. If a growth hacker is also a programmer they can sometimes make progress more efficiently, but this isn’t required. However, a growth hacker must understand technology very deeply to be successful. If a growth hacker isn’t a programmer they will still have to understand programming enough to coordinate others who do write code. Remember, products are now technology based, and mastering the technology will be essential for growth.
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: 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.
Aside from “growth hacker” — an increasingly unpopular term — growth marketers are also sometimes referred to as: Growth marketing managers Demand generation marketers, Performance marketers, Digital marketing managers. Each of these roles are focused on growing users and revenue for a company, Jonathan Martinez, a growth marketing manager at Uber, told Nathan Barnwell. However, Divisional founder Trevor Sookraj explained to Nathan Barnwell that these terms aren’t all exact synonyms for “growth marketer.” They all mean subtly different things. Performance marketers only work on paid channels, most often paid social (Facebook Ads) and SEM (AdWords). They typically don’t work with email, content, or other channels — whereas growth marketers will test out any channel.
It is important to instrument for growth so that you can truly understand what is happening. Another important part of instrumenting for growth is testing tools such as Google Optimize, that allow you to implement a/b tests across your website and product. Finally, you’ll need a system to bring all of this information together so that your team can learn how to improve growth. Now you’re finally ready to start accelerating growth, which is level three of the pyramid. In this stage you should focus on building a growth team that can effectively execute a growth process. The purpose of this growth process is to uncover better ways to accelerate growth in the business. Your goal here is just to build a rhythm and habit of testing. Every test you run will lead to additional learning — even if it doesn’t directly drive immediate improvement in growth. It’s important during this stage to catalogue this learning so that the team keeps getting smarter about how to accelerate growth. Read extra information at Nathan Barnwell.
It’s possible that your growth plan will encompass more than one of the initiatives outlined above, which makes sense — the best growth doesn’t happen in a vacuum. For example, growing your unit sales will result in growth in revenue — and possibly additional locations and headcount to support the increased sales. After you’ve chosen what you want to grow, you’ll need to justify why you want to grow in this area (and if growth is even possible). Conducting research on the state of your industry is the best way to determine if your desired growth is both necessary and feasible. Examples could include running surveys and focus groups with existing and potential customers or digging into existing industry research. The knowledge and facts you uncover in this step will shape the expectations and growth goals for this project to better determine a timeline, budget, and ultimate goal.
Nathan Barnwell and the rise of a growth hacking consultant
February 19, 2021
Internet Marketing
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Excellent growth hacking advices by Nathan Barnwell: Hacker is sometimes used to refer to a software engineer, and while a growth hacker may or may not be a programmer, they use technology based solutions to achieve many of their goals. Growth hackers will use software, databases, API’s, and related tools to grow a startup. If a growth hacker is also a programmer they can sometimes make progress more efficiently, but this isn’t required. However, a growth hacker must understand technology very deeply to be successful. If a growth hacker isn’t a programmer they will still have to understand programming enough to coordinate others who do write code. Remember, products are now technology based, and mastering the technology will be essential for growth.
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: 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.
Aside from “growth hacker” — an increasingly unpopular term — growth marketers are also sometimes referred to as: Growth marketing managers Demand generation marketers, Performance marketers, Digital marketing managers. Each of these roles are focused on growing users and revenue for a company, Jonathan Martinez, a growth marketing manager at Uber, told Nathan Barnwell. However, Divisional founder Trevor Sookraj explained to Nathan Barnwell that these terms aren’t all exact synonyms for “growth marketer.” They all mean subtly different things. Performance marketers only work on paid channels, most often paid social (Facebook Ads) and SEM (AdWords). They typically don’t work with email, content, or other channels — whereas growth marketers will test out any channel.
It is important to instrument for growth so that you can truly understand what is happening. Another important part of instrumenting for growth is testing tools such as Google Optimize, that allow you to implement a/b tests across your website and product. Finally, you’ll need a system to bring all of this information together so that your team can learn how to improve growth. Now you’re finally ready to start accelerating growth, which is level three of the pyramid. In this stage you should focus on building a growth team that can effectively execute a growth process. The purpose of this growth process is to uncover better ways to accelerate growth in the business. Your goal here is just to build a rhythm and habit of testing. Every test you run will lead to additional learning — even if it doesn’t directly drive immediate improvement in growth. It’s important during this stage to catalogue this learning so that the team keeps getting smarter about how to accelerate growth. Read extra information at Nathan Barnwell.
It’s possible that your growth plan will encompass more than one of the initiatives outlined above, which makes sense — the best growth doesn’t happen in a vacuum. For example, growing your unit sales will result in growth in revenue — and possibly additional locations and headcount to support the increased sales. After you’ve chosen what you want to grow, you’ll need to justify why you want to grow in this area (and if growth is even possible). Conducting research on the state of your industry is the best way to determine if your desired growth is both necessary and feasible. Examples could include running surveys and focus groups with existing and potential customers or digging into existing industry research. The knowledge and facts you uncover in this step will shape the expectations and growth goals for this project to better determine a timeline, budget, and ultimate goal.