Top growth hacking guides from 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.
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: Sometimes the best growth strategy a company can employ is standing out — offering a unique experience that sets it apart from other businesses in its space. When monotony defines an industry, the company that breaks it often finds an edge. Say your company developed an app for transitioning playlists between music streaming apps. Assume you have a few competitors who all generate revenue through ads and paid subscriptions — both of which frustrate users. In that case, you might be best off trying to shed some of the baggage that customers run into trouble with when using your competitors’ programs. If your service is paid, you could consider offering a free trial of an ad-free experience — right off the bat. The point here is that there’s often a lot of value and opportunity in differentiating yourself. If you can “zig when they zag”, you can capture consumers’ attention and capitalize on their shifting interests.
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 Nate 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. Find many more details at Nathan Barnwell.
With all of your planning, resourcing, and goal-setting complete, you’re now ready to execute your company growth plan and deliver results for the business. Throughout this time, make sure you’re holding your stakeholders accountable, keeping the line of communication open, and comparing initial results to your forecasted growth goals to see if your projected results are still achievable or if anything needs to be adjusted. Your growth plan and the tactics you leverage will ultimately be specific to your business, but there are some strategies you can look to as jumping off points.