Awesome growth hacking tips by Nate Barnwell

Recommended growth hacking tips by 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.

Nathan Barnwell growth hacking strategies: Word-of-mouth is organic and effective. Recommendations from friends and family are some of the most powerful incentives for consumers to purchase or try a product or service. The secret of word-of-mouth’s effectiveness lies in a deeply rooted psychological bias all people have — we subconsciously believe the majority knows better. Social proof is central to most successful sales copywriting and broader content marketing efforts. That’s why businesses draw so much attention to their online reputations. They know in today’s customer-driven world — one where communication methods change and information is available to all — a single negative blog post or tweet can compromise an entire marketing effort. Pete Blackshaw, the father of digital word-of-mouth growth, says, “satisfied customers tell three friends; angry customers tell 3,000.” The key with word-of-mouth is to focus on positive user experience. You need to grow a base of satisfied customers and sustain the wave of loyal feedback that comes with it. With this method, you have to focus on delivering a spectacular user experience, and users will spread the word for you.

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.

Once you’ve built a testing habit within the growth team (ideally 2–3 tests per week), it’s time to start trying to maximise impact. To drive full impact, you’ll need to be able to test across the entire customer journey (acquisition channels, new customer onboarding, referral hooks in product, etc.). This is where things start getting hard. The highest impact part of the customer journey is usually testing across the first customer experience. One benchmark to consider is that the fastest growing consumer apps generally invest 50% of the product development resources in the first customer experience. It makes sense, because there is no second customer experience if you don’t nail the first one. See 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.