Awesome growth hacking guides with Nathan Barnwell: While searching for his replacement he would often receive resumes that were legit, but not relevant. They had marketing degrees, and they had marketing experience, but they were still missing something. Sean knew that the kind of strategies he employed did not represent the typical playbook used by traditional marketers, and if he gave them the reins it would not be a good fit. A traditional marketer has a very broad focus, and while their skill set is extremely valuable, it is not as necessary early in a startups life. In the first phase of a startup you don’t need someone to “build and manage a marketing team” or “manage outside vendors” or even “establish a strategic marketing plan to achieve corporate objectives” or many of the other things that marketers are tasked with doing. Early in a startup you need one thing. Growth.
Finishing the second decade of the 20th century, not to start a business, but its growth and continuity have become a priority issue. In this context, growth strategies have become more important than ever and survival in the business world without growth is not sustainable in the long term. We see numerous brilliant growth strategy examples from major companies’ start-up days. Growth is an issue that is needed to be discussed with different approaches. Considering it just as a variety of products is a big mistake. It refers to expanding the product line, services, customer base, company size and more. But the essential need to acquire growth comes from increasing the number of your customers, the rest comes packed with it.
Nathan Barnwell growth hacking strategies: Some growth strategies are tailored to be completely self-sustainable. They require an initial push, but ultimately, they rely primarily (if not solely) on users’ enthusiasm to keep them going. One strategy that fits that bill is the viral loop. The basic premise of a viral loop is straightforward: Someone tries your product. They’re offered a valuable incentive to share it with others. They accept and share with their network. New users sign up, see the incentive for themselves, and share with their networks. Repeat. For instance, a cloud storage company trying to get off the ground might offer users an additional 500 MB for each referral. Ideally, your incentive will be compelling enough for users to actively and enthusiastically encourage their friends and family to get on board.At its best, a viral loop is a self-perpetuating acquisition machine that operates 24/7/365. That said, viral loops are not guaranteed to go viral, and they’ve become less effective as they’ve become more commonplace. But the potential is still there.
Startups, for example, often struggle to determine which marketer they should hire first. A growth marketer is a good bet — especially if they already have strong brand guidelines in place. (Setting tone and voice, messaging, and value propositions is not typically something a growth marketer will do.) “They are especially impactful at early-stage companies where there isn’t enough conviction to invest heavily into one given channel, due to lack of validation,” Sookraj told Nathan Barnwell. “[Growth marketers] are especially impactful at early-stage companies.” But startups aren’t the only ones who see value in growth marketers. Enterprises should consider adding growth marketers as well, says Sookraj.
The first is a product that people actually consider a “must have.” In the startup world, this is generally referred to as “product/market fit.” Once you’ve validated product/market fit, it then becomes important to define an overall success metric. This success metric should be a “North Star Metric” for the entire team to gauge the success of the business. The right North Star Metric tracks cumulative value delivered across a growing customer base. This is a much more sustainable growth indicator than something like registrations, downloads or even revenue (many subscription businesses have inactive users that are still on a paid subscription but will likely churn). Discover more details at Nathan 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.