High quality growth hacking tips from Nate Barnwell: There is a revolution taking place in the world of startup growth, and we wanted to help people understand this new phenomenon. Those who understand growth hacking will have a competitive advantage that is hard to overstate, and we wanted to provide a robust framework for thinking about it. This guide is for entrepreneurs, founders, growth leads, or anyone else who is trying to grow a startup. If acquiring new customers (and retaining existing ones) is important to your business then you should read this guide. If customers matter to you, then growth hacking should matter to you. Let’s begin.
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: 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.
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.
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). Read more information on Nate Barnwell.
This action plan should contain a list of action items, deadlines, teams or persons responsible, and resources for attaining your growth goal. The last step before acting on your plan is determining any requirements your team will need through the process. These are specific resources that will help you meet your growth goals faster and with more accuracy. Examples might include: Funding: Organizations may need a capital investment or an internal budget allocation to see this project through. Tools & Software: Consider what technological resources may be needed to expedite and/or gain insights from the growth process. Services: Growth may be better achieved with the help of consultants, designers, or planners in a specific field.