Creating Viral Loops To Drive Your 2017 Business Growth
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"There are many ways you can grow your product. But when you use virality, it can have a huge impact on accelerating the growth of your business and lowering your customer acquisition costs. This is one of the areas that you can obviously invest in and you get compounding growth and returns over time as well."
"There are different ways to build in this kind of a notion of incentivized to growth loops into your business and it scales depending on whether or not you're a B2C organization or a B2B organization. We tried everything from giving away shirts, AWS credit, and trial extensions. In some cases, the incentive can be as simple as a user sharing an achievement they've accomplished. So here, we're not really giving the user anything of monetary value but allowing them to build their own prestige or brand here."
Patrick also advises measuring your K-factor as part of your baseline. The K-factor is the output metric that is used to describe the growth rate of products, which is essentially the sum of all the viral loops in your product.
This is a powerful equation because you can use it to understand what your viral content needs to survive. If your VC is less than 1, examine the three factors that go into creating it. Is your P1 value way too low? Or is P1 very high and doing well, telling you to focus your efforts on N or P2? You can play with each value to see how it affects VC when you raise or lower it by different amounts.
A growth loop by itself can drive exponential growth if well executed, but sometimes it needs some help. From the different success stories we see around loops, the best in class often require CRM in order to improve.
When a company is considering adopting PLG, one of the first questions they need to answer is whether or not a bottoms-up approach to growth will be a good fit for their organization. After all, there is no one-size-fits-all solution; you have to make sure there is true alignment between your product, business model and growth strategy.
The traditional, top-down approach to SaaS growth involves building a product and then employing a sales team to manually sell it into companies. This process usually revolves around activities including attending conferences, implementing complex marketing campaigns and maybe setting up some workflows for inbound inquiries. With a bottoms-up approach, the goal is to develop a methodology that enables people to discover and adopt your product on their own without all the hand-holding, company-driven support of traditional marketing channels.
Talkable, dubbed "the creators of business digital ecosystem referral marketing," guarantees to deliver sustained, incremental revenue growth for any company or service. Talkable uses customer data to identify and attract new customers, as well as refer others who may be interested in using the service. This allows Talkable to provide highly customizable, robust referral solutions that can drive more engagement and lead to the business.
Technology has driven increased music consumption for consumers. The average number of hours spent listening to music per week in the US increased from 23.5 hours in 2015 to 32.1 hours in 2017 business insider. Streaming subscribers listen to more hours per week than average music listeners (39.1 hours vs 35.7 hours), and use more devices to listen to music (4.8 devices vs 3.4 devices) business insider26. Music streaming competitors offer differentiated value propositions and audience segments, but share characteristics of several consumer technology trends.
Websites can also create or further enhance the relationship between your target audience and your app business. For instance, creating a helpful blog, community forum or support centre can help to keep users engaged well into the future.
Content marketing has become a competitive atmosphere because of the lucrative opportunities it presents. Seeking help from an SEO strategist and content specialist can help to ensure your business is creating the right content and is seen by the right target demographic too.
It can be difficult to get up and running without a marketing expert on your side. Plus, the time you spend on marketing activities is time taken away from operations, business development and growth.
What reasoning by analogy fails to do is to break your own foundational and unique growth problems apart, preventing you from giving a better understanding of the underlying structure that rules your business. This sort of thinking can have serious consequences for your growth strategy and the chances for your company to succeed.
For example, the core idea behind Nimses, the famous viral app of 2017, is truly revolutionary. The app converts every minute of your life into a virtual currency, which in itself sounds like a science fiction movie script.
Gabrielle Pickard-Whitehead (2019) stated that more than half of American SMBs were looking to grow in 2018, and 22 percent were planning to recruit additional personnel. Compared to the 2017 figures, that reflected a remarkable elevation of 46 percent and 9 percent, respectively. A comprehensive plan for growth is more than just a marketing tactic; it is a key player in your business system. A growth strategy is crucial for a strong customer base and an attempt to overcome market fluctuations.
Strategize, take into account the possible options and incorporate them into your business plan. Based on the type of company you aredeveloping, your growth strategy can be finding new locations, putting money in acquiring customers, finding opportunities to take the franchise, expanding product lines, or using various online channels to sell your items.
Your engaging in the business aims to solve the pain points for a specific customer. The question here is, "Who are your customers?" Are the customers the ideal ones? Otherwise, who are you serving? Once you adjust your business to spur growth, you should understand your ideal customer, and return to this audience.
Your competitor is probably superior in something that your business is making a great effort in regardless of your industry. You should pay attention to comparable organizations that develop in new, unique ways to enhance your growth strategy. Do not shy away from looking for advice. Question yourself why your rivals have made alternate options. Did they make mistakes? Or, are you positioning your business differently? You are hardly ever right in stating you are cleverer.
Occasionally, concentrating on your strengths instead of attempting to work on your weaknesses can help you develop growth strategies. To grow your business, you should reorient the playground to align your strengths, and improve.
How did they get this done? The answer lies in Viral loops. The general concept of a viral loop is simple. Someone will test your product. They are given a significant reward for sharing it with others. They approve and start sharing with others via their network. New users sign up, notice the reward for themselves, and share it with their networks. The process will repeat.
The Outcome? Over 15 months, the business grew by 3.900 percent. Viral loops are not guaranteed to go viral, and as they become more prevalent, they have become less powerful. Yet, there is always an opportunity.
Because of that, incorporating this strategy when planning out or modifying your product can create an engine for long-term growth. To learn more about growth loops, we recommend this guide by Reforge, together with this guide by Phiture and this guide by NoGood.
Between 1996 and 1997, Hotmail was one of the first internet businesses to become extremely successful utilizing viral marketing techniques by inserting the tagline "Get your free e-mail at Hotmail" at the bottom of every e-mail sent out by its users. Hotmail was able to sign up 12 million users in 18 months.[67] At the time, this was historically the fastest growth of any user based media company.[68] By the time Hotmail reached 66 million users, the company was establishing 270,000 new accounts each day.[68]
Dropbox has proven that rapid growth is indeed possible for SaaS businesses, at a global scale. Their growth statistics speak for themselves, with their revenue growing from $116 million in 2012 to $1.1 billion in 2017. Plus, they have over 200 million users and 500 employees!
Organic discovery, viral loops, and network effects play important roles. This makes PLG a relatively cost-effective growth strategy, not having to rely on hiring more sales reps and spending a bigger marketing budget. PLG might require more R&D money early on to create a great product, but then it can scale with fewer team resource costs.
Inbound traffic can come through product, content, community, network effects, and viral loops. The Product Benchmark report found that free leads coming from organic channels (like word of mouth, content, and social shares) tend to convert to paid accounts better than leads that come from paid marketing (SEM, paid social, retargeting, etc.). This is how small teams and small marketing budgets can drive outsize revenue.
Growth hacking is a popular buzzword, but does anyone really know what it means? Startups need a bit of a push when it comes to creating marketing strategies that will propel their business forward. But, how can any organization focus on creating growth strategies within a limited budget or resources? This is where growth hackers or marketers come in.
The right structure will create the most effective growth for your business. Developing a framework that will support your objectives is a great start. There are five basic steps to developing a growth hacking strategy. As you go through each, document the entire process to share with other teams or new employees so everyone has a clear understanding of how to utilize growth hacking.
It may seem like growth hacking ideas need to be original or super creative. But, there are actually a lot of existing plays that you might be able to apply to your business. You can always adjust or tweak what has worked for other companies to fit yours. Or, simply take the inspiration and create something brand new. Check out some simple ideas below as a starting point for brainstorming. 2b1af7f3a8