I am interested in following my wechat public account "Gu Linhai" to chat about technology and life and record what I have learned and thought

case

Dropbox, the online storage service

Advantages:

  • Early adopters are stable, there are seed users
  • The product has practical value

Disadvantages:

  • Not big enough
  • Budget is limited

Goal:

  • Hoping to attract more users

External environment:

  • Mozy, a start-up, started three years before him
  • Another company, Carbonite, has raised $48 million
  • Two giants, Microsoft and Google, are also moving into cloud storage

Implementation: A simple survey of existing users found that the score was extremely high, especially among those who had fully explored the features of the product. In-depth analysis of user data. An analysis of Dropbox’s user data shows that one-third of Dropbox’s users sign up based on recommendations from existing users. This suggests that Dropbox’s word-of-mouth is strong, even if it’s not growing fast enough.

Consider: How can Dropbox leverage and expand its strong word-of-mouth effect so that early adopters can be more motivated and effortless to tell their friends about the product?

Implementation: Provide other things of value to users, such as more storage space to get recommendations from users. After the plan is decided, invitations are sent through email and social networks.

Identify, acquire and learn from new customers by designing new methods to optimize customer positioning, expand customer base and increase the effectiveness of marketing investment.

What is growth

None of the growth came through traditional advertising, but through some clever programming, and all on tight budgets.

Quickly come up with and test new ideas for product development and marketing, and use user behavior data to find winning ways to drive growth.

Growth hacking approaches break down the traditional barriers between marketing and engineering, looking for new marketing approaches embedded in the product itself that can only be achieved with more technical knowledge.

The core content of the methodology:

  • Create a cross-functional team or teams that break down the traditional silos between marketing and product development to pool the company’s talent.
  • Conduct qualitative research and quantitative data analysis to deeply understand user behavior and preferences.
  • New ideas are quickly generated and tested, and results are evaluated and acted upon against strict metrics.

A core mission of a growth team is to do everything possible to unlock the growth potential of a product or service. This requires constant tweaking and testing of the product’s features, messaging, and user acquisition, retention, and monetization.

Growth hacking allows companies to seize new opportunities and solve problems quickly by innovating the traditional process of product development and release, establishing a continuous market trial system, and systematically responding to market demands in real time.

Most companies still follow the traditional business model, with product management, marketing, sales and engineering departments as silos with separate task schedules and limited cross-functional interaction.

The benefits of growth hacking: It helps companies take advantage of vast amounts of customer data and use it more effectively to extract concrete, meaningful, real-time insights into user behavior that can then be used to develop strategies that are more effective and targeted for growth.

Growth is the accumulation of small successes. These small successes are like the interest in a savings account, adding up little by little to take off. And good growth teams continue to experiment and improve after they take off.

Myth: It is often thought that growth hacking is all about attracting new users or customers. Too much focus on acquiring new users and customers, and those new users and customers often lose interest in the business very quickly.

The growth team should take on broader responsibilities:

  • Focus on customer activation, which means turning existing customers into more active users and buyers;
  • You also need to think about how to make them promoters of your product or service.
  • Focus on retention and monetization — that is, keeping customers coming back and increasing the revenue they generate for the company for long-term growth.

Summary is to develop new users, but also to maintain the old users, so that the old users have re-purchase