(electronic dance music)
- How to growth stack your product.
Today I'm going to share with you guys two simple
strategies to really take your product to the next
level of growth and retention and just having your
users be super excited to use the product.
I don't know if you need more customers, or more revenue,
more distribution, or really even just more retention.
You want to make sure that when your users sign up,
your customers sign up, that they really feel
the value that you offer.
The strategies that I'm going to share with you today
is going to help you do that.
I remember when I was building Clarity, people asked us
how did you grow your network so fast?
It was using these same two strategies I'm going
to share with you guys today.
It was looking at the customer and saying how can I
get them to share it with more people?
Then also, how do we take our product and embed it
into other systems out there, other networks?
It sounds very high level, but I'm going to walk you
through the specifics.
The first strategy is called Other People's Networks or OPN.
I stole this from the real estate world, where they talk
about buying real estate with OPM, Other People's Money.
Other People's Network. If you think about it, YouTube's
growth came from building an embeddable widget that
they embedded into Myspace.
Their network that they leveraged was Myspace.
There's a really famous example of Airbnb in the early days.
They don't do it anymore, but in their early days,
they leveraged Craigslist, where they built a tool,
a custom tool within their product to allow their customers
to post the listings to Craigslist with three clicks.
That's an example of saying where is the other networks
that we can embed ourselves into and then have people
discover our product through that?
Another example is Instagram and the ability to post
it to all the social networks out there.
All those other social networks ended up being networks
that Instagram leveraged.
I remember early days even email is another format of
a network.
In Instagram, you can actually connect email addresses
so that when you share, it's as simple as selecting it
and posting it.
If you have your parents are older and they're not
on Facebook or Tumblr or Instagram or whatever and you
want them to get those photos, you could do that.
That is the concept, to just ask yourself,
what are other communities of networks or people,
customers like ours, are spending time
and how can we create a feature or something within
our product that would prompt the user and it would
make total sense for them to share it into those
other networks and by doing that, they're going to
discover your solution and want to use it as well.
That's OPN, Other People's Networks.
The second strategy is called Shareable Moments.
I really believe that every product has the opportunity
to introduce something in the experience flow that
would make total sense to show the user and have them
share it with somebody else, either in their life or
on their team.
There's so many examples of this.
People always say how did Basecamp grow so fast?
You know, the project management software.
The truth is it's project management.
You create a project and you invite people
to collaborate on it.
Or FreshBooks.
Freshbooks grew tremendously and the reason why is 'cause
you create an invoice and you invoice another customer
and then they go wow, this experience was great.
How can I sign up and use that product as well?
That's a shareable moment, but the nuances are simple.
If you have a enterprise tool, just create a report
and then prompt the user to share that report
with somebody else on their team.
That's a really simple way to have a new user turn
into instead of just one, 1.3 because if you can get 30%
of the people that share that report to have them
sign up and use the product, they're going to love it more.
They're going to integrate it into their business
and their lives more and they're going to have
people retain.
I think that's the key, is growth is really first
but retention and then adding more user acquisition
using these two strategies.
There's so many other examples from Quora, after you
answer a question, they prompt you to post it on
social media.
There's these moments in your product that you probably
haven't really thought too much about,
but it's a shareable moment.
It's logical, it's intuitive, that if you take this
information and show it to your customers and ask them
to share it with their team or somebody in their life,
they're gonna do it, which then you have a link in
that email or whatever to prompt them to sign up and
use the product yourself.
Those are the two strategies I want to share with
you guys today.
OPN and Shareable Moments to growth stack your product.
As per usual, I want to ask you to sign up for my newsletter
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delivered exclusively to your inbox and I want to
challenge you to live a bigger life and a bigger business
and I'll see you next Monday.