Dan Martell - How to Growth Stack Your Product

00:00:00.000 How to growth stack your product.

00:00:13.440 Today I'm going to share with you guys two simple strategies

00:00:15.640 to really take your product to the next level of growth

00:00:18.560 and retention and just having your users be super excited

00:00:22.180 to use the product.

00:00:23.120 You know, I don't know if you need more customers

00:00:25.220 or more revenue, more distribution,

00:00:27.560 or really even just more retention.

00:00:29.460 You know, you want to make sure that when your users sign up,

00:00:31.920 your customers sign up, that they really feel the value

00:00:34.440 that you offer.

00:00:35.640 The strategies I'm going to share with you today

00:00:37.360 is going to help you do that.

00:00:39.000 And, you know, I remember when I was building Clarity,

00:00:41.200 people asked us, like, how did you grow your network so fast?

00:00:43.700 And it was using the same two strategies

00:00:46.040 I'm going to share with you guys today.

00:00:46.940 It was looking at the customer and saying,

00:00:49.640 how can I get them to share it with more people?

00:00:51.940 And then also, how do we take our product

00:00:53.580 and embed it into other systems out there, other networks?

00:00:57.460 And that is, it sounds very high level,

00:01:00.360 but I'm gonna walk you through this specific.

00:01:01.940 So the first strategy is called Other People's Networks,

00:01:05.200 or OPM, you know, I stole this from the real estate world

00:01:08.100 where they talk about buying real estate with OPM,

00:01:10.700 Other People's Money, Other People's Network.

00:01:12.680 I mean, if you think about it, YouTube's growth

00:01:15.440 came from building an embeddable widget

00:01:17.580 that they embedded into MySpace.

00:01:19.120 So their network that they leveraged was MySpace.

00:01:21.820 There's a really famous example of Airbnb in the early days.

00:01:24.880 They don't do it anymore, but in the early days,

00:01:26.560 They leverage Craigslist where they built a tool,

00:01:29.600 a custom tool within their product to allow their customers

00:01:32.500 to post the listings to Craigslist with like three clicks.

00:01:36.500 That's an example of saying, where's the other networks

00:01:39.180 that we can embed ourselves into and then have people

00:01:42.380 discover our products through that?

00:01:43.780 I mean, another example is Instagram and the ability to,

00:01:46.440 you know, post it to all the social networks out there.

00:01:49.040 All those other social networks ended up being networks

00:01:51.260 that Instagram leverage.

00:01:52.580 I mean, I remember early days, even email

00:01:55.920 is another format of a network.

00:01:58.160 You know, in Instagram, you can actually

00:01:59.560 connect email addresses so that when you share,

00:02:01.860 it's as simple as selecting it and posting it.

00:02:04.060 So if you have, you know, your parents are older

00:02:05.960 and they're not on Facebook or Tumblr or Instagram

00:02:08.460 or whatever, and you want them to get those photos,

00:02:10.460 you could do that.

00:02:11.540 And that is the concept, to just ask yourself,

00:02:14.700 what are other communities of networks

00:02:17.480 where people, customers like ours, are spending time

00:02:20.880 and how can we create a feature or something

00:02:24.520 within our product that would prompt the user

00:02:26.480 and it would make total sense for them to share it

00:02:28.680 into those other networks and by doing that,

00:02:31.260 they're gonna discover your solution

00:02:33.460 and want to use it as well.

00:02:34.920 So that's OPN, other people's networks.

00:02:37.000 The second strategy is called shareable moments.

00:02:40.540 I really believe that every product has the opportunity

00:02:43.060 to introduce something in the experience flow

00:02:46.640 that would make total sense to show the user

00:02:50.580 and have them share it with somebody else

00:02:52.340 either in their life or on their team.

00:02:54.680 You know, and there's so many examples of this.

00:02:56.360 People always say, well, how did Basecamp grow so fast?

00:02:59.280 You know, the project management software.

00:03:01.120 And the truth is, is it's project management.

00:03:02.860 So, like, you create a project,

00:03:04.260 you invite people to collaborate on it.

00:03:05.860 Or FreshBooks, right?

00:03:07.160 FreshBooks grew tremendously.

00:03:08.840 And the reason why is because you create an invoice

00:03:11.300 and you invoice another customer,

00:03:12.640 and then they go, wow, this experience was great.

00:03:14.740 How can I, you know, sign up and use that product as well?

00:03:17.580 So that's a shareable moment.

00:03:18.740 but the nuance is as simple as if you have a enterprise tool,

00:03:23.440 just create a report and then prompt the user

00:03:25.780 to share that report with somebody else on their team.

00:03:28.340 That's a really simple way to kind of have a new user

00:03:31.820 turn into like instead of just one, 1.3

00:03:34.380 because if you can get 30% of the people

00:03:36.600 that share that report to have them sign up

00:03:38.360 and use the product, they're gonna love it more.

00:03:40.360 They're gonna integrate it into their business

00:03:42.200 and their lives more and they're gonna have people retain

00:03:45.500 and I think that's the key is growth is really first

00:03:48.000 about retention and then adding more user acquisition

00:03:50.900 using these two strategies.

00:03:52.780 So, you know, there's so many other examples

00:03:54.700 from like Quora, after you answer a question

00:03:57.080 they prompt you to post it on social media.

00:03:59.880 There's these moments in your product

00:04:01.980 that you probably haven't really thought too much about

00:04:04.220 but it's a shareable moment.

00:04:06.020 It's logical, it's intuitive that if you take

00:04:09.780 this information, show it to your customers

00:04:11.760 and ask them to share it with their team

00:04:13.800 or somebody in their life, they're gonna do it

00:04:15.960 which then, you know, you have a link in that email

00:04:18.400 or whatever to prompt them to sign up

00:04:20.340 and use the product yourself.

00:04:21.540 Those are the two strategies I want to share

00:04:23.060 with you guys today, OPN and shareable moments

00:04:26.000 to growth stack your product and as per usual,

00:04:29.140 I want to ask you to sign up for my newsletter

00:04:31.540 to get other private videos and trainings for you

00:04:34.540 delivered exclusively to your inbox

00:04:36.720 and I want to challenge you to live a bigger life

00:04:39.860 and a bigger business and I'll see you next Monday.

00:04:45.960 You

Dan Martell - May 09, 2016

How to Growth Stack Your Product

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