Dan Martell - May 09, 2016


How to Growth Stack Your Product

Hosted by
Dan Martell
Branding 101： How to Brand Yourself or Your Business (Branding Strategy Basics) Value Based Pricing： How To Use a Pricing Axis To Grow Your SaaS Company's Revenue

Episode Stats


Length

4 minutes

Words per minute

198.36

Word count

952

Sentence count

37


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

In this episode, I talk about two simple strategies you can implement in your product to grow your product and have your users be super excited to use the product. These are two strategies I've used in the past to grow my product, and they'll help you do the same with your product.

Transcript

Transcript generated with Whisper (turbo).
Hosts, guests, and mentioned names generated with spaCy (en_core_web_sm), reconciled against Wikidata.
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