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2014 - Growth Hacker Marketing

Product

Ryan Holiday

Summary

  1. Get your Product-Market-Fit (PMF) Right.
  2. Find the right growth strategy that works for your product.
  3. Virality is your secret weapon for growth.
  4. Growth is all about retention.
Get your Product-Market-Fit (PMF) Right.
  • Shape your product to fit with market needs. To increase the odds of success, start small with an MVP to examine the market response before making a significant investment. Then, build a prototype to test, learn, and optimize iteratively.
Find the right growth strategy that works for your product.
  • Once you find a product with a good PMF, you need to market it using the test-and-learn approach – build a prototype and pilot your marketing, then do more of what works and less of what doesn’t. For example, Uber found that what worked was to offer free car rides at conferences, free deliveries, and gift cards (vs. ad campaigns).
Virality is your secret weapon for growth.
  • Seed your product with influencers, make it visible (e.g., every Apple Mac comes with Apple stickers), and offer a referral program. For example, Dropbox offered the Customer-Get-Customer referral program and gave extra storage space to both the referrer and the referees.
Growth is all about retention.
  • To grow a brand, you need new customers, but you also need customers who keep coming back for more – and bringing their friends. Customer retention is your best customer acquisition strategy. Innovate and optimize the customer experience to move up your retention curve.