Techniques for systematically introducing a new product idea into a large-scale market and driving it to scale
Jumping the Shark
When you rise rapidly, and then fall rapidly, looks like a shark fin
Linear Marketing
All standard marketing techniques
Compounding Growth
Creating a cycle where:
Users attract other people to consider the product || ^ v || Some of those people become new Users
User Journey
Growth Engineering models and optimizes the entire user journey
Acquire
The acquisition phase involves using targeted marketing strategies to capture the attention of potential users. This may include digital advertising, content marketing, SEO, and social media campaigns, all designed to generate interest and draw users to the product. The goal is to create awareness and drive traffic, laying the foundation for further engagement.
Activate
Activation focuses on converting initial user interest into consistent usage. This phase is critical and involves onboarding users effectively, showing them the product’s value right away, and encouraging them to integrate its use into their daily routines. Quick wins and intuitive user experience are crucial for success in this stage.
Retain
Retention strategies are designed to keep users engaged and active over the long term. This involves continuously delivering value, enhancing product features based on user feedback, and maintaining excellent customer service. Effective retention tactics might include regular updates, personalized communications, and rewards for loyalty to prevent churn.
Refer New Users
Referral programs incentivize existing users to bring new users to the platform, leveraging the network effects for compound growth. This phase involves creating shareable content, offering referral bonuses, and making the referral process as easy as possible to enhance participation and reach a broader audience.
Monetize
Monetization strategies involve converting user engagement into revenue. This can be achieved through various methods such as direct sales, subscription models, in-app purchases, or ad-based revenue. Effective monetization requires understanding the user base to tailor pricing strategies that maximize profits without detracting from the user experience.
Retention
This is the foundation for growth and monetisation. Registered Users are not active Users!
Churn
0% Churn Nobody from t_n to t_{n+1} stops using the product
1% Churn This is fine, as it gives lots of time to change the product, add new markets etc
33% Churn
Massive problem, jumping the shark
Retention is a Trend, Not Number
Initially they say “80% is great after 4 weeks!” Then they say “50% is great after 3 months!” But the overall trend is clealy going down