Many of the most successful product companies today rely on ‘network effect’ to drive growth, improve product stickiness, and create barriers to entry for competitors.
Even if you’ve never heard of a network effect, it’s likely you’ve been a part of it. Put simply, network effect is the principle that your product becomes more valuable to the user as more people use it, increasing the likelihood of advocacy and user retention.
Startups that prioritize going viral at launch miss a valuable opportunity to learn from their early users and maintain sustainable growth. Launching a new product is not about attracting as many users as possible through referrals. It’s about building a viable product!
Growth has come to dominate all conversations that concern developing new products. Marketers, engineers, and product managers are under great pressure to deliver growth. Many have found that the best way to achieve it is to combine skills from all three areas. Enter the Growth Marketer.
No matter whether you see yourself as someone who’s main goal is to deliver growth, or a marketing generalist who’s looking to develop their skill set in order to stay competitive, developing technical skills is important to everyone who wants to grow a product in the Digital Age.
But where do you start? Being able to code and run regression analysis sound great, but developing those skills takes many years to master.
To help you on the journey of becoming more tech savvy, we’ve identified five essential technical skills growth managers need and how you can apply them to deliver on your growth strategies.
While there are hundreds of well-written articles cataloguing the latest product growth metrics and frameworks used by Consumer teams, the same can’t be said for Enterprise businesses.
True, we have seen a “consumerization” of Enterprise software over the last decade with the proliferation of freemium SAAS models making Enterprise products more and more like Consumer experiences. We have also seen consensus emerge on biz-ops strategy for B2B business models — from structuring sales contracts for higher ARRs to optimizing inbound and marketing conversion.
Remember the days when online gaming consisted of terrible design and graphics with heavily pixelated characters? Thankfully, technology has improved and those days are behind us.
Launched in 2012, Tinybop is part of a growing market of educational apps for kids. In an age where tech rules, they’ve adapted to the changing landscape to accommodate how children learn and play. Their slogan says it all: Toys for Tomorrow. Continue reading
Exponential growth is one of the most powerful forces in nature. Here are three quick stories to prove it:
- In 1859, an English farmer named Thomas Austin brought 24 rabbits with him to his new home in Australia. As it turns out, they took quite well to the environment down under. Six years later, there were 22 million rabbits all across the continent.
- In 1945, a group of physicists split an atom in the New Mexico desert. When they did, two new atoms split. After that, four atoms split—and eight, and sixteen, and thirty-two, and so on, eventually producing the largest explosion then recorded.
- In 2004, a social network invented at Harvard was so popular that everyone who joined invited several of their friends. Not wanting to be alone, they all invited their friends too—and so on. Now there’s more than a billion people using it.
Facebook, the Manhattan Project, and Australia’s rabbit infestation were all driven by this one force. Alternately cute (rabbits!) and terrifying (the nuclear bomb), exponential growth can start from what seems like nothing to create huge explosions and worldwide phenomena.
Product managers are always getting told to talk to customers more. That’s simple enough to do when you’re first getting started, but gets harder and harder over time. As your customer base gets bigger and the number of things you have to do grows exponentially, picking the right set of customers to talk to becomes a challenge.
“It was easy in the beginning, because we knew most of the people using the tool as we worked on the initial version,” says HubSpot’s Dan Wolchonok.
“As we got bigger, my feelings usually boiled down to these four words: talk to customers more. I think a critical skill, however, is learning how to talk to the right customers.”
To figure out who to talk to, Dan Wolchonok used behavioral analytics to narrow down his customer base. Rather than get a random subset, or allow only the loudest customers to have their voices heard, Wolchonok sought out the exact customers he needed to solve his most pressing product issues.