For those of you who were unable to attend the NYC Hacker Growth Event or are interested in what was discussed, I thought I’d share a summary of my notes with you below. Apologies they are brief, but maybe they will help you generate some ideas!
Matt Wyndowe (Facebook Product Manager)
Andy Johns (Director of Growth & Revenue, Wealthfront and formerly at Facebook, Twitter, Quora)
Elliot Shmukler (VP Product, Wealthfront and formerly at eBay and LinkedIn; Currently )
Notes from NYC Hacker Growth:
- Growth is a combination of product and marketing
- Traditional marketing was separate from the product; they focused on distributing the product
- We see with the internet that the product needs to market itself
- E.G. LinkedIn didn’t have to buy a paid ad or strike promotional ads because the product was designed for growth
- Growth involves designing a product that markets itself
- You need a product visionary to lead the product
- Product-market fit is the first goal; just get people to love your product
- Product should have organic adoption and as it grows it’s about removing friction from the product rather than changing the product to bring in more customers
- Initially, look at data to increase the strength areas of the product and less focus on solving the weakness to achieve initial rapid growth
- But Note: quick growth is not necessarily good growth all the time, but this depends on your business and product (e.g.handmade goods is difficult to achieve initial rapid growth)
- Want to attract power users first because power users attract other power users
- Growth vs. Churn and Retention: When you hit the top of the S-curve with growth through acquisition, then change focus to churn and retention
- For really early stage companies, focus on just the product and not on striking deals with large companies/partnerships (but this depends on business as well)
- Strategies selling to b2b vs. b2c would require a different approach which could involve a team such as sales force to target
- Email is important and most effective for growth today; email needs to be treated as an extension of the product not just as a marketing tool
- Andy Dunn is an Amazing moderator and hilarious!!
If you have notes or comments you’d like to share from the event, please comment below or reply to the tweet @tiffanydstone!