So instead of trying to "go viral," focus on acquiring customers through fans who already love your product.
THREAD: How to grow your startup through referrals, and word of mouth.
(Actionable tactics from working with 400+ startups)
So instead of trying to "go viral," focus on acquiring customers through fans who already love your product.
1. Product-led growth: Your product is built for sharing.
2. Word of mouth: Users proactively recommend your product to friends.
3. Referrals: You create an incentivized reward program.
Let's dive into each 👇
It's powerful: You don't have to artificially incentivize users to refer—you simply empower them & get out of their way.
E.g. To pay someone with PayPal, the payment recipient needs to first join PayPal—they're incentivized to sign up to receive their cash.
• Transact or collaborate w/ others (PayPal, Dropbox, Zoom, Slack). These products are only effective when others use them with you.
• Create content intended to be shared w/ others (Twitter, Instagram, YouTube, Cameo)
But that's okay. You can lean into word of mouth or referrals.
It's a measure of how good your product experience is.
E.g. the product is so good that users proactively recommend it to others.
Every company should earnestly pursue WOM. An incredible product makes every part of growth easier.
• Removes obstacles or pain from people's lives.
• Gives people dopamine hits of delight or entertainment.
Some companies that get WOM right don't even need to spend on advertising—people can't stop talking about their product.
If you only sell to 10 people/month, you are unlikely to see runaway WOM—not enough kindling for the fire.
Tip: Consider testing ads to get an initial user base to fuel the WOM fire.
Transactionally incentivizing users e.g. "refer a friend and get $50 off"
The key is knowing:
• When to offer an incentive (easy—right after users experience the most delight from your product)
• Which incentive users actually value (explained below 👇)
Instead of cash, try rewarding users with more access to the CORE PRODUCT.
E.g. when you invite someone to Dropbox, you're rewarded with extra storage. Storage is what people signed up for—give them more of it.
• Physical goods: Offer the product for free once someone refers 5 other customers.
• Subscription services: Offer the service for free for, say, 3 months. Not just one month.
1. Reduce lag time between a user signing up —> referring someone
2. Increase the number of referrals made/user
3. Increase the percentage of new users who accept a referral invite
• Referrer's perspective: They're prompted to invite friends while signing up.
• Referee's perspective: Onboarding is the first step you experience after clicking an invite link & signing up.
So optimize your onboarding: https://t.co/slf8uGXNzV
THREAD: How to get users to use your app \U0001f447
— Growth Tactics (@GrowthTactics) February 12, 2021
Most SaaS apps lose 95% of new users within 90 days. That's insane.
They tend to lose those users during onboarding\u2014when a first impression is made.
Here's how to avoid this.
Build an amazing product that:
• Lends itself inherently to growth (users get more value from the product when others use it with them).
• People can't stop talking about.
Then accelerate WOM through a low-friction and enticing referral program.
We also save our best insights for our newsletter.
Get bi-weekly growth tactics here: https://t.co/1urt7joZaQ
More from Growth Tactics
More from All
You May Also Like
Curated the best tweets from the best traders who are exceptional at managing strangles.
• Positional Strangles
• Intraday Strangles
• Position Sizing
• How to do Adjustments
• Plenty of Examples
• When to avoid
• Exit Criteria
How to sell Strangles in weekly expiry as explained by boss himself. @Mitesh_Engr
• When to sell
• How to do Adjustments
• Exit
1. Let's start option selling learning.
— Mitesh Patel (@Mitesh_Engr) February 10, 2019
Strangle selling. ( I am doing mostly in weekly Bank Nifty)
When to sell? When VIX is below 15
Assume spot is at 27500
Sell 27100 PE & 27900 CE
say premium for both 50-50
If bank nifty will move in narrow range u will get profit from both.
Beautiful explanation on positional option selling by @Mitesh_Engr
Sir on how to sell low premium strangles yourself without paying anyone. This is a free mini course in
Few are selling 20-25 Rs positional option selling course.
— Mitesh Patel (@Mitesh_Engr) November 3, 2019
Nothing big deal in that.
For selling weekly option just identify last week low and high.
Now from that low and high keep 1-1.5% distance from strike.
And sell option on both side.
1/n
1st Live example of managing a strangle by Mitesh Sir. @Mitesh_Engr
• Sold Strangles 20% cap used
• Added 20% cap more when in profit
• Booked profitable leg and rolled up
• Kept rolling up profitable leg
• Booked loss in calls
• Sold only
Sold 29200 put and 30500 call
— Mitesh Patel (@Mitesh_Engr) April 12, 2019
Used 20% capital@44 each
2nd example by @Mitesh_Engr Sir on converting a directional trade into strangles. Option Sellers can use this for consistent profit.
• Identified a reversal and sold puts
• Puts decayed a lot
• When achieved 2% profit through puts then sold
Already giving more than 2% return in a week. Now I will prefer to sell 32500 call at 74 to make it strangle in equal ratio.
— Mitesh Patel (@Mitesh_Engr) February 7, 2020
To all. This is free learning for you. How to play option to make consistent return.
Stay tuned and learn it here free of cost. https://t.co/7J7LC86oW0