Thread on the perfect "Growth Hack." Finding a "growth hack" is generally associated with small/clever tricks that move growth metrics quickly. "Turn your buttons orange and you'll get a +5% the next day." However, sometime's they are extremely powerful and make the company
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1/ The problem with "turn your buttons orange" or "make your signup form shorter" is that, on one hand, it might work and might be true. On the other hand, it's often just a small optimization to your funnel. And one that everyone can quickly copy
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2/ Years ago, I wrote about the "Law of Shitty Clickthroughs" which states that every growth tactic and channel eventually decays in performance over time. The first banner ads had 70%+ CTRs, and now they are <0.1%. Yikes. Old essay here: https://andrewchen.co/the-law-of-shitty-clickthroughs/ …
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3/ The problems with the tips/tricks school of growth hacking is that they lead to unsustainable advantages. And if you have a big team and big product, perhaps it's useful to pull together these +5% type lifts, especially if you can do it in a critical path "loop" like invites
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4/ On the other hand, when a new growth tactic is combined with a unique product value prop, then the only folks who can cause the tactic to decay tends to be other direct competitors. That's a much smaller group
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5/ An important B2B example is Dropbox- they were one of the first to adopt a referral program where you give/get disk space: https://www.slideshare.net/gueste94e4c/dropbox-startup-lessons-learned-3836587/31-Trailing_30_days_Apr_2010 …. The give/get programs at Uber, Airbnb, and many others are direct descendents
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PayPal is the give/get granddaddy https://www.referralcandy.com/blog/paypal-referrals/ …
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