Notes from Kyle Wild‘s presentation Product is the Ultimate Growth Hack:
- Most people think about growth in terms of Acquisition and Activation: “How many signups and activations have we had?” “How can we get more signups and activations?”
- But they should focus on Retention and Referral: “How can I retain an insanely high percentage of my users?” (= product-market fit); “How can I get them to refer their contacts to my product?” (= virality)
- Virality matters because this is how good products have always spread. You don’t need a share button; just a truly compelling value proposition and a brand that your customers are proud to represent.
- If your growth, which is a derivative of customer base, is itself a function of your customer base, you will grow exponentially. And that growth curve comes without you having to spend money.
- Whereas if your growth is all based on hacks, then your growth is a function of how much effort you can keep putting into these hacks.
- Bottom line: Product is the ultimate growth hack. If you build it, and it’s something compelling that they really love, they will stick around, and they will invite their friends to do the same.
Compare this to Sam Altman’s the only way to build a massive business, and Jason Fried’s radical approach to marketing.