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How to use Gpay like Scratch Cards for 100x results in Referral Program? This is the story of Groww, which increased the performance of its referral program by 100x using Gpay like Scratch Cards.
It is an investment platform that wants to make investing simple and accessible for everyone using technology. It was launched in April 2017, just 5 months after Demonetisation by ex-Flipkart employees with a sharp focus on the next generation of investors — read Millenials. You can find a lot of articles on the Internet that talk about — how they started, the vision, funding, roadmap, etc — so I am going to cut the chase and straight get to the exciting stuff.
MVP to Product-Market Fit The most important thing before starting any referral program is to “have a product” and of course Product-Market Fit (PMF). Unlike most startups, the Groww team did not wait for their perfect native apps to test out the market. It took them just 2 months to build the first version. Dropbox Referral Program - A story of 3900% Growth in 15 Months. Dropbox Referral Program is one of the most talked-about referral programs on the Internet.
MIT students Drew Houston and Arash Ferdowsi founded Dropbox in 2007. The cloud-based file storage and sharing service had built up a good early fan base within a year, concentrated primarily among the tech-savvy community centered in Silicon Valley. However, they were not able to break out beyond the tech-elite. The founders wanted to grow faster as the competition was fierce.
One startup, Mozy had a two years head start in the cloud-storage market. Houston tried to raise venture capital. On top of that, Tech giants — Microsoft and Google were also gearing up to enter the cloud storage business. Dropbox had to grow really fast to stay relevant. Then he reached out to Sean Ellis to explore what he could do to help them grow beyond their not-yet-big-enough pool of early adopters. Sean was moving out from the role of VP-Marketing at Xobni, a startup run by Houston’s friend Adam Smith. Deciding Rewards. Payment Companies Growth Hacking in The Fight to Dominate QR Code Payments. Imagine this – You are damn hungry and walk into a Juice Shop.
You order a freshly made juice of Egyptian oranges and multi-grain cheesy grilled sandwich with chopped olives and jalapenos. After finishing up the tasty sandwich & the fresh juice, you take out your phone to pay for the order and point at the QR code. Which app are you using to make the payment? It could be PhonePe, Google Pay or If you are like me then it will be PayTM. Rise of Bookkeeping Fintech Apps. As you can see in the image above that, the web page has the app install CTA at the bottom, which is essentially free Ad placement for them Growth Hacking Mathematics In September 2019, Khatabook claimed that they have acquired a total of 5 million merchants and had recorded a transaction of over $3 billion (credit and debit combined) for August.
Considering 40% (2 million) of them were active in the same month, simple mathematics tells that each merchant had recorded an average transaction of approx. ₹1,05,000 that month. If we assume that on average, ₹500 credit/debit entry was being recorded in the app, then each merchant would have added 210 transactions in the app. Two hundred ten transactions mean 210 transactional SMSes are generated for that month by a single merchant. Let’s say these 210 SMSes had gone to 52 unique customers, out of which 5 are merchants themselves (highly probable in Tier-2 & Tier-3 cities).
Social Proof & High Retention Rate. Gamification for Growth Hackers. 25th March 2020 A beautiful morning and three days into the nationwide lockdown.
I got up at 7:30 AM and saw a notification on my phone that two buildings had been abandoned in my city due to fire. I felt terrible because I was the mayor of the city in the game SimCity. It was my responsibility to keep the citizens safe. This is how I realized the real power of Gamification. What is Gamification? Simply put, Gamification is the act of making something game-like. Today, we can see it in every aspect of our lives. For instance, A platform for GMAT tests increased the participation of students by 370% using Gamification.
And then 70% of the major employers are already using gamification to enhance performance and training at their companies according to Engagement Software Association. Paypal Referral Program. There is no blog on the Internet that goes without mentioning the PayPal Referral program when talking about viral growth using referrals.
I have read most of them. They are informative. However, I couldn’t find an in-depth analysis that could help me plan and execute a referral program. So, in this post, I dive deep into their campaign to help you understand the inner mechanics of how it became such a successful and viral one. “A 10% daily growth rate” to “A $1.5 billion buyout” PayPal was one of the first Internet companies to drive viral growth at such a large scale using a referral campaign.