"Dropbox (NASDAQ: DBX) CEO Drew Houston grew Dropbox to a multibillion dollar company, and he shared the two marketing hacks that attracted millions of paying customers while speaking at Stanford University in 2012 The company knew that its audience was its biggest promoters and made it easier for them to share Dropbox with their friends. "Give people tools to spread the word," he said."
"While most of the clip focused on the two marketing hacks Dropbox used to grow its customer base, Houston started by discussing the importance of making a good product. No marketing strategy can save a bad product, especially in the long run. "It starts with a great product," Houston said at Stanford. "You're not going to push a rock above a hill." Houston said that having a great product comes down to quickly solving a customer's problem."
"The Dropbox team recognized early on that users drove most of their new sign-ups. A friend telling a friend, or even better, a business having its employees use the tool, did the most for Dropbox's marketing efforts, Houston said at Stanford. Rather than diversifying into multiple marketing strategies, Dropbox honed in on referrals. The company created a referral system where people got additional storage by referring their friends"
Dropbox achieved large-scale growth by prioritizing product quality and viral referral mechanics. A great product that quickly solves customer problems and provides a strong user experience enabled organic sharing. The company made it easy for users to promote the service by giving them tools to spread the word. An incentive-driven referral program awarded additional storage for referring friends, which turned users and businesses into primary acquisition channels. Rather than spreading resources across many marketing tactics, the company concentrated on referrals to amplify sign-ups and sustain long-term user-driven growth.
Read at Benzinga
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