Highlighting the key points from Nick Dahl’s article ‘Truecaller’s Growth Machine: Reaching 300M Users'
Truecaller initially began as an app for caller identification and spam blocking, attracting between 30 to 300 million users! Here are few of the strategies that helped Truecaller to grow into one of the fastest growing tech companies in the world.
Team Effort:
The success and growth of a product depends on the combined efforts of the Product, Marketing, Analytics and Business Development teams.
Growth Funnel:
The traditional marketing teams focused only on a section of the growth funnel but a new way of structuring growth teams is that they take complete ownership of the entire funnel (i.e from awareness to referrals).
Partnerships with industry leaders:
Strategic partnerships with leaders, organizations or manufacturers can be an ideal way to bring/attract new users.
When to buy growth:
In order to have a long-term sustainable growth, it’s essential to have a positive ROI with a customer acquisition cost being less than the user’s lifetime value. But when the market conditions are extremely competitive, wining the market first should be a priority, so it makes sense to buy growth in this case to get that initial traction.
Activation:
In order to get the users activated, the users should be able to understand a product’s value proposition as quickly as possible. The AHA moment should also be identified within seconds.
Increasing Engagement:
After users get to know the core value, there has to be persistent effort to prove the product’s value to them. It’s important to identify and keep a track of certain key metrics on a regular basis depending upon the service offered.
Measuring retention:
Retention loops have to be well-designed as they will bring back passive users to your product. It’s a good sign if the retention curve flattens out and if it doesn’t the product market fit has not yet been found.
Identifying the North Star Metric:
Identifying the north star metric is crucial as it leads to revenue, reflects customer value and measures progress. In case of Tuecaller, daily active users ( DAU) is their north star metric.
Growth is a sum of many things coming together over time. It’s all about experimenting and seeing what works best for your product.
Thank you Attharv Sardesai, Shravan Tickoo for sharing this article.
Sukanya Sinha Unnati Nakra
