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Referral systems and promo codes play a significant role in driving down cycle time and boosting growth. They create a sense of urgency among users, encouraging them to spread the word about a product or service. This can lead to a rapid increase in new customers, which in turn reduces the cycle time - the time it takes for a customer to go through the process of discovering, using, and recommending a product. As a result, the growth rate of the company can increase exponentially. Furthermore, these strategies can also reduce the cost of customer acquisition, as existing users do the job of marketing, thus saving resources.
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This slide visualizes how cycle time influences the overall growth trajectory. Each line is a separate scenario where the only difference is cycle time. As you can see, the royal blue line of five days yielded the highest result as it compounds on itself. Imagine how much of a difference it makes if these growth rates continue over a span of five years. Features can and should be designed to drive this cycle time down. Like referral systems that utilize time limits for promo codes to create a sense of urgency for their users to spread the word. You know, like those annoying pop-up notifications and marketing emails to remind you to subscribe? (Slide 10)
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How do some companies seem to grow exponentially? Viral strategies. Use our Viral Strategies template to incorporate a high growth mindset to scale yo...
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