Lessons Learned - Viral Marketing: You Won't Finish This Article

Kazuki

Hatched by Kazuki

Jul 25, 2023

3 min read

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Lessons Learned - Viral Marketing: You Won't Finish This Article

In the world of digital marketing, viral growth is the ultimate goal. It's the phenomenon that turns a small startup into a global sensation overnight. But what exactly drives viral growth? And how can businesses harness this power to their advantage? In this article, we will explore the key variables that contribute to viral marketing success and learn some valuable lessons along the way.

One of the first lessons we learn is the importance of the Viral Coefficient. This is the number of new customers that each existing customer is able to successfully convert. In simple terms, it measures how effective your customers are at spreading the word about your product or service. To calculate the Viral Coefficient, multiply the number of invitations by the conversion rate. For viral growth to occur, the Viral Coefficient must be greater than 1.

However, while the Viral Coefficient is important, it is not the sole driver of viral growth. The second important variable is the Viral Cycle Time. This is the time it takes for the viral cycle to complete. A shorter cycle time has a dramatic effect on customer growth. In fact, reducing the Viral Cycle Time has a more powerful effect than increasing the Viral Coefficient. This means that businesses should focus on making their cycle time as short as possible to maximize growth.

To truly achieve viral growth, a product or service must have a value proposition that compels customers to share it with others. The most viral products are those that only work when they are shared. Therefore, businesses should consider how they can make their offerings more social and encourage sharing among customers. This can be done by providing incentives for sharing, such as exclusive discounts or rewards.

In the age of social media, it's common to see people sharing articles without actually reading them. Studies have shown that there is a weak relationship between scroll depth and sharing. This means that just because someone shares an article, it doesn't necessarily mean they have read it in its entirety. So, if you see someone recommending a story online, don't assume they have actually consumed the content.

So, how can businesses leverage these insights to drive viral growth? Here are three actionable pieces of advice:

  • 1. Focus on creating a compelling value proposition: Ensure that your product or service is so valuable and unique that customers will naturally want to share it with others. This can be achieved by incorporating social features or incentives for sharing.
  • 2. Reduce your Viral Cycle Time: Analyze your customer journey and identify areas where you can streamline the viral cycle. By making it quicker and easier for customers to share your product or service, you can accelerate growth.
  • 3. Encourage genuine engagement: Instead of focusing solely on the number of shares, prioritize the depth of engagement. Create content that is so captivating and valuable that customers feel compelled to read and share it.

In conclusion, viral marketing is a powerful tool for businesses to achieve rapid growth. By understanding and optimizing the variables that drive viral growth, such as the Viral Coefficient and the Viral Cycle Time, businesses can harness the power of viral marketing to their advantage. Remember, it's not just about the number of shares, but the genuine engagement and value that your product or service provides. So, go forth and create something worth sharing!

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