In today’s competitive business landscape, entrepreneurs must adopt and leverage best practices to achieve and sustain growth. This calls for growth hacking tactics, which basically means finding innovative strategies to bring results.
On Episode 2 of The Growth Loops Podcast by Praveen Telu, Applause Lab founder Tyler Gillespie shares a simple—yet effective—strategy he used to catapult the growth of his company. With a long-running background in the productized service industry, Tyler knows a thing or two about the ins and outs of building a thriving business (Applause Lab included).
Applause Lab, which was recently acquired by Testimonial Hero, is a service that allows clients to capture user-generated video testimonials for improved social proof. The $1 growth hack Tyler used to acquire his first 30 customers also happens to be very service Applause Lab offers – i.e., leveraging the immense power of social proof.
In the interview, Tyler discusses his personal experiences navigating the business landscape; including
- Overcoming common obstacles: “When you start anything, you just lack some traction and you need to infuse your growth with different strategies to get that traction initially.” (Tyler, 5:45)
- Landing his first 30 customers: “To get that initial traction, you have to lower the barrier of entry and the risks your initial customers should take.” (Praveen, 8:22)
- Refining marketing strategies: “Although the $1 offer was positive overall, I wanted to make sure…am I attracting the right person? Is there enough vested interest?… I tried different price points…” (Tyler, 15:10)
- Building Applause Lab into the company it is today
- Tips for aspiring entrepreneurs: “What advice would you give to our audience who might want to implement this exact strategy for their own businesses?” (Praveen, 24:57)
Check out the full episode for details and some inspiring tips as Tyler and Praveen lay bare an easily overlooked path to business growth.
Resources for this episode of The Growth Loops Podcast: