You’ve probably used Pay Pal as your payment gateway to purchase goods online. How big is Pay Pal? By June 2021, they expect to reach 400 million global users.
Pay Pal grew by 72.7 million net new accounts in 2020 alone.
Pay Pal’s growth took off in 2000 when they went from 1 million to 5 million users that summer.
How did they do it?
After experimenting with different strategies, they discovered that referral programs generated the best results.
So Dropbox got the idea from Pay Pal, it would seem.
The referral system gave $10 to new customers for signing up the existing customer that referred them $10.
Daily growth reached 7-10%.
Growth Strategy Takeaway: Activating new users with an incentive is a successful strategy.