Today, Facebook’s market value is nearly $245 billion, with over 1.4 billion active users.
How did they do it?
According to Growthhackers.com, there are many elements that come into play. The first and possibly the most important is that of hiring members of the growth team.
Team leader Chamath Palihapitya claims that the key to Facebook's exponential growth is the fundamental understanding of their own product and why people use it, coupled with the creation of a simple, uncomplicated framework.
In addition, the culture that surrounds Facebook and the team is one that may be described as aggressive. Chamath Palihipitya himself has been described as analytical, focused on success and unafraid of taking risks. This culture is internalised by every single team member, a sense of consistency is achieved and maintained and this leads to further growth in numbers.
Quora product manager Andy Johns believes that the 'greatest lever in getting to 500M users was making the site available in virtually every language on the planet'.
The internationalisation team, comprised of engineers, manufactured a tool that allowed users to translate the site themselves.
Available in just over 80 languages, Facebook morphed itself into a platform able to support everyone in the world, whilst simultaneously enabling users to grow the product for them.
The aim of any growth team is that of increasing the number of users. In Facebook's case, they not only focused on acquisition of new users and activation, but also on retention and 'resurrection' of inactive or lost users.
This may explain why the number of active users is still phenomenal. Andy Johns also claims that growth can be treated as a horizontal layer that is spread across the product, affecting and being affected by all aspects of the process.
According to Davide Di Prossimo, when talking about Facebook growth, he says that their success was all down to "the relentless focus on conversion”. He mentions just how imperative it is that companies focus on the conversion of customers in order to grow.
By paying special attention to the details and introducing customers to the different sections of the funnel, you could be well on your way to achieving your goals. Another aspect Facebook has taken into consideration is that of finding new acquisition channels such as ‘import contact’ and ‘invite friend’. Finding new channels can facilitate the process of bringing in new customers.
In conclusion, it can be said that companies gearing for growth need people who are focused on understanding what the customer wants, providing it through new technology and customer journey engineering. The culmination of both will inevitably brings about impressive growth.
Read more about Facebook's growth - sources:
How Facebook reached 500M: http://www.businessinsider.com/the-inside-story-of-how-facebook-got-its-first-500-million-users-2013-1