growth hacking: a crash course
TRANSCRIPT
So what’s next?
Get PR coverage!
Post on social media!
Buy ads!
Hire an SEM guru!
And you know what, it worked.
So what’s next?
Get PR coverage!
Post on social media!
Buy ads!
Hire an SEM guru!
Customer acquisition FAIL
It worked, but the economics were totally broken. It’s possible to grow and fail.
So what’s next?
Get PR coverage!
Post on social media!
Buy ads!
Hire an SEM guru!
Customer acquisition FAIL
e.g. adsCPA = $388, LTV = $99
“Okay, let’s regroup.How about we…”
Back to the drawing board; otherwise they would’ve used up all their funding
“Okay, let’s regroup.How about we…”
Hey, look at this data I found
Suddenly, a wild usage-data insight appears
“Okay, let’s regroup.How about we…”
How about a referral program?
Instead of paying for users, could they just amplify organic WOM behavior?
“Okay, let’s regroup.How about we…”
Is there a way we can help them do that?
Good idea J• 35% of signups came from referral program
“Okay, let’s regroup.How about we…”
Is there a way we can help them do that?
Good idea J• 35% of signups came from referral program
• Customer base grew 40X in 15 months
“Okay, let’s regroup.How about we…”
Is there a way we can help them do that?
Good idea J• 35% of signups came from referral program
• Customer base grew 40X in 15 months• 15% MoM growth
How did they do that?
They stumbled on a Growth Hack
A fancy way to describe a tactic forgetting more customers by using a
certain combo of skills
How did they do that?
They stumbled on a Growth Hack
A fancy way to describe a tactic forgetting more customers by using a
certain combo of skills
Growth with skills, not money
MARKETING
Skills Needed To Find Growth Hacks
Stats, measurement, copywriting, creative, channel analysis, etc
MARKETING PRODUCT
Skills Needed To Find Growth Hacks
Understanding user behavior, roadmap planning, managing resources
MARKETING PRODUCT
TECH
Skills Needed To Find Growth Hacks
Ability to create repeatable processes, engineering mindset (not nec. coding)
MARKETING PRODUCT
Growth hacker
Skills Needed To Find Growth Hacks
TECH
Growth hacks can be found at the intersection of the 3 skillsets
Growth Hackersare people who have
all 3 skillsets
Growth Hackingis the act of finding opportunities
using these 3 skillsets
FIRST Your product has to be ready for growth
x ✖ =
If you just launched, or biz model not defined, just stop. You’re pouring gas on cold wood. Waste of resources. Start a fire first.
FIRST Your product has to be ready for growth
x ✔ =
x ✖ =
But, if you have a small fire – you have traction, customers, revenue – go for it
Use data. Use the Pirate Metrics frameworkto visualize your funnel
SECOND
This is one of many frameworks you can use. I just find this to be the simplest
SECOND Use data. Use the Pirate Metrics frameworkto visualize your funnel
AARRR!
Based on “Startup Metrics for Pirates” by @dmc500hats
Acquisition
Activation
Everyone’s definition of Activation, Retention, etc is different.The point is to define the metric and use GH skills to improve them
Acquisition
Activation
Retention
Referral
Revenue
Growth Hackers use their skills to grow the number of people
at each stage
Acquisition
Activation
Retention
Referral
Revenue
Growth Hackers use their skills to grow the number of people
at each stage
Acquisition
M
P
T
What channels are most effective?
What attracts people to our product?
How can we make it scalable?
How can each skill contribute to increasing the number of people at each stage?
Acquisition
M
P
T
Use analytics to rank channels
What attracts people to our product?
How can we make it scalable?
(This is just a small sample of what you could do for each skill)
Acquisition
M
P
T
Use analytics to rank channels
Study customer behavior for insights
How can we make it scalable?
Acquisition
M
P
T
Use analytics to rank channels
Study customer behavior for insights
Use available tech to make it easy
Acquisition
Hotmail“P.S. I love you. Get Hotmail.”
M = “what channels can we use?” P = “how can we hook into product?” T = “how can we make it scalable?”
Activation
M
P
T
What messaging is most effective?
What factors have the most impact?
How can we implement?
At this stage, you want people to engage with product in a meaningful way
Activation
M
P
T
Measure and compare campaigns
What factors have the most impact?
How can we implement?
You have their attention; figure out what the best message is
Activation
M
P
T
Measure and compare campaigns
Understand what levers you have
How can we implement?
What assets do you have that can help you hook them in?
Activation
M
P
T
Measure and compare campaigns
Understand what levers you have
Use A/B testing tools
How can you use data to inform your decisions?
Activation
LinkedInGamified profiles
LinkedIn hooks you by getting you committed to filling out your profile
Activation
EcommerceA/B test product photos
A B
How can you increase the # of people who browse multiple pages on your site?
Retention
M
P
T
How can we stay top of mind?
What causes customers to churn?
What can we automate?
What MPT questions would you ask to increase # of ppl at this stage?
Retention
M
P
T
Audit available channels
What causes customers to churn?
What can we automate?
And here’s a small set of the things you could do to answer those questions
Retention
QuoraDigest emails w/ cool content
Quora gets you to come back by teasing you with content they know you’re interested in
Retention
ZyngaEmail to churning players
Social games know they can make you come back by offeringyou valuable in-game items for free
4. Referral
At this point, you should have communicated your value so clearly thatreferrals feel natural
Referral
M
P
T
What copy will provide the right nudge?
What incentives can we align?
What does the process look like?
Find growth hacks by thinking what MPT questions you can ask
Referral
M
P
T
Create campaigns to build awareness
What incentives can we align?
What does the process look like?
How do you compose messaging such that referringfriends has clear benefit to the user?
Referral
M
P
T
Create campaigns to build awareness
Build referral loop into usage
What does the process look like?
Is there a way to make referrals add value to core product usage?
Referral
M
P
T
Create campaigns to build awareness
Build referral loop into usage
Remove steps from the process
How do you make it as simple as possible?
DropboxRefer a friend and get 500 mb
Referral
The poster child of referral programs: you’d be stupid not to refer a friend
FacebookImport your contacts
Referral
Value-based messaging: “find friends” and “add personal contacts”Not “import your address book” – which has no clear benefit
Revenue
M
P
T
What message will trigger purchases?
What can we offer to increase orders?
How do we implement?
Again, we combine MPT skills to come up with ideas
Revenue
M
P
T
Design to address friction points
What can we offer to increase orders?
How do we implement?
And these are some of the activities we can do
Revenue
M
P
T
Design to address friction points
Play with limits of product offering
How do we implement?
Revenue
M
P
T
Design to address friction points
Play with limits of product offering
Use tools to help find opportunities
Revenue
SaaS & EcommerceA/B test pricing page
Sometimes you’d be surprised what a simple copy change will do.Via http://bit.ly/1zxx2HE
The best growth hack
is to make yourproduct AWESOME
you can’t savea crappy product
An amazing acquisition growth hack can’t save youif you can’t get people to stick
The best growth hack
is to make yourproduct AWESOME
you can’t savea crappy product
Same story here. Viddy hooked up to Facebook after some initial traction, but the product wasn’t good enough
Your Growth Hacking formula:
Traction
x
So much of growth hacking is based on usage data.If you have no data, or traffic, or traction, you can’t run experiments
x x
Your Growth Hacking formula:
Traction GH skills
The confluence of MPT skills allows you to come up with ideas that you wouldn’t have found in isolation
x x
Your Growth Hacking formula:
Traction GH skills Framework
Use some kind of framework so that you have metrics to watch and measure
Start with these:
Startup Metrics for Pirates
Quick Sprout
GrowthHackers.com
Dave McClure’s pirate metrics is a great start. Neil Patel’s Quick Sprout is great for anyone new to marketing. GrowthHackers.com if you’re intermediate.