Advanced Growth Hacking for startups - 4 big conundrums
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Advanced growth hacking for startups. The big unanswered questions. My slides from the DFJ CMO / growth round table
Transcript of Advanced Growth Hacking for startups - 4 big conundrums
- 1. You are here Getting to traction Advanced growth hacking for startups! ! 4 conundrums @nilanp
- 2. How much should I burn ?
- 3. What are your scaling levers ?
- 4. How do I deal with competition ?
- 5. How do I build a product with acquisition built in ?
- 6. @nilanp! Introductions
- 7. Lets start
- 8. How much should I burn ?
- 9. The rocket internet model
- 10. Strong intent SEM! SEO foundation! ! Display! Move to LTV model! Broader SEM and SEO! TV! Ofine! Multichannel attribution! !
- 11. Discussion points 1. Do you agree with the model ? Have you explicitly followed it ?! 2. The big downside of the model is that it doesnt drive customer centricity - which can impact repeat rates and a path to protability!
- 12. How much should I burn ?
- 13. 3 models!
- 14. Burn transactions!
- 15. Burn Life Time Value (LTV)!
- 16. Burn equity!
- 17. Discussion point 1. Which model do you employ ?! 2. How much do you burn and why ?! 3. Burning LifeTime Value is much more difcult that it sounds, modelling LTV on sparse data is hard, modelling cash-ow is hard. Do you model Life Time Revenue ? or Life Time Contribution ?! 4. What are the leading indicators of LTV that you track ?! 5. What is the right data architecture to do progressively evolve this ?
- 18. What are your scaling levers ?
- 19. What are your scaling levers ? Improve! conversion! rate Improve! margin Grow supply Launch new markets Launch new channels Optimise channel performance
- 20. Discussion points 1. Almost always in every business Ive been involved in the single biggest driver of growth within a market has been supply - do you agree (Businesses normally nd a couple of scaling channels - and optimise them (e.g. SEO and SEM) - then focus on acquiring supply to grow within a market)? ! 2. If this is the case - how do you separate this from marketing driven growth ? How do you explicitly make this clear within the business KPIs ?! 3. How do you prioritise a dev queue over market expansion, supply growth, new channel testing and optimisation ?! 4. I used to say that a performance marketing powered business grew at the rate it grew conversion rate - but these days I see conversion rate as an optimisation and a competitive benchmark of your product - not a scaling lever of growth - do you agree ?
- 21. Dealing with competition
- 22. Cost per acquisition Lifetime Value
- 23. CPA LTV
- 24. CPA competition LTV competition
- 25. CPA conversion growth repeat growth LTV
- 26. CPA repeat growth conversion growth LTV competition competition
- 27. Discussion points 1. Do you agree ? That CPA and LTV are the most competitive metrics within the business ?! 2. Do you agree that conversion rate and repeat rate demonstrate how better your product offering is vs the competition?! 3. What other metrics do you track to understand how good your competitors product is ?!
- 28. How to build a product with acquisition built in
- 29. Some examples of products with acquisition built in
- 30. Products with acquisition built in Channel Product SEO LinkedIn Virality Facebook, LinkedIn SEM booking.com Social AirBnB
- 31. Recently Ive realised that your product and trafc are linked in a more fundamental way
- 32. There is a symbiotic relationship between product and trafc
- 33. Not only in landing pages, but also in conversion rate optimisation and product
- 34. If grow an audience from SEM, your product will iterate towards converting high intent commoditised trafc
- 35. If grow an audience from facebook, social validation throughout your product will be key
- 36. Trafc and product teams cannot be siloed
- 37. Discussion points 1. There is a symbiotic relationship between product and trafc! 2. If you explicitly set your self the goal of increasing conversion rate, or revenue per customer, this will be highly dependent on the trafc stream you have built the business on! 3. This stretches beyond landing page optimisation to the core product - the products that sell, and the UX you need to develop to sell them is dependent on - hence separating trafc from product is not a good idea !
- 38. Beyond the rocket internet model
- 39. The future of growth
- 40. 2 steps