Dominic Coryell500 Startups

dom@500.co //+\\ @DistroDom

@DistroDom

WHO IS THIS GUY DOMINIC?● Co-Founded GarmentValet● Co-Founded Curebit / Talkable

Now I’m @DistroDom @500 Startups investing time and $ in promising startups #500STRONG

Power Funnels...

& How to Optimize Them

WE DON’T WANT A LEAKY FUNNEL

Don’t Ever Forget….

GROWTH FOR PIRATES… AARRR

@DistroDom

Acquisition • Attracting the right people

Activation • People signup and start using your product

Retention • People keep using your product.

Referral • People get their friends to start using your product

Revenue • Buying more

Credit: Dave McClure (@davemcclure)

What Should I Optimize??

… AND, How???

RULE 1: Optimization ≠ Testing

A/B Tests Don’t Matter If Too Small

< 250 Conversions (Per Variation) Means A/B Test Isn’t Valid and leads to false confidence.~ Peep Laja @WMD 500 Startups 2015

RULE 2: Optimize Shit That Matters

Look Familiar?

YAAASSS!!!

RULE 3: Define What A Win Is

Make sure your optimizations are tied to real business goals ● sales● signups● profit

RULE 4: It’s Not Magic - It’s Process

You Don’t Need to be MAGIC

Slide credit to Peep Laja: http://conversionxl.com/blog

RULE 5: Always Measure● Conversions are directly related to

optimizations ● Full Weeks (every day is different)

● Long enough periods of time

Now - the “WHAT” Part:

FOCUS ON PRINCIPLES @ EACH STAGE

not tactics from others

● Visual Heirarchy● Keeping everything simple● State value in the your customer’s language● Pay attention to FOGG (Behavioral Model)

Great Principles

Acquisition

● look at conversion from signups (not just signups)● look at CTR related to conversions, are your ads just getting a lot

of clicks from the wrong people● Expand your audience in a segmented way● Onboarding flow (too many questions, not enough)● Clear calls to action● Is the value stated clearly in the words of the user

Activation

● Immediate welcome emails● Content nurturing with valuable news ● Starting a conversation● Incentives to activate

Retention

● try to find when people normally leave/drop out and then lengthen the curve prevent it

● figure out the main reasons for leaving and optimize around that

Referral

● figure out if people like your product● put sharing call to actions in more places● make it easy for the friend to use the offer

Revenue

● what products are selling best● what products are profitable / loss leaders● what # of your revenue is coming from customers who buy● what else can you sell, is there a different way to package it, is

there a promotion that makes people spend more

What’s Next?

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