Growth Hacking for Lean Startups: How to Get, Keep and Grow Customers

download Growth Hacking for Lean Startups:  How to Get, Keep and Grow Customers

of 68

  • date post

    17-Oct-2014
  • Category

    Technology

  • view

    13.123
  • download

    3

Embed Size (px)

description

 

Transcript of Growth Hacking for Lean Startups: How to Get, Keep and Grow Customers

PowerPoint Presentation

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

Todd Wyder, CEO of Pathfinder Software,is obsessed with creating great software that users love, and he is also very passionate about building the Chicago-tech community, currently serving as organizer for both the Chicago Product Management Association and the Chicago Lean Startup Circle.

Over a decade of delivering successful software applications, providing clients with the technology to enable business breakthroughs and competitive advantage. Companies hire Pathfinder to design, develop and deliver Healthcare software products faster and better than they can do themselves.

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

You have found a really painful problem

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

You discovered a target market who has that problem

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

You have created a solution that customers tell you really solves the problem

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

So, you build your MVP and invite your first customers to use it

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

Then what happens?

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

Nothing

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

So, you buy some Adwords and get more sign ups. Then, what happens?

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

Product Usage

15.08.04.01.00.00.00.0

Why?

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

Your product sucks & you dont know why

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

Nobody releases the right product the first time out of the gate

12

The Trough of Sorrow

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

Releases of improvement is adding more features, which compounds the problem because you dont know what is wrong

13

Most startup founders focusheavily onproductbut most of a startup's risk lies indistribution

Dave McClure

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

But what do most people do? They add more features. Which just compounds the problem

14

Marketing

Customer

Development

Data

Growth

Hacker

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

Not a programmer

15

Acquisition

Bring prospective customers to your site

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

Activation

Sign up

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

Retention

Engage users

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

Referral

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

Seven Steps to become a Growth Hacker

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

1. No Beta!!!

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

2. Install Analytics

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

Google Analytics is Worth What You Pay For It

People, not page views, buy software

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

Dont Focus on Acquisition When Activation and Retention are Low

Visited Site

Signed Up

Activation

Billed

2,177

14

3

1

0.6%

21.4%

33.3%

0.0%

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

3. Create a Dashboard

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

4. Perform A/B testing

LinkBaitPro

Get Started

LinkBaitPro

Get Started

A

B

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

What to/Not to Test

LinkBaitPro

Get Started

For recreational use only. Do not staple or paper clip. All models over 18 years of age. Prize not redeemable for cash value. If condition persists, consult your physician. No user-serviceable parts inside.

Test the

Headline

Image vs.

Video

Call to action

text and color

Dont

spend a

lot of time

testing

the copy

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

Classic A/B Testing

Im on Twitter

Follow me on Twitter

Follow me on Twitter

You should follow me

On twitter

You should follow me

On twitter

You should follow me

On twitter here

You should follow me

On twitter here

56%

38%

27%

115%

173%

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

Mad libs 40% increase

29

User States

Login

Upload Photos

Tag Photos

Share Photos

Comment on Others photos

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

Flickr started out as MMO software

Released Glitch and it failed

30

5. Create Interventions

Signed Up

Login

Uploaded

Photos

Tag

Photos

2,177

366

41

3

16.8%

11.2%

7.3%

0.0%

Email

In App

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

A growth hackers job is to move folks from one user state to the next one

31

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

3 hours later

33

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

Bugsnag captures errors from your web and mobile applications. The first email they send to new signups is very simple, but has been yielding great results.

Hey {{ first_name }},

I'm James, CEO of Bugsnag. I wanted to reach out to see if you need any help getting started.

Cheers,

James

Surprise Personal Email

2013 Pathfinder Software

www.PathfinderSoftware.com

888-986-2914

@PathSoft

pathfinder-software

2 minutes after someone signs up, they get a one-line email directly from James, the CEO of Bugsnag, asking if they need any help:

People reply to this email a whopping 22% of the time.

First, the email sets up a direct channel for support questions. The fact that you care about this customer is what gives the email it's mojo.

Second, by delaying the email 30 minutes, people who got distracted come back and finish setting up even if they never reply. The result is happier customersandbetter conversion.

35

Bad

We've missed you on CouchSurfing! It's been a long time since we've seen you around! The last time you logged into Cou