Growth-hacking & Lean marketing - the disruptive approach for Startups and Entrepreneurs

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    08-May-2015
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Understand Growth-hacking and its challenges #disruption #lean #startups

Transcript of Growth-hacking & Lean marketing - the disruptive approach for Startups and Entrepreneurs

  • 1.Growth Hacking or: Lean Marketing for Startups

2. PS: I love you. Get your free e-mail at ??? 3. In 1996 co-workers Sabeer Bhatia and Jack Smith planned to start JavaSoft 4. They were afraid their boss might read their emails 5. They were afraid their boss might read their emails So they built a webbased email system 6. ...and sowas born 7. They raised $300,000 from investors 8. But Hotmails launch was unimpressive July August 9. Their growth strategy was to buy billboards and radio ads 10. But investor Timothy Draperhad a better idea 11. Put PS: I love you. Get your free e-mail at Hotmail at the bottom of each e-mail. 12. Within hours, Hotmails growth took the shape of a classic hockey stick curve JulySeptember 13. They started averaging 3,000 new users a dayJulySeptember 14. Within 6 months, they were up to 1 million usersJulySeptemberNovember 15. Five weeks later, they hit the 2 million user markJulySeptemberNovemberJanuary 16. In one case, Bhatia sent an email to a friend in India 17. In one case, Bhatia sent an email to a friend in Indiawithin 3 weeks Hotmail had 300,000 users there 18. When they sold to Microsoft 1.5 years after launch, Hotmail had 12 million usersJulySeptemberNovemberJanuaryMarchMayJulySeptemberNovember 19. When they sold to Microsoft 1.5 years after launch, Hotmail had 12 million users (There were only 70 million internet users at the time)JulySeptemberNovemberJanuaryMarchMayJulySeptemberNovember 20. This story is not an anomaly 21. Why did these companies succeed when everyone else failed? 22. Mattan Griel Founder & CEO, One Month mattangriel.com 23. What were going to cover today What Is Growth Hacking? Growth Hacking Best Practices 24. This is adapted from posts by Dave McClure, Andrew Chen, Noah Kagan and others, as well as from my own experience 25. Most startups nd themselves facing thesame problem 26. They build a product that no one ends up using 27. Say your startup hasan idea 28. You assemble a team and start building 29. Six months later, you have a product you're happy releasing 30. When that day nally comes, you launch and 31. When that day nally comes, you launch and nothing happens. 32. You get a writeup on TechCrunch and several thousand users 33. You get a writeup on TechCrunch and several thousand users (But most of them stop using it after a few days) 34. Nothing like the tremendous viral growth you were anticipatingJulySeptemberNovemberJanuaryMarchMayJulySeptemberNovember 35. What do you do? 36. Youre in the trough of sorrow, my friend Wearing Off TechCrunchof Noveltyof InitiationWiggles ofThe PromisedFalse HopeLand!Trough of SorrowReleases ofCrash ofImprovementIneptitude 37. Continuing to ship new features is the worst thing you can do 38. It compounds what the real problem was in the rst place, which is that you don't know what's wrong 39. Enter the growth hacker 40. WTF isGrowthHacking? 41. Wearing Off TechCrunchof Noveltyof InitiationWiggles ofThe PromisedFalse HopeLand!Trough of SorrowReleases ofCrash ofImprovementIneptitude 42. Growth hacking is a set of tactics and best practices for dealing with user growth 43. Growth hacking is a set of tactics and best practices for dealing with user growth How do I get more users? 44. ue of a user? e lifetime val o I increase th How d How do I get more of my us ersHA moment? What is our Ato be active?Growth hacking is a set of tactics and best practices for dealing with user growthuce churn? w do I red HoHow do I measureHow do I get more users?the eectiveness o f new features? 45. Viral growth 46. Viral growthLanding page optimization SEOProduct managementAnalyticsEmail marketing PROnboarding UXBehavioral economics 47. TrafficMost companies only track three thingsUsersRevenue 48. Phase 1 Phase 2 Phase 3 Phase 4 Phase 5 Get trac?Get users?Prot 49. Those metrics arent very helpful 50. Those metrics arent very helpful (The magic is what happens in between) 51. The key is to map out the user lifecycle for your product 52. The lean marketing frameworkACQUISITION ACTIVATION REFERRAL RETENTION REVENUE 53. SEO EmailViral PRSEM BlogsPartnerships Contests 54. SEO EmailViral PRSEM BlogsPartnerships ContestsACQUISITION 55. SEO EmailViral PRSEM BlogsPartnerships ContestsACQUISITIONAcquisition = getting people to come to your site 56. SEO EmailViral PRSEM BlogsPartnerships ContestsACQUISITION ACTIVATION 57. SEO EmailViral PRSEM BlogsPartnerships ContestsACQUISITION ACTIVATIONActivation = getting people to sign up for anything that could lead to a repeat visit 58. SEO EmailViral PRSEM BlogsPartnerships ContestsACQUISITION ACTIVATION RETENTION 59. SEO EmailViral PRSEM BlogsPartnerships ContestsACQUISITION ACTIVATION RETENTIONRetention = getting users to become active 60. SEO EmailViral PRSEMPartnershipsBlogsContestsACQUISITION ACTIVATION RETENTION REVENUE 61. SEO EmailViral PRPartnershipsSEM BlogsContestsACQUISITION ACTIVATION RETENTION REVENUERevenue = monetizing active users 62. SEO EmailViral PRSEMPartnershipsBlogsContestsACQUISITION ACTIVATION REFERRAL RETENTION REVENUE 63. SEO EmailViral PRSEMPartnershipsBlogsContestsACQUISITION ACTIVATION REFERRAL RETENTION REVENUEReferral = getting active users to refer others 64. The lean marketing frameworkACQUISITION ACTIVATION REFERRAL RETENTION REVENUE 65. Lets see it in action 66. AcquisitionYou hear about Quora after your friend posts a question from Quora to Twitter 67. After reading the page you decide to create an account Acquisition Activation 68. Acquisition Activation...a few days go by 69. You get a weekly digest email with questions and links back to the site Acquisition Activation Retention 70. Once youre back, Quora encourages you to read related questions Acquisition Activation Retention 71. And share interesting questions through Twitter and Facebook Acquisition Activation RetentionReferral 72. Quora doesnt currently make money Acquisition Activation Retention RevenueReferral 73. Each step of the LMF corresponds to a user state 74. The growth hackers job is to gure out how to move users from one state to the next??? Creates an accountVisits again later 75. You need to measure conversions at each step 174410%Acquisition174 Activation30%30%5217RetentionRevenue 76. Mixpanel and KISSmetrics are great for analytics 77. plug-and-play 78. Dave McClures example conversion metrics 79. At rst your numbers will be really shitty 17441%18%0%17 Acquisition30ActivationRetentionRevenue 80. At rst your numbers will be really shitty 1744 Focus here1%18%0%17 Acquisition30ActivationRetentionRevenue 81. At rst your numbers will be really shitty 174410%Acquisition174 Activation10%0%170RetentionRevenue 82. Dont focus on acquisition if your activation rate is 1% 83. Growth hackers have developed tactics for optimizing the funnel 84. Measure the quality of trac sources 85. Minimal landing pages to convert better 86. Onboarding to improve activation and retention 87. Get people to come back using email 88. Incentivization to get people to share 89. Identify companies that focus on optimizing and try to learn from them 90. Testing 91. Unbounce is an amazing tool for easily creating and testing landing pages 92. Optimizely is a great tool if you already have a site 93. Vanity and A/Bingo are testing frameworks for Ruby on Rails 94. Measure the lifetime eect of a change 174410%17430%30%5217AcquisitionActivationRetentionRevenueVersion A1744 (100%)174 (10%)52 (30%)17 (30%)Version B1670 (100%)100 (6%)60 (60%)18 (30%) 95. Notable Growth Hacks 96. Acquisition: BrandYourself kept their Mashable article trending for 2 days by promoting it on StumbleUpon 97. Activation: OKCupid has a tour guide that interacts with you during the signup process 98. Activation: Groupon has two different pages for Google vs. Direct traffic(Footers are good for SEO but reduce conversions) 99. Activation: Path texts the app to your phone 100. Activation: Dropbox sends an email when a user signs up but never installs the software 101. Retention: Eventbrite sends emails if youve been inactive for too long 102. Retention: Path has your friends do it instead! 103. Retention: Path has your friends do it instead!(Can have a 10x higher conversion rate) 104. Referral: Facebook integration makes it really easy to get people to share 105. Referral: Dropbox, LivingSocial, and Appsumo know incentivization works well too 106. Referral: Quora forces people to sign up before they can read answers 107. Growth Hacking Resources 108. Watch Dave McClures Startup Metrics for Pirates 109. Quora has boards on Growth Hacks and Growth Hacking 110. Andrew Chen has posted a list of notable growth hackers: 111. Coming soon One Month Growth Hacking 112. Thank you.Get the slides at mattangriffel.com Mattan Griel mattan@onemonth.com @mattangriel