Product Driven Growth from Lean Product Meetup
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Transcript of Product Driven Growth from Lean Product Meetup
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Stacking the Odds for GrowthHow Product and Marketing Work
Together to Drive Growth
December 10, 2015
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Everyone Wants Explosive Growth
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But Extreme Competition for Attention
$0
$20
$40
$60
$80
$100
$120
$140
$160
3.5X more online ad $/user in USA last 12
years
3.5x
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And Channels in Constant Flux
Credit: James Currier
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Today’s Requirements for Growth
1. Unlock organic growth
2. Clear North Star metric
3. Full company participation
4. High tempo testing process
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Today’s Requirements for Growth
1. Unlock organic growth
2. Clear North Star metric
3. Full company participation
4. High tempo testing process
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Requires Product/Market Fit
• Without PM Fit, all growth unsustainable
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Validate Product Market Fit
• Leading indicator: Ask users “How would you feel if you could no longer use this product?”
– Very disappointed (40%+)– Somewhat disappointed– Not disappointed– N/A – I already stopped using
• Lagging indicator: Retention cohorts
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Understand Product Market Fit
Understand “Must Have” Users• Why did they seek product (intent)?
• How are they using product?
• How describe when recommend it?
Key Benefit - Narrow by Must Have• Ask 1st group: “What is key benefit?” (open ended)
• Ask 2nd group: “What is key benefit?” (multiple choice), “Why is that benefit important?” (open ended)
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Leverage to Unlock Organic Growth
Home Page Messaging• Hook: A/B test “hook” based on intent
• Promise: A/B test promise statements (stay true to “must have benefit”)
• Description: A/B test descriptions(best response)
Onboarding to “must have experience”
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Today’s Requirements for Growth
1. Unlock organic growth
2. Clear North Star metric
3. Full company participation
4. High tempo testing process
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North Star Metric for Growth
• Reflects value delivered to your customers
• Examples: Airbnb nights booked, Uber rides
• Captures several metrics (i.e. retention reflected in MRR and MAU)
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Lens for All Growth Efforts
Ask: How does this test impact our North Star metric?
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Submetrics via Growth Accounting
AcquisitionActivationReferral
Retention Revenue(expand)
Simple Example
North Star Metric
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Today’s Requirements for Growth
1. Unlock organic growth
2. Clear North Star metric
3. Full company participation
4. High tempo testing process
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Product
support
Growth is Cross Functional
External Channels
Promise
1st Experience
Ongoing Experience
Acquisition
Activation
Revenue
Retention
Referral
biz devMarketing
PR
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Product
Growth Team Coordinates Efforts
External Channels
Promise
1st Experience
Ongoing Experience
Acquisition
Activation
Revenue
Retention
Referral
Marketing PR
support
biz dev
Growth Team
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Building Core Growth Team
• Start with Growth Master (PM Growth)
• Add dedicated people to core as needed to hit testing tempo goals
• Core often includes designers, growth engineers, analysts…
• Execute High Tempo Testing Process
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Today’s Requirements for Growth
• Unlock organic growth
• Clear North Star metric
• Full company participation
• High tempo testing process
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Testing Drives Growth
• Day 1: No certainty about how you will grow
• Rapid testing across all levers
• More testing = More learning
AcquisitionReferralActivationRevenueRetentionResurrection
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High Tempo Testing: Twitter
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High Tempo Testing Process
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Unbridled Ideation
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Unbridled Ideation
• Build large backlog of ideas (my team now 700+)
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Inputs for Growth Testing Ideas
External Experts
Internal Experts
Ideas Tests Results
Core Growth Team Drives Process
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Prioritize Backlog
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Formalize ideas in Experiment Doc
• Include research, hypothesis, target lever
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Compare Ideas by ICE Score
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Launch Tests
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Select Tests in Weekly Meeting
• Choose tests to launch (no brainstorming)• Assign a project manager to each test• PM Growth assist in releasing each test
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Example Growth Meeting Agenda
15 min: KPI review & update focus area
10 min: Review last week’s testing sprint
15 min: Key lessons learned from analyzed tests
15 min: Select tests for this week’s sprint
5 min: Check growth of idea backlog
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Capture Learning
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Capture Learning Details
• Every test leads to learning• Organize learning for easy access
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Share Learning with Team+
External Experts
Internal Experts
Ideas Tests Results
Core Growth Team Drives Process
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Example: New User To-do-list
• Data: low % of newly registered users commenting in 1st week
• Hypothesis: Increase % of first week commenters
• Test: Use a to-do-list to guide new users (start with easy activities)
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Result: New User To-do-list
• Result: over 700% lift in 1st week commenting
• Idea credit: community manager (inspiration Quora)
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Another Example - oEmbed
• Data: Embeds = longer sessions
• Hypothesis: Same action = more embeds
• Result: 41% increase in embedded media
• Idea Credit: EngineerSlides
Videos
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Recap: Requirements for Growth
1. Unlock organic growth
2. Clear North Star metric
3. Full company participation
4. High tempo testing process
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Join GH Projects Private Betaat Projects.GrowthHackers.com
Where Teams Drive Results with High Tempo Testing:
1) Team Ideation 2) Prioritize Testing 3) Capture Learning