Growth Hacking for Product Managers
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Practical lessons learned from our startup growth accelerator, Sprinthack on growth, agile product management and how to integrate this approach to any organisation's way of working.
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Growth Hacking for Product Managers
- 1. Agile Tour London 2016 Andrea Darabos @ADarabos Growth Hacking for Product Managers
- 2. c It’s 7 pm after a long day… We find out that 50% of our new users never sign back We are debating if we should be focusing on growth now
- 4. What is Growth? Debunking some myths What is Growth NOT?
- 5. We were fed up. We started it. Email: hello@sprinthack.com
- 6. Myths: 1. Fine to focus on growth after product market fit 2. Growth is about more traffic 3. All users are equal 4. Growth is about secret tactics and tools 5. You need a separate growth team
- 7. It’s fine to focus on growth after Product-Market fit
- 8. The sad news: It’s TOO LATE to focus on growth after Product-Market fit
- 9. The source of confusion
- 10. Growth hacking is a process of rapid experimentation across marketing channels and product development to identify the most effective, efficient ways to grow a business. (Wikipedia) Wouldn`t you want to do this from Day 1?
- 11. Your early work is about creating a lovable product. By Hiten Shah http://bit.ly/2eNNWTi
- 12. Growth Hacking is about more traffic
- 14. Building your product without data analytics is like driving in the dark without your lights on.
- 15. Know Your Funnel
- 17. Show me the users who signed up and logged in again within a week Cohort based on time and behaviour Mixpanel example
- 18. The Golden Retention Retention is 5 times cheaper than adding new customers Existing customers are at least 50% more likely to buy again Still, 44% of companies focus on Acquisition rather than Retention
- 20. Are all users equal?
- 22. Get to Know Them (klout)
- 23. What Are They Talking About?
- 24. Who are the Influencers in Your Product? Seed Workspace Owner at least last 7 days were active Idle Workspace Owner last 7 days were inactive Performing Workspace Owner 2 or more active users in past 7 days Waste Workspace Owner number of active users below 2 Left Ship Workspace Owner trial expired, last 7 days were inactive There is Hope Workspace Owner trial expired, last 7 days were active Example: sprinthack.com client
- 25. Engage Your Influencers The most important part of your outreach (email) is to provide value to the prospect. 1.Builds familiarity with your prospect. 2.Clearly states the purpose of getting in touch. 3.Provides value. 4.Ends with action steps. Template >>
- 26. Growth is about secret tactics and tools
- 27. Blindly applying tactics is a waste
- 28. Growth hacking is more than tactics. Its the focused execution of experiments to drive the one metric that matters now.
- 30. A growth hacking process. It’s Agile Source: growhttribe
- 31. At SprintHack: We grow in sprints Source: Sprinthack.com
- 32. We work on a few selected Hypotheses at a time Source: Sprinthack.com
- 33. We measure impact of experiments and evaluate weekly Source: Sprinthack.com Hello@sprinthack.com to get our toolstack!
- 35. You need a separate growth team A Myth. Like DevOps teams…
- 36. What you need is Collaboration on Growth Product Owner
- 37. Build these traits in your team
- 38. How does it all come together? Growth for Agile teams and stakeholders
- 39. Start Doing: 1. Start with growth now. Find your Key Metric OMTM 2. Analyse your funnel. Find where it’s leaking 3. Define hypotheses and experiments 4. Run sprints 5. Engage your Influencers 6. Use the tools that you need now 7. Build a growth mindset Oh, and email: hello@sprinthack.com