6. Love of Data
Deep understanding of Analytics
Contextually Creative
Intellectually Curious
Being Personable & Empathetic helps, A LOT
7. Growth Hackers Need Knowledge of:
Marketing, Product Management, Engineering
Traditional
Easy Enough Not So Much Are You F*ing
Kidding Me?
Not Your Grandpa’s Marketing!
8. Growth Hacking
is the process of using
psychology, engineering and testing
to drive repeatable,
measurable results.
17. Think in Flows
People don‟t use your site/product/service in discreet actions
Walk through key activities and write down the different paths a
customer can take to get to the end point you want
18. Go
Upstream!
Source: Quicksprout
Increase DAU
Educate Members About
Content Creation Through Email
Make Onboarding Experience
Include Content Creation
Features
Add “What‟s New” Category To
Homepage That Will Highlight
New Content Creation
When Someone Comments
On Any Content Automatically
Send The Creator An Email To
Notify Them
Improve Images On Homepage
To Show Creators And Not Just
Consumers
Increase Content
Creation by Members
Increase Retention
20. Set ‘Goals’
Measure the flows at different points along the way so you understand
how people are behaving at each step.
There is a temptation to track everything! DON‟T. Tracking is ok but
concentrate on most important functions/actions.
21. Understand
before Action
Take time (days or even weeks) to
understand what‟s going on
before taking a bunch of actions (i.e. site
changes, marketing campaigns)
23. GH Weaponry
[Customer
Acquisition
Cost]
Total month spend for
customer acquisition (ppc, content mtkg)
[Customer
Lifetime
Value]
Total new customers
acquired/activated in the month
Total revenue customer
generates for your company
(sum of all months between
sign up and churn, or last
purchase)
Customer
Acquisition Cost
25. There is so much!
Where to start?!
Test
Everything
Brief freak out…
Just Kidding
26. Pick the key task in your business, the one that you think
is most valuable or one you‟ve identified in your initial metric
review that seems out of line.
A/B Testing
Just Pick Something
– SaaS: activation
– eCommerce: checkout
– Blog: returning visitors
– Social: posting volume
27. H1
Write a hypothesis for whatever you‟re
going to test.
Take a guess, but write it down!
„Average cart completion rate will increase
from x% to y%.‟
28. …or to do something that will make things
worse.
Be Prepared to Fail
“ I find being a Growth Hacker is a lot like
being an entrepreneur, you get used to
messing up, there is a tolerance for doing
something crazy that might work, and you get
told no a lot by customers. ” - me
I’m a golfer, when someone sucks we call them a Hack.Cambridge dictionary “someone who produces work without caring very much about its quality”
This is what people think of when they hear the word Hacker. People breaking the law with computers.While that is one meaning of a ‘hacker’, there is are some more positive ones. Whether it’s a ‘hacker’ or a ‘growth hacker’, the word has had a negative connotation that’s not always trueImage:http://cdn.chud.com/a/ae/ae92d5cf_1995-hackers-movie-still-01.jpeg
I think of a growth hacker more like David Hasselhoff. You gotta love the Hoff.The Hoff is NOT doing anything illegal, and he’s the embodiment of a Growth Hacker. Stay with me here…He can:Run on the beachSwim through hurricane surf to rescue people without drowningSwim as fast as a dolphinWrestle a sharkHold his breath for 5 minutesDrive a speedboatDrive a semiOr disarm a bomb!The guy could do it allGrowth hackers are just like the Hoff. We’ve got a wide range of skills that enable us to do seemingly impossible things.Image:http://thisisnoelphillips.files.wordpress.com/2012/07/934_hasselhoff-baywatch-1344240804.jpg
So let’s redefine ‘hacking’.Hacking in it’s purest sense, whether legal or illegal, is ‘modifying a system to accomplish a goal.’Let that sink in for a second.Our friends dressed in leather jackets and goofy looking clothes, they were modifying computer systems to accomplish a goal.Growth hackers are modifying systems like your inclination to click on a button, or a purchase process, to accomplish the goal of you engaging with or buying a product.Heresy!Well now the word Hacker seems to make a lot of sense.
To me Growth Hacking is more a PERSON than a THINGWhat’s the profile of a Growth Hacker?A growth hacker is NOT Don Draper from Mad Men. There’s no all powerful creative being that magically generates marketing campaigns that sell tons of your product.David Kelley – founder of IDEOCore to being a growth hacker is understanding the importance of a customer’s motivations, talking to them, and fulfilling their needs. So being personable and empathetic helps A LOT.Understand the product’s latent inherent potential to spreadA desire for intensive data analysis to differentiate approaches, an ability to understand technical products enough to influence product development itself and the know-how to get these changes in front of the consumer to test & identify best way of growth
Growth Hacking is the process of using psychology, engineering and testing to drive repeatable, measurable results.Growth Hacking functions best in an environment of experimentation with an encouragement of failure. SOCIAL CONTEXT 1:Many not 1:1Experiences, engagement, sharing
Shrugging = don’t understand or want your productCheering = product market fitOk, so I shouldn’t hire a growth hacker until I reach product market fit. Noted. But wait, how do I know if I’ve reached product market fit?!Well I’m glad I asked!!! Image urls: http://diy.repairclinic.com/wp-content/uploads/2013/02/cheering-woman.jpghttp://img1.wikia.nocookie.net/__cb20121208112921/uncyclopedia/images/5/52/Shrugging_chick_1.jpg
[slide text]Before product market fit it’s really about testing to find out where the fit is, more customer development and product iteration.Product market fit enables creative growth techniques to shine.All this talk about what a growth hacker is and whatnot sounds nice. But how do you become one, what do you look for if you’re going to hire one?
As you think about tactics, any person you’re targeting to complete an action or engage with your product/service will have one of each of these attributes: a Person Type and a FrequencyVisitor has been to siteMember has signed up for siteUser has activated after sign up.Definition of what qualifies a person as a member or user will vary based on your companyImage:http://1.bp.blogspot.com/-wHlo-0HlOsI/UFGR504Sk1I/AAAAAAAAABM/qVg-NW5R_6Y/s1600/hayden-panettiere-celebrity-white-background.jpg
Remember in our definition that growth hacking involves driving repeatable, measurable results. It’d be really hard to measure anything without the proper analytics platforms in place.Three important categories of analytics platforms for growth hackers are:Broad basedPerson basedMarketing
Now you ask, well how do I know what end point I want? And my question back to you is, what is the high level goal of your website? Let’s say your goal is to increase daily active users. That’s a noble goal but that is the downstream result of several other actions. When properly setting up analytics we want to capture both the high level goal and the upstream activities that drive that downstream action.[walk through steps in this graphic]
For lifetime value, note timing of rev is important for cash flow of biz
Install A/B testing platform like OptimizelyStart trying things by changing something, try anything to get going!
Tests always need a control group (email, site changes, anything)
Dropbox allows users to invite their friends for more space. This helped dropbox to grow from 100,000 users to 4,000,000 in under two years. TO Core the value of this was there was inherent value to dropbox right out of the gate (the ability to save your stuff to the cloud). That value was then amplified by inviting friends.--35% of daily signups from referral program. 20% from shared folders, other viral features. This tactic had a compounding network effect because the service was valuable as an individual user (cloud storage that was simple) but as the network grew there was additional incremental value both in more free storage and the ability to share files with people.
PayPal was one of the first companies to have a viral incentive growth campaign. Way back in 2000 they offered new customers $10 for signing up, and the referrer got $10 for each referral. This resulted in a daily user growth rate of 7-10%!--Growth went exponential, and PayPal wound up paying $20 for each new customer. It felt like things were working and not working at the same time; 7 to 10% daily growth and 100 million users was good. No revenues and an exponentially growing cost structure were not.
Quicksprout 400k monthly visitorsThousands of subscribers and leads monthlyHellobarScrolling bannersIn-line content requiring email submissionIn-line promotion
According to Leo Widrich, a co-founder of Buffer, within the space of around 9 months, he wrote around 150 guest posts… Solely through guest blogging Buffer acquired around 100,000 users within the first 9 months of launching the company--For Buffer, at one point content marketing accounted for ~70% of daily signups – guest posting increases site rank for your own content too!
KISSmetrics generated 2,512,596 visitors [and 41,142 backlinks from 3,741 unique domains] from 47 infographics in 2 years.An infographic on average costs KISSmetrics $600, which means they spent $28,200 on infographics in those two years. -> think about the total cost for that if you were paying to acquire that traffic… millionsNote display code and facts and stats to Tweet.
Great way to share helpful content, teach people something and interact with potential customers in a personal way.By using Unbounce for landing page signups, KISSmetrics gets sign-up conversion rates of 40-80%. This is a 1,000%+ conversion bump over the standard GoToWebinar landing page.KISSmetrics added a question asking webinar registrants if they’d like to receive a demo of KISSmetrics. This one question—the last of nine—has resulted in the aforementioned figure of $13,000 in highly qualified new opportunities from each webinar
Make presentations to build reputation, provide personal contact info and be prepared to explain/show your product in less than 60 seconds
Everyone knows about social media, but so many companies do it so horribly…Capital One’s social media presence is embarrassing!One of my favorites is Backcountry.comContribute to community and interactOther people’s tipsFun content, not just their brandAsk questionsAnother interesting thing is to engage your followers and give them a voice in your company roadmap
Many people know about email drip campaigns. You sign up for a product and you get a series of emails that teach you more about the product or try to get you to buy more crap. Here’s an example of that from a company called Tommy John trying to teach me about underwear.What many of you may not know is that Pinterest used drip campaigns when it lauNched to get people to continually engage with the platform. When you signed up for Pinterest you insta followed popular people already on the platform, and when you signed up with Facebook you were automatically set to follow your facebook friends, and they you. What was interesting was that Pinterest sent the emails notifying you of your friends joining the platform over time.
Tango does SAAS conversion benchmarking. Periodic table of marketing metrics from Insight Partners.Groove has a really interesting series about their path from free beta to $25k in monthly revenue and on to $100k in monthly revenue I keep learning from people smarter than me. Read blogs (quicksprout, growthhacers), watch videos from google ventures, and practice
