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Do you need a practical guide and how-to checklist for starting your growth hacking efforts? Learn how to build your growth funnel, how to run experiments, how to track your key growth metrics, how to identify your points of leverage, what tools to invest in, how to think like a growth hacker, and how to build your growth hacking team.
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Bryan Ferguson | November 2013
Traditional marketers try to buy the attention of prospects. This is too slow, risky, and expensive for high growth focused companies.
Traditional Marketing • Direct Mail
• Email Blasts
• TV & Radio
Traditional marketing is too slow for rapid growth
Traditional
Marketing
Slow
Expensive
$
Dropbox Lesson
In 2009 Dropbox launched with paid search Cost per acquisition: $233 - $388 Price of product: $99. FAIL.
• PPC
• PR
• Events
• Cold Calling
Dropbox Lesson
Adwords didn’t create a lot of new users Very few searches for relevant keywords Very slow user acquisition channel
Start-ups and high growth companies are dismissing the high cost and lower life time value of traditional marketing for growth hacking.
Growth Hacking
It’s cheap
It’s efficient
It’s iterative
It’s practical
It’s scalable
Almost every company that is rapidly acquiring new users is lead by a growth team and a growth strategy.
RAPID
GROWTH
Funnel Optimization
Obsessing over testing, measuring and moving funnel metrics
Behavior Economics
Decoding user motivations to inspire and create viral growth.
Data Analytics
Rigorous, empirical, scientific approach to driving conversions and growth
Product Fit & UI
Constantly refining product experience for conversion and growth
Creative Growth Hacks
Out-of-the box solutions to rapidly acquire users with high retention
A growth hacker’s core mission is rapid growth
Market Dynamics
Pairing market trends, supply, demand and pricing to product fit and strategy.
While Growth Hacking is primarily focused on online companies and start-ups, examples of innovative growth
hacking can be seen in more traditional industries.
McDonalds – 1950s McDonalds was quick to understand the dynamics of America’s new interstate network as a new channel for reaching customers. They rapidly acquired new customers by setting up golden arches along highway exits.
Today, online distribution channels and social networks are being redrawn, creating massive change and opportunities for almost every industry to reach and connect with people
in new and innovate ways.
Acquisition People come to your site from various channels
Activation Users sign-up or create accounts
Retention Repeat use of product & features
Referral Growth via sharing & WOM
Revenue Monetize user behavior
Getting People to Your Site
Getting Users to the AHA Moment
Delivering Product Value Early and Often
Getting Users and Advocates to Share
Turning Users and Activity into Revenue
Acquisition People come to your site from various channels
Activation Users sign-up or create accounts
Retention Repeat use of product & features
Referral Growth via sharing & WOM
Revenue Monetize user behavior
15% Increase in Conversion Rate
5% Increase in New Accounts
Doubling return visits to site
2 Referrals per User
20% Increase in ASP
Have one clearly stated measurable goal for each point in the funnel
Examples
Acquisition People come to your site from various channels
Activation Users sign-up or create accounts
Retention Repeat use of product & features
Referral Growth via sharing & WOM
Revenue Monetize user behavior
AirBNB: auto-posted to Craigslist
Mint: Sign-up page for every finance topic
Zynga: built on top of Facebook
DropBox: easy sign-up with email notice to install
OKCupid: Signup process with animated guide
PayPal: $10 incentive to sign-up
Twitter: 30 Follower is the key to retention
Facebook: 7 Friends is the key to retention
Path: Friends send email when you are inactive
Dropbox: 500MB increase storage for referral
Hotmail: “P.S. I Love You. Get your free email at
Hotmail.com” at the bottom of every email.
Living Social: Free if 3 friends buy
Udemy: Your student – you get 100% of the sale
Identify or creatively engineer your unique hacks or data points that will drive conversion at each stage
Acquisition
Activation
Retention
Referral
Revenue
Unique Visitors
# of Pages
# of Clicks
Time on Site
Visitors by Source & Cost
Best Performing Source
Unique Visitors – Sign-up
Sign-up Conversion
New Account Creation
Opt-in Conversion
Email Click-Through Conversion
Logs in 3 Times of More
Returns to Complete Profile
Returns to Share
Returns to Use X Feature
Length of Use
Shares via Email
Shares via Social
Invites
Referral Conversion
Posts to FB, LinkedIn, Twitter Viral K Factor > 1
Paid Conversion
Leads by Source
Activation to Sales Conversion
Sales
Leads to Sales Conversion Revenue
Identify and track your key metrics – run experiments to improve
Use the right set of tools to build your experiments and
validate your assumptions
Website
Analytics
Google Analytics MOZ
Funnel
Measurement
KissMetrics MixPanel
Kontagent Trak.io Flurry
User
Survey
Survey Monkey Qualaroo
Landing Pages
& A/B Testing
Opimizely VMO (Visual Website
Optimizer) Unbounce CrazyEgg
PageSpeed Insights
Write down your hypothesis Assemble your resources and team Have a control group & setup and A/B testing Run your experiment Objectively review and measure your results Implement positive findings Optimize your experiment and repeat
Seeding a platform from zero is extremely challenging and the demise of most user-driven businesses. Here’s seven popular
growth hacks for gaining critical mass
Platform Seeding
Strategies
Bait User
Sign-up
Provide Stand
Alone Value
Pre-Populate
Platform Data
& Activity
Fake
Activity
Piggyback on
Underlying
Network
Recruit High
Profile Early
Adopters
Seed in Niche
Geo/Industry/
Existing
Network
Example:
Initially used
public domain
content
Example: airbnb auto-
posted to
Craigslist
Take a look at the innovations others in your industry have used to seed supply and demand on their platform
Provide Stand
Alone Value
Pre-Populate
Platform Data
& Activity
Fake Activity
on Platform
Piggyback on
Underlying
Network
Seed in Niche
Geo/Industry/
Existing
Network
Example:
First distributed
booking system
for restaurants
Example: Facebook
started with
student network
in Harvard
Example: PayPal’s
AutoLink with
eBay
Example:
Quora Interns
Answered
Questions
Example: YouTube
Pirated Early Content
Growth
Hacker
Growth
Team
Phase 1 Phase 2
Content
Writer
a
Graphic
Designer
Project
Manager
(leader)
I
Data
Analytics
Developer
Start with a growth hacker with broad skills and mature into a growth team with specialized roles and defined processes
Spans multiple functions Guerilla tactics Creative genius Obsessed with goals
Process oriented Specialized roles Formal planning
ALLOW DATA TO
DRIVE EVERYTHING
BE ANALYTICAL &
OBSESSIVE - TEST
EVERYTHING
ALWAYS DELIVER
PRODUCT VALUE
REMOVE EGO
FROM OUTCOME
BECOME
AGNOSTIC ON
METHOD
THINK OUTSIDE
THE BOX
G
1
Build your growth funnel
2
Identify your points of leverage
3
Clearly state your measurable goals
4
Define and track your key funnel metrics
5
Acquire the right tools
6
Run your experiments
7
Test, optimize, measure, repeat
8
Find your growth hacks
9
Build your growth team
10
Embrace the growth hacker mindset
"Marketing has always been about the same thing — who your customers are and where they are.“ Noah Kagan, Founder, APPSUMO
"A growth hacker works within the parameters of a scalable and repeatable method for growth, driven by product and inspired by data. A growth hacker lives at the intersection of data, product, and marketing.”
Aaron Ginn, HEAD OF GROWTH, STUMBLEUPON
“Growth hacking is a recognition that when you focus on understanding your users and how they discover and adopt your products, you can build features that help you acquire and retain more users, rather than just spending marketing dollars.“
Josh Elman, PARTNER AT GREYLOCK PARTNERS
"Growth Hacking is the process and mindset of searching for ways that your product to grow. It’s kind of like a mix between engineering and marketing. The key is to find untapped channels of customers that are motivated to use your product.”
Dan Martell, FOUNDER, CLARITY
"Virality isn’t luck. It’s not magic. And it’s not random. There’s a science behind why people talk and share. A recipe. A formula, even." Jonah Berger, AUTHOR OF “CONTAGIOUS”
Thank you!
About Bryan
As a veteran of high growth start-ups, Bryan has become an active writer on Sales 2.0,
Funnel Optimization and Growth Hacking. His eBook - 18 Keys to Revving Up Your Sales 2.0
Engine - is available on Amazon.
858-405-0249 BryanFerg@gmail.com
@Bryan_Ferguson www.linkedin.com/in/bryanrferguson/
Bryan’s Book
18 Keys to Revving up
Your Sales 2.0 Engine
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