View
1.623
Download
1
Category
Tags:
Preview:
Citation preview
• 15 year startup growth veteran
• Wrote Startup Growth Engines with Sean Ellis
• My hobby is studying fast growing companies
3TAKEAWAYS
1. Growth hacking complements marketing – not a replacement
2. Use data to find leverage points and double down on those
3. Rapid, continuous experimentation key to growth – no silver bullets
“Most startups don’t fail at building a product. They fail at acquiring customers.”
Growth is Everything
– Gabriel Weinberg
• McKinsey & Co. studied 3,000 software companies with different growth rates
• High-growth companies deliver 5x greater returns than medium growth companies
• Supergrowers (CAGR > 60% at $100m mark) were 8x more likely to reach $1B
• Increase in growth rates drive 2x the market capitalization as margin reduction in companies < $4B
• No correlation between cost & growth rates
Growth is Everything
What is growth hacking? A cool-sounding euphemism for making the doer feel good about using the same old sleazy marketing tricks.
– David Heinemeier Hansen, 37 Signals!
What is growth hacking? A … focus on understanding your users and how they discover and adopt your products, [so] you can build features that help you acquire and retain more users, rather than just spending marketing dollars.
– Josh Elman, Greylock. Frmr. Twitter, Facebook & LinkedIn!
$0
$20
$40
$60
$80
$100
$120
$140
$160
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
3.5x
US Online Ad Spend per User
Extreme Competition for Attention
Extreme Competition for Attention
0
20
40
60
80
100
120
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
WOM Email
MySpace
Craigslist
iOS Android
James Currier
Yet some huge successes…
Little or no traditional marketing…
Use a Growth Hacking Playbook • Experiment with all available growth levers
• Understand what’s driving growth, test to improve it
• Heavy focus on product and optimization
The Dropbox Growth Story • Freemium reduced allowable CPA
• Natural advantages to grow with collaboration and sharing
• Catalyze sharing with double sided referral program
• Optimize conversions on sharing loops
• 300 million users with no traditional marketing
B2C or B2B
• Growth hacking isn’t just for consumer-focused companies.
• B2B often requires integration with sales process.
HUBSPOT – FREE TOOLS
Finding Your Own Growth Levers • Areas of exploration
• Process, team and tools
SOME AREAS OF EXPLORATION
• Platform Integrations
• User-Get-User
• Free Tools
SOME AREAS OF EXPLORATION • Powered By
• Reverse Engineer Success
Hotel Tonight’s 3G Epiphany
• Discover the why can lead to breakthroughs in growth
• HotelTonight found poor data connections drove conversion rates UP.
• WHY?
Success Data: AirBnB’s Pro Photos • Discovered that listings with
high-quality photos received 2-3x bookings
• Invests in professional photography
• Booking activity explodes as desire increases
Discover Your Magic Number
Twitter’s Follow 30 People
"Once a user follows 30 people, they're more or less active forever.” – Josh Elman, Greylock
Experimentation Is Key To Success
• Generate many ideas for experiments
• Prioritize by impact, confidence & ease
• Balance high impact & high probability tests
Growth Team Often Needed
• Multi-disciplinary
• Cross functional
• Evangelize experimentation culture
“Growth team” complements existing marketing team
HELPFUL TOOLS
• Analytics — Identify drop-off points and under-performing pages (e.g. Google Analytics, KISSMetrics)
• Qualitative Insights — Uncover the why behind the numbers (e.g. Qualaroo, SurveyMonkey)
• A/B Test — Find better performing combinations to drive conversion rate (e.g. Optimizely, Unbounce)
Relentless Execution of Growth Processes
1. Ideas
2.Prioritize
3.Test4.Analyze
5.Optimize
3TAKEAWAYS
1. Growth hacking complements marketing – not a replacement
2. Use data to find leverage points and double down on those
3. Rapid, continuous experimentation key to growth – no silver bullets
Morgan Brown @morganb GrowthHackers.com
Recommended