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The Startup Growth Masterclass
#GrowKovai #BuildInKovai @PayUmoney
Use #GrowKovai #BuildInKovai
Tag your startup and PayU team will re-tweet/ share!
#GrowKovai
#BuildInKovai
When does growth start for a venture?• Pre product/ service – when you are thinking of the solution
to a problem and doing customer development?
• With the product/ service – when the product/ service is ready and you now need to get your first 100 customers
• A product/ service which has achieved product-market fit?
• After you have the first 50 customers, you have refined with feedback and you are now ready for a big launch?
Growth begins, the day you think of the solution to a problem that is large and important enough for anyone to pay and resolve!
Growth = Context + Story(Psychology/ Marketing)
Growth = Sustainable solution to a large problem
which customers
are ready to pay to
resolve.
(Product/ Solution)
Growth as a product/ service
Build the MVP without burning cash
MUST haveGood to have
As you think of the MVP, clearly put the problem that you’re solving in 1 line with “what are you solving” + “who you are solving it for” + “why do you think the problem exist”?
Hack: Build a personal entertainment system in under $50.This should make your customers “imagine” and “experience” your solution and believe that they will pay you for the future of personal entertainment.
As a small business, how do you approach growth?
Establish a framework of growth (things to measure and improve upon)
1. Acquisition2. Activation3. Retention4. Referral5. Revenue6. Churn
Initial user experience is the key. On-board with a aha! Moment!1. Uber is an incredible example!
Booking a cab has never been easier!
A product will not grow by itself. It needs distribution.1. Distribution is not something that can
be slapped upon after hiring a marketing team. Its part of the product by its very nature.
But how do you build distribution as a nature?1. Define your product’s core value, the
key atomic unit. Eg:1. Medium: post2. Dropbox: file3. Twitter: tweet4. Instagram: picture
The keyword here is – nature!Human nature is a very complex problem to understand and solve. There are a few psychological factors which are common across people.
1. Involvement and satisfaction of the ego2. Fame and visibility3. Knowing the un-known
Linkedin uses this beautifully well when it suggests “Who’s viewed your profile”.
Wait a second!
Suddenly from UX, we landed at human nature?? That’s insane. No! That’s growth.Tweet with: #GrowKovai #BuildInKovai
Growth is not about your product OR service. Its about how strongly do you move your customer’s behavior & emotion(s)?Businesses are evolving from a B2B/ B2C to H2H. And this is precisely where growth lies.
Now re-visit your product/ service again!1. Does your product create an emotional motivation for your
user to keep using it and finally recommend it to his/ her friends?
2. Are you forcing your customer to share and then measure metrics/ cohorts OR is sharing a part of the psychological satisfaction for your user?
Now that growth is about human to human interaction, just build a product on the principles of humankind!
Clinkle : gamification of human emotion
Logic: Clinkle grabbed headlines by raising $25million in seed funding from valley’s most talked about investors. Their landing page where they collected Email IDs was simple. But there was one smart hack. People who wanted to get the invite first could move up in the list by doing certain tasks, which led to increased word of mouth and hence referrals.
Be an incredibly awesome/ cool product OR be incredibly trustworthy!
And remember, simplicity is the biggest growth hack!
1.Email Invoice2.SMS Invoice3.PayUmoney Button
Your users might need far simpler solutions than what you’re building!!
Ensure that people find you when they are looking for any context directly OR indirectly related to the relationship b/w them & your business.
Build strong SEO
Start creating content, even when you are at the idea stage.
You don’t have to be a pro blogger. Just be an emotional story-teller!
A deeper look at content:
3 months, 6 cities, 600+ startups, 10K+ social media impressions
“PayU India Growth Drivers”
Meet, Neetzan Zimmerman!
In November 2013, Zimmerman, was responsible for more traffic to Gawker than all of the rest 20 writers combined.
Source: https://medium.com/@morganb/what-does-this-guy-know-about-virality-that-no-one-else-does-955e1efc17f9
Hack: there’s a difference with stuff that people care about and stuff that people pretend to care about!Position your product/ service contextually such that people would relate to it as a solution to problems that they care about.
From MVP to MVCWhile you are thinking of the minimum viable product, create the most valuable content.
The foundation framework for great content:
1. Relevant2. Undeniable3. Believable4. Simple
Hack: it isn’t about convincing people that you can solve their problem. Its convincing them that they want ‘you’ to solve their problem.
Incredible psychological triggers:• The in-group effectWe tend to like and trust people who we feel are similar to us. This also affects our decision making.
• The ohh Iv seen a similar thing effectAffinity breeds automatically for things that you can relate to with a past experience.
• There is safety in numbersWe tend to believe in something that many others already believe in
Incredible Growth hacks that leveraged human nature!
image via source 6
Airbnb photography program was launched in 2010. Hosts could schedule a professional photographer. The service became an instant hitSource: TC
How are businesses leveraging the PayU Button?
Twitter: suggested followers
Logic: an activated user for twitter before launching this feature was someone who was following 30 or more twitter handles. This was an incredible hack to make people follow contextually relevant twitter handles.
Hashtaag.com : facebook notifications(venture is not active now)
Logic: a brilliant growth hack which resulted into 3X user activity.
Users were not returning back to the website to check their pages. We pushed their activity notifications to facebook which increased user activity
Google: usage of calendar!
Logic: expecting a user to add events to a Google calendar was not always the most optimal fashion of making every Gmail user actively use Google Calendar.
Google added ‘add to calendar’ call to action within your Email. So now when you get an Email like “call tomorrow” Google automatically asks if you would like to add it to your Google calendar!
HARO/ HASO
Logic: most startups keep looking for PR. The trick to get great PR is to add value to a story which a reporter is doing.
Use HARO/ HASO lists to add value to stories that journalists around the world are doing. You might get published in the Huffington World tomorrow!
Tissue papers : leverage sub-conscious human nature
Logic: a popular Indian messaging application did an interesting experiment by printing a few thousand tissue papers with the message “Open to get INR 50/-”
You don’t normally expect to earn from a tissue paper, do you?
Complexity sucks > simplicity wins – Always!
Logic: solve one problem and solve it 100%. Solve it so well that a smaller percentage of your user base which you otherwise were targeting will love you. They will feel a void if your product is taken away from them. Eg: how many of you right now on the home screen of your mobile phones have a cab booking app?
How many of you chose an app which was incredibly simple and could book you a cab quickly?
Be where your customers are.
BUT, don’t be where they most expect you to be!
Logic: this one’s really important. The human mind is incredible. At almost all times its making notes. Most of these notes are always present in the human sub-conscious. The sub-conscious is tricky.
Almost always it tells you about certain things which you tend to take ‘by default’. You know that X will happen OR X is there and hence you care to bother less.
But if X was present at a place where you least expected it to be (but highly contextually relevant), your subconscious will register it.
Eg:
1.PayU and Banks2.Flipkart and Citibank ATMs
Recap• Build a growth framework suited to your
venture stage
• Growth begins at the idea stage – create content. Blog. Tell stories.
• Building an MVP is far simpler. Create an ‘almost there’ experience and see if your user gets engaged in the problem solving with you!
Recap• Your product needs to solve 1 core
problem. That’s it. Booking a cab has never been easier. Uber does just that. Booking a cab.
• Build MVC – most valuable content (marketing) and most valuable context (product features)
• Be where your customers are, but don’t be where they most expect you to be.
Recap• Retention is the most critical number.
Focus right here.
If you’re a startup/ SME using PayU, get featured on India Growth Drivers!
write to: [email protected] team will get in touch with you for a feature and your growth story will be shared with The PayU India Growth Drivers network across India.
Thanks!
Paritosh SharmaHead, SME and Partner Business Growth, PayU
