Growth Hacking - 10 Key Checklist

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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 …

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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  • 1. q  G Bryan Ferguson | November 2013
  • 2. Traditional marketing is too slow for rapid growth Traditional marketers try to buy the attention of prospects. This is too slow, risky, and expensive for high growth focused companies. Traditional Marketing $ Traditional Marketing • • • • Direct Mail Email Blasts Print TV & Radio • PPC • PR • Events • Cold Calling Slow Expensive Dropbox Lesson In 2009 Dropbox launched with paid search Cost per acquisition: $233 - $388 Price of product: $99. FAIL. Dropbox Lesson Adwords didn’t create a lot of new users Very few searches for relevant keywords Very slow user acquisition channel
  • 3. 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
  • 4. Almost every company that is rapidly acquiring new users is lead by a growth team and a growth strategy.
  • 5. A growth hacker’s core mission is rapid growth Behavior Economics Decoding user motivations to inspire and create viral growth. Creative Growth Hacks Out-of-the box solutions to rapidly acquire users with high retention Funnel Optimization Obsessing over testing, measuring and moving funnel metrics Product Fit & UI Constantly refining product experience for conversion and growth Data Analytics Rigorous, empirical, scientific approach to driving conversions and growth Market Dynamics RAPID GROWTH Pairing market trends, supply, demand and pricing to product fit and strategy.
  • 6. 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.
  • 7. Acquisition Getting People to Your Site Activation Getting Users to the AHA Moment Retention Delivering Product Value Early and Often People come to your site from various channels Users sign-up or create accounts Repeat use of product & features Referral Getting Users and Advocates to Share Revenue Turning Users and Activity into Revenue Growth via sharing & WOM Monetize user behavior
  • 8. Have one clearly stated measurable goal for each point in the funnel Acquisition People come to your site from various channels Examples 15% Increase in Conversion Rate Activation Users sign-up or create accounts 5% Increase in New Accounts Retention Repeat use of product & features Doubling return visits to site Referral Growth via sharing & WOM 2 Referrals per User Revenue Monetize user behavior 20% Increase in ASP
  • 9. Identify or creatively engineer your unique hacks or data points that will drive conversion at each stage Acquisition AirBNB: auto-posted to Craigslist Mint: Sign-up page for every finance topic Zynga: built on top of Facebook 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 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. Monetize user behavior Living Social: Free if 3 friends buy Udemy: Your student – you get 100% of the sale
  • 10. Identify and track your key metrics – run experiments to improve Unique Visitors Acquisition Activation Time on Site # of Pages Visitors by Source & Cost # of Clicks Best Performing Source Unique Visitors – Sign-up New Account Creation Sign-up Conversion Opt-in Conversion Email Click-Through Conversion Retention Returns to Share Logs in 3 Times of More Returns to Use X Feature Returns to Complete Profile Length of Use Shares via Email Revenue Shares via Social Referral Conversion Posts to FB, LinkedIn, Twitter Viral K Factor > 1 Paid Conversion Referral Invites Activation to Sales Conversion Leads by Source Sales Leads to Sales Conversion Revenue
  • 11. Use the right set of tools to build your experiments and validate your assumptions Website Analytics Funnel Measurement User Survey Landing Pages & A/B Testing Google Analytics MOZ KissMetrics MixPanel Kontagent Trak.io Flurry Survey Monkey Qualaroo Opimizely VMO (Visual Website Optimizer) Unbounce CrazyEgg PageSpeed Insights
  • 12. 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
  • 13. 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   Piggyback on Underlying Network Provide Stand Alone Value Platform Seeding Strategies   Seed in Niche Geo/Industry/ Existing Network Pre-Populate Platform Data & Activity  Bait User Sign-up  Recruit High Profile Early Adopters  Fake Activity
  • 14. Take a look at the innovations others in your industry have used to seed supply and demand on their platform Piggyback on Underlying Network Pre-Populate Platform Data & Activity Fake Activity on Platform Example: PayPal’s AutoLink with eBay Example: YouTube Pirated Early Content Example: Quora Interns Answered Questions Example: airbnb autoposted to Craigslist Example: Initially used public domain content Provide Stand Alone Value Example: First distributed Seed in Niche Geo/Industry/ Existing Network Example: booking system for restaurants Facebook started with student network in Harvard
  • 15. Start with a growth hacker with broad skills and mature into a growth team with specialized roles and defined processes Phase 1 Phase 2 Growth Hacker Growth Team Spans multiple functions Guerilla tactics Creative genius Obsessed with goals I a Content Writer Process oriented Specialized roles Formal planning Graphic Designer Developer Project Manager (leader) Data Analytics
  • 16. G ALLOW DATA TO DRIVE EVERYTHING REMOVE EGO FROM OUTCOME BE ANALYTICAL & OBSESSIVE - TEST EVERYTHING BECOME AGNOSTIC ON METHOD ALWAYS DELIVER PRODUCT VALUE THINK OUTSIDE THE BOX
  • 17. 1 6 Build your growth funnel Run your experiments 2 7 Identify your points of leverage Test, optimize, measure, repeat 3 8 Clearly state your measurable goals Find your growth hacks 4 9 Define and track your key funnel metrics Build your growth team 5 10 Acquire the right tools Embrace the growth hacker mindset
  • 18. "Marketing has always been about the same thing — who your customers are and where they are.“ Noah Kagan, Founder, APPSUMO
  • 19. "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
  • 20. “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
  • 21. "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
  • 22. "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”
  • 23. 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. Thank you! 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