Introduction to Growth Hacking and the Growth Hacking Process
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What is growth hacking? Why is growth hacking important for startups? How to run growth hacking experiments? All these questions are answered in detail in our slideshow. Please feel free to get in touch with us for questions anytime at anna@growthhackingasia.com or check out our website at http://growthhackingasia.com
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Introduction to Growth Hacking and the Growth Hacking Process
- 1. Get Ready for a Hockey Stick Style Growth Adventure @Growthhackasia (Growth Hacking Asia)
- 2. The Birth of an Idea So they built a web-based email system 2 entrepreneurs were afraid their boss would read their emails @Growthhackasia (Growth Hacking Asia)
- 3. The Birth of an Idea …and was born @Growthhackasia (Growth Hacking Asia)
- 4. But Hotmail’s Launch was Unimpressive Their growth strategy was to buy billboards and radio ads @Growthhackasia (Growth Hacking Asia)
- 5. But their Investor had a Better Idea... @Growthhackasia (Growth Hacking Asia)
- 6. The Power of Referrals @Growthhackasia (Growth Hacking Asia)
- 7. This is Not a One Off Story! @Growthhackasia (Growth Hacking Asia)
- 8. @Growthhackasia (Growth Hacking Asia)
- 9. @Growthhackasia (Growth Hacking Asia)
- 10. @Growthhackasia (Growth Hacking Asia)
- 11. @Growthhackasia (Growth Hacking Asia)
- 12. @Growthhackasia (Growth Hacking Asia)
- 13. Why did they succeed when so many other startups failed? @Growthhackasia (Growth Hacking Asia)
- 14. @Growthhackasia (Growth Hacking Asia)
- 15. What is Growth Hacking @Growthhackasia (Growth Hacking Asia)
- 16. Why Growth Hacking? • Startups tend to have limited resources so they need to be creative to acquire new users and retain them • Traditional marketing channels are expensive and @Growthhackasia (Growth Hacking Asia) saturated • Most startups focus heavily on product but another real challenge is with distribution
- 17. It’s not About Tactics What tactics should I use to grow my business? It’s not about TACTICS It’s about PROCESSES @Growthhackasia (Growth Hacking Asia)
- 18. Understanding Growth GROWTH = SUM of (1 + 2 + 3 +…) @Growthhackasia (Growth Hacking Asia)
- 19. The Growth Hacking Funnel @Growthhackasia (Growth Hacking Asia)
- 20. User Acquisition Acquisition = getting people to come to your site @Growthhackasia (Growth Hacking Asia)
- 21. Example: AirBnB @Growthhackasia (Growth Hacking Asia)
- 22. User Activation Activation = getting people to take the required action, e.g. purchase, sign up @Growthhackasia (Growth Hacking Asia)
- 23. Example: AirBnB Listings with high quality photos received 2-3x more bookings AirBnB invested in professional photography @Growthhackasia (Growth Hacking Asia)
- 24. User Retention Retention = getting users to come back to your site @Growthhackasia (Growth Hacking Asia)
- 25. User Retention Through Email Marketing @Growthhackasia (Growth Hacking Asia)
- 26. Viral Referral Loop Referral = getting active users to refer others @Growthhackasia (Growth Hacking Asia)
- 27. AirBnB’s Referral Campaign Referrals increased bookings by 25% in some markets @Growthhackasia (Growth Hacking Asia)
- 28. Revenue Revenue = monetising active users @Growthhackasia (Growth Hacking Asia)
- 29. @Growthhackasia (Growth Hacking Asia)
- 30. @Growthhackasia (Growth Hacking Asia) Acquisition You hear about Quora after a friend posts a question from Quora on Social Media
- 31. @Growthhackasia (Growth Hacking Asia) Acquisition Activation You are asked to sign up to read the content
- 32. @Growthhackasia (Growth Hacking Asia) Acquisition Activation Retention You receive weekly digest emails with questions and links back to the site
- 33. @Growthhackasia (Growth Hacking Asia) Acquisition Activation Retention Once you’re back, Quora encourages you to read related questions
- 34. @Growthhackasia (Growth Hacking Asia) Acquisition Activation Retention Referral …and share questions through social media
- 35. The Growth Hacking Process @Growthhackasia (Growth Hacking Asia)
- 36. Rigorous Process of Experimentation Brainstorm Prioritize Systemize/ Playbook Analyze Test @Growthhackasia (Growth Hacking Asia)
- 37. Focus on Inputs, not Outputs Brainstorm Example: Activation Rate = Step 1 + Step 2 + Step 3 Output Input Input Input @Growthhackasia (Growth Hacking Asia)
- 38. Prioritise your Ideas @Growthhackasia (Growth Hacking Asia) Prioritize 1) Probability of Success 2) Impact 3) Resources
- 39. Run Minimum Viable Test (MVT) @Growthhackasia (Growth Hacking Asia) Test For example by using: 1) Landing pages 2) A/B Testing Tools 3) Etc.
- 40. Understand and Document Test Results @Growthhackasia (Growth Hacking Asia) Analyze 1) Impact (results) 2) Accuracy (how close to hypotheses?) 3) Why?
- 41. Build it into Your Product (no more MVT) Systemize/Playbook If experiment was successful: 1) Systemize (build into your product) 2) Playbook (if it can’t be systemized, create a manual) @Growthhackasia (Growth Hacking Asia)
- 42. Recap: Process of Experimentation Brainstorm Prioritize Systemize or Analyze Test @Growthhackasia (Growth Hacking Asia) Kill
- 43. Visit Us: http://growthhackingasia.com Say Hello: anna@growthhackingasia.com @Growthhackasia (Growth Hacking Asia)
Editor's Notes
- During these first few weeks, however, an interesting figure stood out: 80% of new signups found out about the service from a friend.
- From an initial pool of a few thousand users, within hours growth became exponential. Fast-forward to December 31st, 1997, just a year and a half after launching, Hotmail had 12 million users (out of a total internet user base of 70 million)
- 1.5 years later, they had 12mio users and sold the company to Microsoft
- They all became huge with little to no traditional marketing
- Intersection of 3 areas – Marketing, Product Development, Analytics Which is why it is important for marketing and product teams to work together. It gives you the creativity and agility you need Unconventional ideas and quick execution by having Marketing and product teams work together Entirely data driven – try, measure, continue or change
- Find process to find combination of things that work for you, not somebody else Use tactics you read and hear about as inspiration and input, not as something to copy GH is actually a long process, only looks easy once you’ve found the things that work It is a result of a sum of hundreds of actions
- Process to find unique combination of things that work for you, not others
- All touch points with your brand from getting users to your site to converting them and having them refer you Each step can and should be optimised
- Inspiration Engagement Sales
- How many eyeballs How many conversions
- Growth hacking is very much a mindset – test, measure, change or keep Goal needs to be an optimised funnel with a viral referral loop
- GH is actually a long process, only looks easy once you’ve found the things that work It is a result of a sum of hundreds of actions
- 1) Develop hypotheses
- Brainstorm – not outputs but inputs e.g. activation rate: Activation in 3 steps Brainstorm ideas about each of the steps How to improve inputs to improve outputs
- Prioritise Probability of success: low middle high Impact: hypothesis – if successful (variable)will increase by (XX) because (assumption) Resources needed
- Testing Minimum viable test E.g. create a simple new landing page to test rather than making changes to your current page Make sure you have a control group!!
- After 30-90 days Impact – results Accuracy – how close to hypothesis Why -> helps you formulate new hypotheses/ action items
- Systemize – build into your product Playbooks – if it’s something manual, write down how to do it
- 1) Develop hypotheses