• Share
  • Email
  • Embed
  • Like
  • Save
  • Private Content
The art and science of growth hacking at MassTLC Marketing Summit April 2014
 

The art and science of growth hacking at MassTLC Marketing Summit April 2014

on

  • 824 views

David Skok, Partner at Matrix Partners presented the Art and Science of Growth Hacking at MassTLC's annual sales and marketing summit "Building a Lean, Self-Perpetuating Marketing Machine." Follow ...

David Skok, Partner at Matrix Partners presented the Art and Science of Growth Hacking at MassTLC's annual sales and marketing summit "Building a Lean, Self-Perpetuating Marketing Machine." Follow David at www.forentrepreneurs.com

Statistics

Views

Total Views
824
Views on SlideShare
822
Embed Views
2

Actions

Likes
1
Downloads
25
Comments
0

1 Embed 2

https://twitter.com 2

Accessibility

Categories

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

    The art and science of growth hacking at MassTLC Marketing Summit April 2014 The art and science of growth hacking at MassTLC Marketing Summit April 2014 Presentation Transcript

    • THE ART & SCIENCE OF GROWTH HACKING Upsell/ Cross Sell CAC/LTV Virality Engagement Retention Freemium Conversion Rates BY DAVID SKOK Free Trials
    • GROWTH HACKING Accelerate Growth Through Work on Funnel A PERSONAL DEFINITION INCREASE FLOW & CONVERSION
    • THIS USED TO BE MARKETING’S JOB WHAT’S CHANGED?
    • TODAY’S WORLD • Freely available information • Free Trials • On-line reviews • Social Media commentary THE CUSTOMER IS DOING THEIR RESEARCH BEFORE THEY COME AND TALK TO YOU
    • YOUR ON-LINE PRESENCE IS KEY
    • THE PRODUCT IS YOUR SALESPERSON
    • THERE’S A RICH FLOOD OF NEW DATA
    • METRICS
    • REQUIRES A NEW COMBINATION OF SKILLS BOTH MARKETING AND TECHNICAL
    • Data Science THE GROWTH HACKER Creative Marketing Inbound Marketing Customer Experience & Product Design Funnel Optimization Instrumentation & Metrics
    • THE BASICSOF FUNNEL DESIGN
    • Suspects Closed Deals Loyal Customers who are Advocates
    • Suspects Closed Deals Loyal Customers who are Advocates Virality
    • IN A PERFECT WORLD… 1 Step
    • IN A PERFECT WORLD… MyProduct.com HOW IT WORKS DESCRIPTION Our product allows you … BUY NOW! Only $9,999.99
    • DESIGNING YOUR FUNNEL
    • WHAT IS A FUNNEL? ACTION MOVEMENT ACTION MOVEMENT ACTION MOVEMENT
    • HOW DO WE DESIGN THE ACTIONS?
    • BUYER THE
    • THE BUYERS JOURNEY CONSIDERATION CLOSED DEAL AWARENESS PURCHASE
    • TRIGGERS • Moving house • Movers, phones, cable TV, furniture, insurance, etc. • Starting a new software project • PaaS (Platform as a Service), Dev Tools, etc. • Need to hire a lot of new employees • Applicant Tracking System • Just lost my data in hard drive crash • Backup software/service • Read about a new scary computer virus • Anti-virus software
    • Suspects ToFU Top of the Funnel MoFU Middle of the Funnel Closed Deals SALES Bottom of the Funnel Loyal Customers who are Advocates CUSTOMER SUCCESS Retention Funnel Retain Expand Upsell / Cross sell Nurture & Qualify Inbound & Outbound Marketing Typical B2B Funnel AWARENESS CONSIDERATION PURCHASE
    • METRICS "IF YOU CAN NOT MEASURE IT, YOU CAN NOT IMPROVE IT." - LORD KELVIN
    • METRICS FLOW / QUANTITY CONVERSION RATE
    • WHAT TO MEASURE FOR EACH STEP / ACTION: NO OF ACTIONS % CONVERSION RATE TIME TIME
    • VISITORS CAMPAIGNS TO DRIVE TRAFFIC TRIALS CLOSED DEALS CONVERSION % CONVERSION % THE KEY METRICS OVERALL CONVERSION %
    • Visitors Trial 5% 10% $5,000 Customer NOT ALL LEAD SOURCES ARE EQUAL Google Ad Word Funnel FaceBook Ad Funnel Visitors Trial 2% 20% $8,000 Customer
    • ROI by LEAD SOURCE OVERALL CONVERSION % (BY LEAD SOURCE) Cost per lead Lifetime value of the Customer
    • BUT EVEN IF YOU ARE MICROSOFT, CISCO, ORACLE, OR GOOGLE YOUR FUNNEL WILL HAVE BLOCKAGE POINTS Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects
    • IN DIAGNOSING MANY FUNNEL BLOCKAGE POINTS, I HAVE FOUND THAT THERE IS A CLEAR PATTERN…
    • NOT MOTIVATED TO DO THAT THEY ARE CUSTOMERS WILL DO SOMETHING YOU ARE HOPING YOUR
    • IN OTHER WORDS… YOU DESIGNED YOUR FUNNEL THE WAY YOU HOPED IT WOULD WORK… BUT YOU MAY NOT HAVE THOUGHT ENOUGH ABOUT THE CUSTOMER’S POINT OF VIEW
    • JBOSS EXAMPLE CUT THE DOWNLOAD RATE BY MORE THAN 10X PUT A REGISTRATION FORM ON THEIR WEB SITE BEFORE A FREE DOWNLOAD IMPACT
    • FRICTION GET INSIDE YOUR CUSTOMER’S HEAD CONCERNS
    • UNDERSTAND WHAT MOTIVATES THEM MOTIVATIONS FRICTION CONCERNS
    • JBOSS EXAMPLE • Making $27,000 a month selling documentation • Solution: • Give away documentation to get their email address
    • EXAMPLE: DRIVING TRAFFIC TO YOUR WEB SITE GETTING FOUND Not going to find your site unless: - On top page of Google search results - Recommended by a trusted source - Referred to in social media or blogosphere friction & concerns
    • LESSONS FROM WEBSITE GRADER • Free tools drive viral spread • Low customer work required • High value delivered • Score leverages competitive urge, and acts as a trigger • Builds trust through clear demonstration of expertise
    • GOOD LINKAGE TO NEXT STEP
    • using engineering for marketing GROWTH HACKING
    • USING DATA TO DRIVE WEB TRAFFIC SYSOMOS: SOCIAL MEDIA MONITORING LEVERAGED THEIR DATABASE TO CREATE BLOG POSTS WITH DATA ON TOPICS OF CURRENT INTEREST: • IRAN ELECTION RIOTS • TWITTER’S GROWTH • FACEBOOK USAGE
    • LED TO: SYSOMOS ARTICLES IN ECONOMIST, NY TIMES WEB TRAFFIC TO READ THE FULL REPORT LEADS – IMPRESSED BY THE CAPABILITIES OF THE SOFTWARE
    • FREE TRIALS THE PRODUCT IS YOUR SALES PERSON
    • WHAT IS YOUR TIME TO WOW! ? Thanks to Gail Goodman of Constant Contact WOW!
    • AT CONSTANT CONTACT CREATE AND SEND YOUR FIRST EMAIL WOW!
    • TIME TO WOW! • How many steps? • How much time does it take? • How much FRICTION is involved
    • REMOVE STEPS & REMOVE FRICTION e.g. Provide Sample Data instead of requiring them to load their own
    • WOW! ANALYZE TRIAL STEPS AS THOUGH THEY WERE FUNNEL STEPS Create a full profile Import Contacts Do a search for Prospects See search results Imagine a Sales Rep signing up for the old LinkedIn
    • WOW! LOOK FOR BLOCKAGE POINTS Create a full profile Import Contacts Do custom search for Prospects See search results Imagine a Sales Rep signing up for the old LinkedIn HIGH FALL OFF RATES HERE
    • For an Outlook/Exchange User WOW!Create a full profile Import Contacts Do custom search for Prospects See search results Download an App Install the App Run the App
    • APPLY BLOCKAGE POINT THINKING WOW! FRICTION MOTIVATION CONCERNS Replace the downloaded App with request for email credentials and get contacts from Exchange. Create a full profile Import Contacts Do a search for Prospects See search results
    • • Concern: – I have tons of very private and confidential emails. I don’t want anyone to read those. You want me to give you the password to login to my email?!!!
    • APPLY BLOCKAGE POINT THINKING WOW! FRICTION MOTIVATION CONCERNS Replace the downloaded App by connecting to Contacts on iOS/Android Create a full profile Import Contacts Do a search for Prospects See search results
    • RE-THINK THE PROCESS Source: Josh Porter – Designing for Social Traction CONVENTIONAL APPROACH SIGN UP FOR TRIAL CONVERT TO CUSTOMER WOW! WOW! FIRST, REGISTER LATER WOW! SIGN UP CONVERT TO CUSTOMER
    • MAY VARY FOR DIFFERENT CUSTOMER TYPES E.g. LinkedIn • Different personae: – Recruiter – Sales person – Individual looking to find a job MAKE SURE THERE IS A CLEAR PATH FOR EACH ONE WOW!
    • BUYER THE THE KEYS TO SUCCESS GET INSIDE YOUR BUYER’S HEAD
    • WHAT WE DIDN’T COVER
    • • Buyer Persona • Top of the Funnel • Middle of the Funnel • Market Development Reps • Customer Success Management • Virality • Software Tools – The Underlying Database
    • For More information • Visit my blog at www.forEntrepreneurs.com