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08 22-growthhackingforstartups-120822100602-phpapp01 (1)
 

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    08 22-growthhackingforstartups-120822100602-phpapp01 (1) 08 22-growthhackingforstartups-120822100602-phpapp01 (1) Presentation Transcript

    • Growth Hacking Lean Marketing for Startups
    • How to get free traffic to your website
    • Put content up on Slideshare
    • Answer questions on Quora
    • Answer questions on Quora
    • Edit Wikipedia
    • Cheat your way onto the Hacker News homepage
    • Cheat your way onto the Hacker News homepage
    • Start a Meetup
    • Post on Craiglist
    • Teach on Skillshare and at General Assembly
    • Get on email newsletters (submit here and here)
    • Go to events
    • Update your email signature
    • Dave McClure’s Marketing Channels
    • But none of that really matters...
    • PS: I love you. Get your free e-mail at ??? ” “
    • In 1996 co-workers Sabeer Bhatia and Jack Smith planned to start JavaSoft
    • They were afraid their boss might read their emails
    • They were afraid their boss might read their emails So they built a web- based email system
    • ...and so was born
    • They raised $300,000 from investors
    • But Hotmail’s launch was unimpressive July August
    • Their growth strategy was to buy billboards and radio ads
    • But investor Timothy Draper had a better idea
    • Put ‘PS: I love you. Get your free e-mail at Hotmail’ at the bottom of each e-mail. ” “
    • July September Within hours, Hotmail’s growth took the shape of a classic hockey stick curve
    • July September They started averaging 3,000 new users a day
    • July September November Within 6 months, they were up to 1 million users
    • July September November January Five weeks later, they hit the 2 million user mark
    • In one case, Bhatia sent an email to a friend in India
    • In one case, Bhatia sent an email to a friend in India within 3 weeks Hotmail had 300,000 users there
    • July September November January March May July September November When they sold to Microsoft 1.5 years after launch, Hotmail had 12 million users
    • July September November January March May July September November When they sold to Microsoft 1.5 years after launch, Hotmail had 12 million users (There were only 70 million internet users at the time)
    • This story is not an anomaly
    • Why did these companies succeed when everyone else failed?
    • Mattan Griffel Founder & CEO, The Front Labs Partner, Grow/Hack THE FRONT L A BS I run the world’s first growth hacking agency based out of New York City and have helped launch dozens of different products. I've also spoken at various industry events – including at Bloomberg, Internet Week, and Social Media Week – and have been featured in Forbes, BusinessWeek, Mashable and The Next Web.
    • What we’re going to cover today What Is Growth Hacking? The Science of Growth Hacking Notable Growth Hacks
    • This is adapted from posts by Dave McClure, Andrew Chen, Noah Kagan and others, as well as from my own experience
    • Most startups find themselves facing the same problem
    • They build a product that no one ends up using
    • Say your startup has an idea
    • You assemble a team and start building
    • Six months later, you have a product you're happy releasing
    • When that day finally comes, you launch and…
    • When that day finally comes, you launch and… nothing happens.
    • You get a writeup on TechCrunch and several thousand users
    • You get a writeup on TechCrunch and several thousand users (But most of them stop using it after a few days)
    • July September November January March May July September November Nothing like the tremendous viral growth you were anticipating
    • What do you do?
    • You’re in the trough of sorrow, my friend TechCrunch of Initiation Wearing Off of Novelty Trough of Sorrow Releases of Improvement Crash of Ineptitude Wiggles of False Hope The Promised Land!
    • Continuing to ship new features is the worst thing you can do
    • It compounds what the real problem was in the first place, which is that you don't know what's wrong
    • Enter the growth hacker
    • What the fuck is Growth Hacking ?
    • Growth hacking is a set of tactics and best practices for dealing with the problem of user growth
    • Viral growth
    • Viral growth Landing page optimization SEO Product management Email marketing Analytics Behavioral economicsPR Onboarding UX
    • Most companies only track three things Traffic Revenue Users
    • Phase 1 Phase 2 Phase 3 Phase 4 Phase 5 Get traffic ? Get users ? Profit
    • Those metrics aren’t very helpful
    • Those metrics aren’t very helpful (The magic is what happens in between)
    • The key is to map out the user lifecycle for your product
    • SEO PR SEM Viral Blogs Email Contests Partnerships
    • ACQUISITION SEO PR SEM Viral Blogs Email Contests Partnerships
    • ACQUISITION Acquisition = getting people to come to your site SEO PR SEM Viral Blogs Email Contests Partnerships
    • ACQUISITION ACTIVATION SEO PR SEM Viral Blogs Email Contests Partnerships
    • ACQUISITION ACTIVATION Activation = getting people to sign up for anything that could lead to a repeat visit SEO PR SEM Viral Blogs Email Contests Partnerships
    • ACQUISITION ACTIVATION RETENTION SEO PR SEM Viral Blogs Email Contests Partnerships
    • ACQUISITION ACTIVATION RETENTION Retention = getting users to become active SEO PR SEM Viral Blogs Email Contests Partnerships
    • ACQUISITION ACTIVATION RETENTION REVENUE SEO PR SEM Viral Blogs Email Contests Partnerships
    • ACQUISITION ACTIVATION RETENTION REVENUE Revenue = monetizing active users SEO PR SEM Viral Blogs Email Contests Partnerships
    • ACQUISITION ACTIVATION RETENTION REFERRAL REVENUE SEO PR SEM Viral Blogs Email Contests Partnerships
    • ACQUISITION ACTIVATION RETENTION REFERRAL REVENUE Referral = getting active users to refer others SEO PR SEM Viral Blogs Email Contests Partnerships
    • ACQUISITION ACTIVATION RETENTION REFERRAL REVENUE The lean marketing funnel
    • (It kind of looks like a teacup)
    • Let’s see it in action
    • You hear about Quora after your friend posts a question from Quora to TwitterAcquisition
    • After reading the page you decide to create an account Acquisition Activation
    • ...a few days go by Acquisition Activation
    • You get a weekly digest email with questions and links back to the site Acquisition Activation Retention
    • Once you’re back, Quora encourages you to read related questions Acquisition Activation Retention
    • And share interesting questions through Twitter and Facebook Acquisition Activation Retention Referral
    • Quora doesn’t currently make money Acquisition Activation Retention Referral Revenue
    • Each step of the LMF corresponds to a user state
    • The growth hacker’s job is to figure out how to move users from one state to the next Creates an account Visits again later ???
    • You need to measure conversions at each step Acquisition Activation Retention Revenue 1752 174 1744 10% 30% 30%
    • Dave McClure’s example conversion metrics
    • Mixpanel and KISSmetrics are great for analytics
    • At first your numbers will be really shitty Acquisition Activation Retention Revenue 0317 1744 1% 18% 0%
    • Acquisition Activation Retention Revenue 0317 1744 At first your numbers will be really shitty Focus here 1% 18% 0%
    • At first your numbers will be really shitty Acquisition Activation Retention Revenue 017 174 1744 10% 10% 0%
    • Don’t focus on acquisition if your activation rate is 1%
    • Growth hackers have developed tactics for optimizing the funnel
    • Measure the quality of traffic sources
    • Design landing pages to convert better
    • Tweak onboarding to improve activation and retention
    • Get people to come back using email
    • Social integration to get people to share
    • Identify companies that focus on optimizing and try to learn from them
    • Not every growth hack will work for your company
    • How do you run a proper experiment?
    • Divide users into a control and a test group
    • Divide users into a control and a test group Control Test
    • Run your change on the test group and measure the difference between the two groups Control Test
    • This is often called an A/B test
    • Growth hackers experiment a lot
    • Highrise wanted to test out different homepages to see if they could increase account signups
    • So they created a “long-form sales letter” page
    • And ran an A/B test Original Design Long-form Design Homepage traffic
    • Can you guess the results? Original Design Long-form Design
    • The long-form design saw a 37.5% increase in account signups 37.5% Original Design Long-form Design
    • Then they created a personal testimonial page
    • Long-form Design And ran another A/B test Person Design
    • It performed even better than the long- form page Person Design 102.5% 37.5% Long-form Design
    • But the person design was shorter and had much less information Person Design 102.5% 37.5% Long-form Design
    • So they added more information to the bottom
    • And ran another A/B test Person Design Long Form Person Design
    • It turned out that adding more information made it perform worse than the original design! Person Design 102.5% Long Form Person Design 22.7%
    • But that’s not where testing ends...
    • Unbounce is an amazing tool for easily creating and testing landing pages Use promo code mattanfree3 for 3 months free
    • Testing applies to product features too
    • Vanity and A/Bingo are testing frameworks for Ruby on Rails
    • Measure the lifetime effect of a change Acquisition Activation Retention Revenue 1752 174 1744 10% 30% 30% Version A 1744 (100%) 174 (10%) 52 (30%) 17 (30%) Version B 1670 (100%) 100 (6%) 60 (60%) 18 (30%)
    • From Dave McClure’s Startup Metrics for Pirates
    • Most tests results are not as conclusive as the ones by Highrise
    • Growth hackers often need to perform 15-20 tests per week to find 1-2 improvements
    • Getting users to the AHAMOMENT
    • What’s the one core activity of your product?
    • What’s the one core activity of your product? How can you get people there as fast as possible?
    • Keep refining and iterating until you get to the problem definition that resonates with the most people, most easily, and most emotionally powerful. - Josh Elman, ex-Product Lead at Twitter
    • Our AHA moment at Twitter was ‘Once a user follows 30 people, they're more or less active forever.’ - Josh Elman, ex-Product Lead at Twitter
    • Notable Growth Hacks
    • Mint has a landing page or blog post for nearly every personal finance- related topic Acquisition:
    • OKCupid’s OKTrends Blog created viral stories by “trading up the chain” Acquisition:
    • BrandYourself kept their Mashable article trending for 2 days by promoting it on StumbleUpon Acquisition:
    • Groupon has two different pages for Google vs. Direct traffic Activation: (Footers are good for SEO but reduce conversions)
    • Path texts the app to your phone Activation:
    • OKCupid has a “tour guide” that interacts with you during the signup process Activation:
    • Dropbox sends an email when a user signs up but never installs the software Activation:
    • Eventbrite sends emails if you’ve been inactive for too long Retention:
    • Path has your friends do it instead! Retention:
    • Path has your friends do it instead! Retention: (Can have a 10x higher conversion rate)
    • Facebook integration makes it really easy to get people to share Referral:
    • Dropbox, LivingSocial, and Appsumo know incentivization works well too Referral:
    • Quora forces people to sign up before they can read answers Referral:
    • Growth Hacking Resources
    • Watch Dave McClure’s Startup Metrics for Pirates
    • Quora has boards on Growth Hacks and Growth Hacking
    • Andrew Chen has posted a list of notable growth hackers:
    • Check out our posts at growhack.com
    • If you’re around NYC check out my new meetup
    • Thank you. Mattan Griffel mattan@growhack.com @mattangriffel Get more growth hacking case studies at growhack.com/case-studies