The Growth Hacker's Playbook

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  • I’m a golfer, when someone sucks we call them a Hack.Cambridge dictionary “someone who produces work without caring very much about its quality”
  • This is what people think of when they hear the word Hacker. People breaking the law with computers.While that is one meaning of a ‘hacker’, there is are some more positive ones. Whether it’s a ‘hacker’ or a ‘growth hacker’, the word has had a negative connotation that’s not always trueImage:http://cdn.chud.com/a/ae/ae92d5cf_1995-hackers-movie-still-01.jpeg
  • I think of a growth hacker more like David Hasselhoff. You gotta love the Hoff.The Hoff is NOT doing anything illegal, and he’s the embodiment of a Growth Hacker. Stay with me here…He can:Run on the beachSwim through hurricane surf to rescue people without drowningSwim as fast as a dolphinWrestle a sharkHold his breath for 5 minutesDrive a speedboatDrive a semiOr disarm a bomb!The guy could do it allGrowth hackers are just like the Hoff. We’ve got a wide range of skills that enable us to do seemingly impossible things.Image:http://thisisnoelphillips.files.wordpress.com/2012/07/934_hasselhoff-baywatch-1344240804.jpg
  • So let’s redefine ‘hacking’.Hacking in it’s purest sense, whether legal or illegal, is ‘modifying a system to accomplish a goal.’Let that sink in for a second.Our friends dressed in leather jackets and goofy looking clothes, they were modifying computer systems to accomplish a goal.Growth hackers are modifying systems like your inclination to click on a button, or a purchase process, to accomplish the goal of you engaging with or buying a product.Heresy!Well now the word Hacker seems to make a lot of sense.
  • To me Growth Hacking is more a PERSON than a THINGWhat’s the profile of a Growth Hacker?A growth hacker is NOT Don Draper from Mad Men. There’s no all powerful creative being that magically generates marketing campaigns that sell tons of your product.David Kelley – founder of IDEOCore to being a growth hacker is understanding the importance of a customer’s motivations, talking to them, and fulfilling their needs. So being personable and empathetic helps A LOT.Understand the product’s latent inherent potential to spreadA desire for intensive data analysis to differentiate approaches, an ability to understand technical products enough to influence product development itself and the know-how to get these changes in front of the consumer to test & identify best way of growth
  • Growth Hacking is the process of using psychology, engineering and testing to drive repeatable, measurable results.Growth Hacking functions best in an environment of experimentation with an encouragement of failure. SOCIAL CONTEXT 1:Many not 1:1Experiences, engagement, sharing
  • Shrugging = don’t understand or want your productCheering = product market fitOk, so I shouldn’t hire a growth hacker until I reach product market fit. Noted. But wait, how do I know if I’ve reached product market fit?!Well I’m glad I asked!!! Image urls: http://diy.repairclinic.com/wp-content/uploads/2013/02/cheering-woman.jpghttp://img1.wikia.nocookie.net/__cb20121208112921/uncyclopedia/images/5/52/Shrugging_chick_1.jpg
  • [slide text]Before product market fit it’s really about testing to find out where the fit is, more customer development and product iteration.Product market fit enables creative growth techniques to shine.All this talk about what a growth hacker is and whatnot sounds nice. But how do you become one, what do you look for if you’re going to hire one?
  • As you think about tactics, any person you’re targeting to complete an action or engage with your product/service will have one of each of these attributes: a Person Type and a FrequencyVisitor has been to siteMember has signed up for siteUser has activated after sign up.Definition of what qualifies a person as a member or user will vary based on your companyImage:http://1.bp.blogspot.com/-wHlo-0HlOsI/UFGR504Sk1I/AAAAAAAAABM/qVg-NW5R_6Y/s1600/hayden-panettiere-celebrity-white-background.jpg
  • Remember in our definition that growth hacking involves driving repeatable, measurable results. It’d be really hard to measure anything without the proper analytics platforms in place.Three important categories of analytics platforms for growth hackers are:Broad basedPerson basedMarketing
  • Now you ask, well how do I know what end point I want? And my question back to you is, what is the high level goal of your website? Let’s say your goal is to increase daily active users. That’s a noble goal but that is the downstream result of several other actions. When properly setting up analytics we want to capture both the high level goal and the upstream activities that drive that downstream action.[walk through steps in this graphic]
  • For lifetime value, note timing of rev is important for cash flow of biz
  • Install A/B testing platform like OptimizelyStart trying things by changing something, try anything to get going!
  • Tests always need a control group (email, site changes, anything)
  • Dropbox allows users to invite their friends for more space. This helped dropbox to grow from 100,000 users to 4,000,000 in under two years. TO Core the value of this was there was inherent value to dropbox right out of the gate (the ability to save your stuff to the cloud). That value was then amplified by inviting friends.--35% of daily signups from referral program. 20% from shared folders, other viral features. This tactic had a compounding network effect because the service was valuable as an individual user (cloud storage that was simple) but as the network grew there was additional incremental value both in more free storage and the ability to share files with people.
  • PayPal was one of the first companies to have a viral incentive growth campaign. Way back in 2000 they offered new customers $10 for signing up, and the referrer got $10 for each referral. This resulted in a daily user growth rate of 7-10%!--Growth went exponential, and PayPal wound up paying $20 for each new customer. It felt like things were working and not working at the same time; 7 to 10% daily growth and 100 million users was good. No revenues and an exponentially growing cost structure were not.
  • Quicksprout 400k monthly visitorsThousands of subscribers and leads monthlyHellobarScrolling bannersIn-line content requiring email submissionIn-line promotion
  • According to Leo Widrich, a co-founder of Buffer, within the space of around 9 months, he wrote around 150 guest posts… Solely through guest blogging Buffer acquired around 100,000 users within the first 9 months of launching the company--For Buffer, at one point content marketing accounted for ~70% of daily signups – guest posting increases site rank for your own content too!
  • KISSmetrics generated 2,512,596 visitors [and 41,142 backlinks from 3,741 unique domains] from 47 infographics in 2 years.An infographic on average costs KISSmetrics $600, which means they spent $28,200 on infographics in those two years. -> think about the total cost for that if you were paying to acquire that traffic… millionsNote display code and facts and stats to Tweet.
  • Great way to share helpful content, teach people something and interact with potential customers in a personal way.By using Unbounce for landing page signups, KISSmetrics gets sign-up conversion rates of 40-80%. This is a 1,000%+ conversion bump over the standard GoToWebinar landing page.KISSmetrics added a question asking webinar registrants if they’d like to receive a demo of KISSmetrics. This one question—the last of nine—has resulted in the aforementioned figure of $13,000 in highly qualified new opportunities from each webinar
  • Make presentations to build reputation, provide personal contact info and be prepared to explain/show your product in less than 60 seconds
  • Everyone knows about social media, but so many companies do it so horribly…Capital One’s social media presence is embarrassing!One of my favorites is Backcountry.comContribute to community and interactOther people’s tipsFun content, not just their brandAsk questionsAnother interesting thing is to engage your followers and give them a voice in your company roadmap
  • Many people know about email drip campaigns. You sign up for a product and you get a series of emails that teach you more about the product or try to get you to buy more crap. Here’s an example of that from a company called Tommy John trying to teach me about underwear.What many of you may not know is that Pinterest used drip campaigns when it lauNched to get people to continually engage with the platform. When you signed up for Pinterest you insta followed popular people already on the platform, and when you signed up with Facebook you were automatically set to follow your facebook friends, and they you. What was interesting was that Pinterest sent the emails notifying you of your friends joining the platform over time.
  • Tango does SAAS conversion benchmarking. Periodic table of marketing metrics from Insight Partners.Groove has a really interesting series about their path from free beta to $25k in monthly revenue and on to $100k in monthly revenue I keep learning from people smarter than me. Read blogs (quicksprout, growthhacers), watch videos from google ventures, and practice 

Transcript

  • 1. Growth Hack kinda sounds like someone who‟s really bad at growth…
  • 2. Danny Beck beck.danny@gmail.com www.beckwords.com @dbeckwords
  • 3. Let‟s redefine ‘Hacking’ modifying a system to accomplish a goal.
  • 4. Love of Data Deep understanding of Analytics Contextually Creative Intellectually Curious Being Personable & Empathetic helps, A LOT
  • 5. Growth Hackers Need Knowledge of: Marketing, Product Management, Engineering Traditional Easy Enough Not So Much Are You F*ing Kidding Me?  Not Your Grandpa’s Marketing!
  • 6. Growth Hacking is the process of using psychology, engineering and testing to drive repeatable, measurable results.
  • 7. When is a growth hacker Most Valuable
  • 8. Use this survey: http://www.startup-marketing.com/using- survey-io/ “If at least 40% of your customers wouldn‟t be very disappointed without your product you haven’t reached product/market fit.” - Sean Ellis, coined „Growth Hacker‟
  • 9. Growth Hacker’s Playbook People Types Set Up & Initial Metrics Structuring Tests Touchdown Plays
  • 10. Growth Hacker’s Playbook People Types Set Up & Initial Metrics Structuring Tests Touchdown Plays
  • 11. Visitor? Member? User? New? Returning Free? Returning Monetized?
  • 12. Growth Hacker’s Playbook People Types Set Up & Initial Metrics Structuring Tests Touchdown Plays
  • 13. Install Analytics Platforms Broad Person Marketing Vero
  • 14. Think in Flows People don‟t use your site/product/service in discreet actions Walk through key activities and write down the different paths a customer can take to get to the end point you want
  • 15. Go Upstream! Source: Quicksprout Increase DAU Educate Members About Content Creation Through Email Make Onboarding Experience Include Content Creation Features Add “What‟s New” Category To Homepage That Will Highlight New Content Creation When Someone Comments On Any Content Automatically Send The Creator An Email To Notify Them Improve Images On Homepage To Show Creators And Not Just Consumers Increase Content Creation by Members Increase Retention
  • 16. Example Flow
  • 17. Set ‘Goals’ Measure the flows at different points along the way so you understand how people are behaving at each step. There is a temptation to track everything! DON‟T. Tracking is ok but concentrate on most important functions/actions.
  • 18. Understand before Action Take time (days or even weeks) to understand what‟s going on before taking a bunch of actions (i.e. site changes, marketing campaigns)
  • 19. GH Weaponry [Funnel] [Conversion Rate] [Cohort] All of the people that moved through this funnel in the same time period, i.e. all January conversions.
  • 20. GH Weaponry [Customer Acquisition Cost] Total month spend for customer acquisition (ppc, content mtkg) [Customer Lifetime Value] Total new customers acquired/activated in the month Total revenue customer generates for your company (sum of all months between sign up and churn, or last purchase) Customer Acquisition Cost
  • 21. Growth Hacker’s Playbook People Types Set Up & Initial Metrics Structuring Tests Touchdown Plays
  • 22. There is so much! Where to start?! Test Everything Brief freak out… Just Kidding 
  • 23. Pick the key task in your business, the one that you think is most valuable or one you‟ve identified in your initial metric review that seems out of line. A/B Testing Just Pick Something – SaaS: activation – eCommerce: checkout – Blog: returning visitors – Social: posting volume
  • 24. H1 Write a hypothesis for whatever you‟re going to test. Take a guess, but write it down! „Average cart completion rate will increase from x% to y%.‟
  • 25. …or to do something that will make things worse. Be Prepared to Fail “ I find being a Growth Hacker is a lot like being an entrepreneur, you get used to messing up, there is a tolerance for doing something crazy that might work, and you get told no a lot by customers. ” - me
  • 26. Always Have A Control Group
  • 27. Growth Hacker’s Playbook People Types Set Up & Initial Metrics Structuring Tests Touchdown Plays
  • 28. Touchdown Plays Product Content Personal Interaction On-site PromoTechnical Contests Collusion Paid
  • 29. Product
  • 30. Source: Quora.com & Dropbox.com Inherent Value Amplified by Others
  • 31. Source: Quora.com & Peter Thiel Incentives
  • 32. Source: Wikipedia, KISSmetrics, Qualaroo Powered By
  • 33. Source: AndrewChen, BusinessInsider API / Site Integration Automatic Prospect Emailing Post Listing to Craigslist
  • 34. Source: Upworthy via Slideshare Social Sharing
  • 35. Social By Design
  • 36. Content
  • 37. Source: http://www.quicksprout.com/blog/ Blog
  • 38. Source: SearchEngineWatch.com Guest Blogging
  • 39. eBooks & Guides
  • 40. Source: QuickSprout.com & KISSmetrics.com Infographics
  • 41. Personal Interaction
  • 42. Source: Zapier.com Webinars
  • 43. Attend Present Mingle Conferences
  • 44. Social Media
  • 45. On-site Help & Surveys
  • 46. Email Drip Campaigns
  • 47. On-site Promo
  • 48. Email Sign Up
  • 49. Promote Product In-line
  • 50. Social Proof
  • 51. Bounce Capture
  • 52. Technical
  • 53. Source: Quicksprout SEO
  • 54. Source: KISSmetrics Site Speed
  • 55. Source: Instagram via Mike Krieger Lightning Fast UX
  • 56. Embed
  • 57. Danny Beck beck.danny@gmail.com www.beckwords.com @dbeckwords THANK YOU