Growth Hacking
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Growth Hacking Growth Hacking Presentation Transcript

  • Growth Hacking 
 or: Lean Marketing for Startups
  • “ 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 webbased 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. ”
  • 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
  • Within 6 months, they were up to 1 million users July September November
  • Five weeks later, they hit the 2 million user mark July September November January
  • 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
  • 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) July September November January March May July September November
  • This story is not an anomaly
  • Why did these companies succeed when everyone else failed?
  • Mattan Griffel Founder & CEO, One Month mattangriffel.com
  • What we’re going to cover today What Is Growth Hacking? Growth Hacking Best Practices
  • 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)
  • Nothing like the tremendous viral growth you were anticipating July September November January March May July September November
  • What do you do?
  • You’re in the trough of sorrow, my friend Wearing Off TechCrunch of Novelty of Initiation Wiggles of The Promised False Hope Land! Trough of Sorrow Releases of Crash of Improvement Ineptitude
  • 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
  • WTF is Growth Hacking ?
  • Wearing Off TechCrunch of Novelty of Initiation Wiggles of The Promised False Hope Land! Trough of Sorrow Releases of Crash of Improvement Ineptitude
  • Growth hacking is a set of tactics and best practices for dealing with user growth
  • Growth hacking is a set of tactics and best practices for dealing with user growth How do I get more users?
  • ue of a user? e lifetime val o I increase th How d How do I get more of my us ers HA moment? What is our A to be active? Growth hacking is a set of tactics and best practices for dealing with user growth uce churn? w do I red Ho How do I measure How do I get more users? the effectiveness o f new features?
  • Viral growth
  • Viral growth Landing page optimization SEO Product management Analytics Email marketing PR Onboarding UX Behavioral economics
  • Traffic Most companies only track three things Users Revenue
  • 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
  • The lean marketing framework ACQUISITION ACTIVATION REFERRAL RETENTION REVENUE
  • SEO Email Viral PR SEM Blogs Partnerships Contests
  • SEO Email Viral PR SEM Blogs Partnerships Contests ACQUISITION
  • SEO Email Viral PR SEM Blogs Partnerships Contests ACQUISITION Acquisition = getting people to come to your site
  • SEO Email Viral PR SEM Blogs Partnerships Contests ACQUISITION ACTIVATION
  • SEO Email Viral PR SEM Blogs Partnerships Contests ACQUISITION ACTIVATION Activation = getting people to sign up for anything that could lead to a repeat visit
  • SEO Email Viral PR SEM Blogs Partnerships Contests ACQUISITION ACTIVATION RETENTION
  • SEO Email Viral PR SEM Blogs Partnerships Contests ACQUISITION ACTIVATION RETENTION Retention = getting users to become active
  • SEO Email Viral PR SEM Partnerships Blogs Contests ACQUISITION ACTIVATION RETENTION REVENUE
  • SEO Email Viral PR Partnerships SEM Blogs Contests ACQUISITION ACTIVATION RETENTION REVENUE Revenue = monetizing active users
  • SEO Email Viral PR SEM Partnerships Blogs Contests ACQUISITION ACTIVATION REFERRAL RETENTION REVENUE
  • SEO Email Viral PR SEM Partnerships Blogs Contests ACQUISITION ACTIVATION REFERRAL RETENTION REVENUE Referral = getting active users to refer others
  • The lean marketing framework ACQUISITION ACTIVATION REFERRAL RETENTION REVENUE
  • Let’s see it in action
  • Acquisition You hear about Quora after your friend posts a question from Quora to Twitter
  • After reading the page you decide to create an account Acquisition Activation
  • Acquisition Activation ...a few days go by
  • 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 Revenue Referral
  • 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 1744 10% Acquisition 174 Activation 30% 30% 52 17 Retention Revenue
  • Mixpanel and KISSmetrics are great for analytics
  • plug-and-play
  • Dave McClure’s example conversion metrics
  • At first your numbers will be really shitty 1744 1% 18% 0% 17 Acquisition 3 0 Activation Retention Revenue
  • At first your numbers will be really shitty 1744 Focus here 1% 18% 0% 17 Acquisition 3 0 Activation Retention Revenue
  • At first your numbers will be really shitty 1744 10% Acquisition 174 Activation 10% 0% 17 0 Retention Revenue
  • 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
  • Minimal landing pages to convert better
  • Onboarding to improve activation and retention
  • Get people to come back using email
  • Incentivization to get people to share
  • Identify companies that focus on optimizing and try to learn from them
  • Testing
  • Unbounce is an amazing tool for easily creating and testing landing pages
  • Optimizely is a great tool if you already have a site
  • Vanity and A/Bingo are testing frameworks for Ruby on Rails
  • Measure the lifetime effect of a change 1744 10% 174 30% 30% 52 17 Acquisition Activation Retention Revenue Version A 1744 (100%) 174 (10%) 52 (30%) 17 (30%) Version B 1670 (100%) 100 (6%) 60 (60%) 18 (30%)
  • Notable Growth Hacks
  • Acquisition: BrandYourself kept their Mashable article trending for 2 days by promoting it on StumbleUpon
  • Activation: OKCupid has a “tour guide” that interacts with you during the signup process
  • Activation: Groupon has two different pages for Google vs. Direct traffic (Footers are good for SEO but reduce conversions)
  • Activation: Path texts the app to your phone
  • Activation: Dropbox sends an email when a user signs up but never installs the software
  • Retention: 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! (Can have a 10x higher conversion rate)
  • Referral: 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
  • 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:
  • Coming soon… One Month Growth Hacking
  • Thank you. Get the slides at mattangriffel.com Mattan Griffel mattan@onemonth.com @mattangriffel