Growth Hacking with Cassie Lancellotti-Young

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A talk given by Cassie Lancellotti-Young at the GrowHack Meetup on December 5, 2012.

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Growth Hacking with Cassie Lancellotti-Young

  1. Why?BecauseNumbersDon’t Lie.
  2. Cassie Lancellotti-YoungHead of Marketing and Analytics, HighTable.com
  3. What are we here to talk about?Last 6 months in the life of yours trulyHint: You can’t spell “customers” without “users”McClure’s “Startup Metrics for Pirates”How do you seize the booty?
  4. Where are my opinions from? 2003 idiot intern at About.com media/tech banker at Citigroup online acquisition and subscription analytics at TheLadders independent analytics consultant while MBA’ing marketing and analytics at Savored demolition and reconstruction at HighTable 2012
  5. Cassie’s Law/Caveat: No Silos Always have a comprehensive portrait of engagement – email, site, revenue metrics all in one place. (No more “firing” customers just because they don’t open emails!)
  6. Example: bringing the user into GA
  7. Example: tight revenue trackingSailthru
  8. HighTable 1.0 Disaster
  9. Quora for professionals??
  10. 6 key site activities: 1. ask question 2. answer question 3. vote on answer 4. follow person 5. follow topic 6. follow question
  11. May 2012: The“Oh Shit!” Moment
  12. § low activation § 85% of activity on day 1§ minimal product trial § many “inherited” users§ low repeat usage from GLG’s business
  13. June: Tackling theusage puzzle…
  14. What information can we get about users (and non-users)?
  15. Which site components actually drive engagement?
  16. What about customer satisfaction?
  17. July: Road toRecoveryStep 1: Pushing for wins at the margins…
  18. Prioritize user education – tell the
  19. Reiterate that with a simplified
  20. 153% increase in questions/visits 136% increase in answers/visits
  21. August: Road toRecoveryStep 2: Big bets with small MVPs
  22. new product concepttest for startupmemberstested willingness tostate businesschallenges as well asto list other peopledeveloped sense for
  23. September:HighTable 2.0
  24. 68% usage frommembership(vs. <10% with old product)Viral coefficient at 0.5+ injust first two weeks70% fulfillment in 5 daysor less
  25. The biggestlesson of all
  26. The biggestlesson of all Keep it simple, stupid.
  27. Decide what actually qualifiesas usage Beware of “false engagement” signifiers
  28. Start with ONE thing and layer up Think Facebook pre-photos, newsfeed, etc…
  29. On to the pirates…
  30. McClure’s Startup Metrics for Pirates Acquisition Activation Retention Referral Revenue
  31. Acquisition: invest in infrastructureHyper-granular tracking is mission-criticalto marketing investment decisions
  32. Acquisition: CPA(R) vs. CPA(C)There is fundamentally a huge differencebetween a registrant/email subscriber(CPAR) and a customer (CPAC – creditcard required!).
  33. Acquisition: CPA(R) vs. CPA(C)There is fundamentally a huge differencebetween a registrant/email subscriber(CPAR) and a customer (CPAC – creditcard required!).Maybe you think your CPA is $5, but ifthere’s only 5% customer conversion,your CPA(C) is actually $100!
  34. Acquisition: intake curvesYou know CPA(R) today; you can usehistorical data to forecast CPA(C) today,too.
  35. Activation – how quickly do theydo what we want them to do?Know what makes sense for yourbusiness – i.e. B2B vs. B2C, productpricingUnderstand bow-tie marketplaces anddevelop “magic numbers.”
  36. It’s about demand AND supply…
  37. More from Savored…
  38. And remember, business is morethan just marketing…
  39. Retention: 3 things to think about§ Email/mobile (push)§ Product marketing (pull)§ Customer satisfaction/NPS
  40. Retention: push marketing§ Regular updates about inventory and features§ Promotions and win-backs§ Abandonment§ Shameless manipulation of customer demand!§ Optimization!
  41. Optimization can be very basic…§ Increasing number of restaurants in digest from 4 to 15 increased RPM by over 300%.
  42. And remember,imitation is the sincerestform of flattery
  43. And remember,imitation is the sincerestform of flattery (watch your competitors – and copy them)
  44. Retention: product marketing§ Is the funnel as simple as it could be?§ Is your site content relevant to your users?§ KILL THE DEAD END STREETS!
  45. And be sure not to sacrifice quality…
  46. Retention: delighting your customers Use your customers as an idea factory!
  47. Retention: Know the numbers
  48. Retention: I <3 cohort analysis
  49. Referral (+Social, Viral, Whatever)sharing = traffic = viral coefficient = $$$Which content is most likely to beshared; how can you promote that?How can you incentivize referrals?
  50. Revenue – at the highest level…§ Know your LTV (and have confidence in your calculation)§ Understand your revenue drivers – and what foreshadows them… (email vs. social, mobile vs. desktop)§ Develop some easy hacks (prepaid credits, ancillary products, etc.)
  51. Revenue – maximizing WTPAlways start with maximumwillingness to pay (sticker price) andmove along the curve from there
  52. Revenue – cash is still king.§ Little hacks (wording, default option, etc.) can go a long way where revenue is concerned.§ Understand the balance sheet.
  53. Revenue – I don’t have any!§ Develop proxies for revenue – a post, a Tweet – but make sure those proxies are truly valuable behaviors.§ If revenue comes from advertising vs. users, think about relationships (e.g. page views).
  54. Another note on the numbers…Remember that you have TWO lensesfor analysis: customer lens who is the customer and what does he do? “transaction” lens tags, patterns, time, etc.
  55. …and one more…Be sure to understand the “why” of what’shappening – typically one of 3 buckets product/marketing deliberate changes to messaging, site, etc. business ecosystem inventory issues, technical problems “macro” factors industry trends, economic climate, press
  56. …and (of course) make sure thosenumbers are significant!
  57. Let’s get (growth) hacking.
  58. Let’s get (growth) hacking. Cassie Lancellotti-Young Head of Marketing and Analytics, HighTable.com

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