First Principals of Growth Hacking at Lean Mindset
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My slide deck from Lean Mindset on 3.25.14. I touch on these subjects: - How to use pay per click marketing to validate your hypothesis before investing in content and search - How to use quantitative and qualitative data to clarify your buyer personas - Why it's important to have appropriate CTAs at different points in your funnel - How to tackle common growth challenges: Low conversion rate, high churn rates and how referral rates
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First Principals of Growth Hacking at Lean Mindset
- 1. @mkfrench@mkfrench First Principals of Growth Hacking Meagan French MeaganFrench.com Freelance growth hacker @mkfrench
- 2. @mkfrench What happens when someone comes to your website Buy Now! Visitors Profit ? ? ? ? Value proposition CTAs Pricing Copy Features
- 3. @mkfrench Where Growth Hackers Come in Source: Andreas Klinger Marketing!!
- 4. @mkfrench What is a growth hacker?
- 5. @mkfrench PPC: a fast way to test your assumptions
- 6. @mkfrench Use PPC before investing in SEO & content Test!$ $$$
- 7. @mkfrench Use PPC to Validate Features vs + 20% CTR Winner!!
- 8. @mkfrench Quality = Volume * CPC * # of months bid- Results Use Competitor’s Data
- 9. @mkfrench Set Up Micro-Conversions = More Data
- 10. @mkfrench Buyer Personas Founder Male, 37 Challenges: Focusing on growth Managing project efficiently Too much to do/scattered Follow through on projects
- 11. @mkfrench Knowing your customers Internal data (Analytics, Adwords etc):
- 13. @mkfrench Or you know, just ask them
- 15. @mkfrench = Attract, know and retain your customers
- 18. @mkfrench When your CTA’s are not aligned Source: iacquire.com
- 19. @mkfrench Visitors are afraid of commitment
- 20. @mkfrench Clear CTAs Awareness = Sign up for email list Discovery = Sign up for a free plan Conversion = Sign up for paid plan Retention = Log in Referral = Invite friends, save 25%
- 21. @mkfrench
- 22. @mkfrench Idonethis.com = 50,000 Email Subscribers 5 million users
- 23. @mkfrench How to find the leaks (Get this worksheet at MeaganFrench.com)
- 26. @mkfrench A/B Testing + 28% in social shares Source: Optimiziley
- 37. @mkfrench@mkfrench First Principals of Growth Hacking Meagan French MeaganFrench.com Freelance growth hacker @mkfrench
Editor's Notes
- About meSay that you're a web marketer, can apply to all businessesWill explain it!Focus on on page optimization, not acquisition
- ----- Meeting Notes (3/5/14 17:01) -----This talk is about buying cycles, not customer acquisition
- ----- Meeting Notes (3/25/14 12:25) -----Growth hackers traditionally come in after product market fitfrom lean analytics
- As start up founders and small business owners you know how easy it is to get side tracked from thisNot all marketing is laser focused on growth, even today a lot of it is wasted.
- Organic and paid search is a way to harvest demand, not create it.If your customer does not know they have a problem that can be articulated in the search box, search is not a good optionSome ways to grow businesses that are not conducive to search later
- Old: Only spend $$$ on positive ROI campaigns Lean: Inefficient, negative ROI campaigns can validate new channels and your productPPC= Cheap and short termContent:Expensive, long term investment----- Meeting Notes (3/25/14 14:33) -----Content is hot right now
- ----- Meeting Notes (3/25/14 12:25) -----User user behavior to validate features before building them out
- Google has been moving away from keywords, but it’s still super importantUse tools like SEMRush.com to use your competitor's data to validate your hypothesis. CPC over * bids over time is an indicator of quality.----- Meeting Notes (3/25/14 12:25) -----Not providedBest practices + competiveve data are good jumping off points for tests, not the final result
- To avoid spending a whole bunch of money to get to statistical significance, set up a ton of conversionsUse mixpanel or analytics----- Meeting Notes (3/25/14 12:25) -----testing purposes vs aquisition purposes
- Before you can optimize for your customers buying cycle, you need to know who they are
- Not every company needs analysisQuantitative and qualitative ways
- ----- Meeting Notes (3/25/14 16:01) -----Give you correlations between your site visitors and others
- ----- Meeting Notes (3/5/14 20:50) -----Create an incentiveOnce you have all your feedbackFix: Example of buyer persona----- Meeting Notes (3/6/14 10:06) -----Figuring out how your customers speak about the productQualitative feedback can give you insights to what your customer needs or doesn’t understand faster than a 1,000 a/b tests----- Meeting Notes (3/25/14 16:01) -----Literally speaking the same language as your customer
- ----- Meeting Notes (3/5/14 17:01) -----could be months, could be 10 minutesImpulse buys/flash sale sites vs enterprise products----- Meeting Notes (3/6/14 10:06) -----Retention increases the lifetime value of that customerClear CTA from each stage to the nextAt every stage of this funnel, you’re testing your product----- Meeting Notes (3/25/14 12:25) -----coresponds to customer lifecycle
- ----- Meeting Notes (3/5/14 17:01) -----CALL TO ACTION Analytics----- Meeting Notes (3/5/14 20:50) -----Use analytics to figure out how many times people are coming to your site before converting----- Meeting Notes (3/6/14 10:06) -----How to sell to customers at the right time
- ----- Meeting Notes (3/5/14 17:01) -----Low committmentPeople are scared of committment
- ----- Meeting Notes (3/25/14 16:01) -----if the ask is too high, your customers will leave
- ----- Meeting Notes (3/25/14 12:25) -----Clear CTAs that are appropriate for the customer lifecyclevalue in exchange for information
- ----- Meeting Notes (3/5/14 20:50) -----This company has no search and no advertisingUse their content and social channels to attract visitorsUse yourself as a case study----- Meeting Notes (3/25/14 12:25) -----Use content instead of search to promote their productI done list instead of to do list
- ----- Meeting Notes (3/25/14 12:25) -----Caputuring users higher up the funnel
- ----- Meeting Notes (3/5/14 20:50) -----Download this worksheet at my websiteMeeting customers at evaluation and conversion stage is an expensive and precarious place to beCPC's can go down over time, but there will always be some cost associated with it in the future.Like "to do list app"Investing higher or lower in the funnel are an investment in the futureIf CTAs are blank, thats problem.
- ----- Meeting Notes (3/5/14 20:50) -----Put example CTAs here:Create an accountFollow on TwitterFeedback= use your most successful customers----- Meeting Notes (3/25/14 12:25) -----How can qet more users to do what we want them to?
- ----- Meeting Notes (3/25/14 12:25) -----no action on the users part
- ----- Meeting Notes (3/25/14 12:25) -----Keep track of your churn rate at different points in time
- ----- Meeting Notes (3/5/14 20:50) -----Offering incentives on both sidesevery time a conversion is completed on your site, the refering site makes some $$. Incentivise other websites to hussle for you. Low commitment on your part.----- Meeting Notes (3/25/14 12:25) -----Not every company needs referals
- ----- Meeting Notes (3/25/14 12:25) -----Dropbox!!
- ----- Meeting Notes (3/25/14 12:25) -----Turn your brand advocates in affiliates----- Meeting Notes (3/25/14 16:01) -----Only pay out on a successful transaction