Traction
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Getting traction for your Startup Founder Institue presentation 2014
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Traction
- 1. Getting Traction Sam Witteveen
- 2. Traction shows your idea is working
- 3. What is traction for you? Users? Customers? Money? B2B - Measure 1. Customers 2. Number of transactions 3. Size of transaction 4. Money B2C - Measure 1. Traffic 2. Conversion to Users 3. User Engagement (desired actions) 4. Money It’s the sign of real & consistent growth. Define what it means to you. - vanity metrics are for press only
- 4. Know Your Customer Who is really the customer? The Customer is who gives you the money. If your making an advertising play the customer is the advertiser not the users If you are doing freemium play then not all your users are your customers
- 5. The Channels Ads PR SEO/SEM Content Marketing Email Marketing Virality Social Marketing Partnerships Biz Dev Direct Sales Affiliates Community Outreach Events
- 6. Distribution Channels Pick and test your channels carefully. Don’t just use what everyone else uses. You usually have one that delivers 80% Often the disruption of big companies is a disruption of distribution.
- 7. No Traffic Problems You don’t have a traffic problem you have an offer problem - offer not converting enough to buy traffic Offer Problem - no offer , wrong offer , not sustainable offer. Measurement Problem - Most startups don’t know what traffic is worth to them
- 8. Traffic is Everywhere You just need to know how much you can pay B2C - Kabam $13 / per user B2B - R.E. $5,000
- 9. Do Stuff that Doesn’t Scale Reach out to people manually At the start going from 1 to 2 customers is 100% growth Evangelize - Do whatever it takes to get people on board. Read Paul Graham piece
- 10. B2B
- 11. The Musts Everyday you need to something to get a new customer. Send a email, make a phone call, visit people You have to be the companies best sales person
- 12. Know Your Numbers LTV - Life time value CAC - Customer Acquisition Cost Conversion Rate
- 13. Can you go negative? If you have a high LTV then CAC can be more than the cost of the first purchase. The more you can spend that your customers the more likely you can beat them.
- 14. SAAS - Freemium Reward continuity - give a discount for yearly $67 is the magic number Most SAAS will plateau out at a few k paying users
- 15. B2C
- 16. A Good Goal $1/ User / Month Ads , Sell own products, Affiliate Offers Early growth 1%/day
- 17. Know Your Numbers Retention/Engagement Rates ARPU - Average Revenue Per User Cohort Analysis - Watch Phil Libin video DAU/MAU percentage - you want 50% often get 10% Measure Actions not people - Messaging / posts
- 18. Know What Causes your Traction Facebook: 30 Friends = come back everyday Starts with 10 Friends in 14 Days On boarding Process Virality & Sharing? Ads - Adwords etc?
- 19. Virality K Factor Viral Loop Signup-> email friend (10) -> Email Opens(50%) -> CTR (40%) -> Sign Up (20%) = 0.4 0.9 is dying 1.1 is success
- 20. Buying Users/Downloads Don’t buy users to look cool FP didn’t buy till we had over 1 mil organic You can buy to do tests of virality If doing it Facebook is the best platform
- 21. Seeding Reddit Creating the community Posting yourself - Kevin Rose Tiiny Post to bring people back to your site
- 22. Overall Focus 50% of your time on getting traction Measure like crazy. Experiment like crazy. As you grow try new stuff. What doesn’t work now could work later on.