Think Like A Growth Hacker

Think Like A  growth hacker

What is agrowth hacker ?

Sean Ellis’ Definition  http://startup-marketing.com/""A growth hacker is a person whose truenorth is growth. Everything they do isscrutinized by its potential impact onscalable growth. Is positioning important? Only if a case can be made that it isimportant for driving sustainable growth(FWIW, a case can generally be made)."

Growth Hacker is the new VP of Marketing by Andrew Chen"http://andrewchenblog.com/2012/04/27/how-to-be-a-growth-hacker-an-airbnbcraigslist-case-study/ "Growth hackers are a hybrid of marketer and coder, onewho looks at the traditional question of “How do I getcustomers for my product?” and answers with A/B tests,landing pages, viral factor, email deliverability, and OpenGraph. On top of this, they layer the discipline of directmarketing, with its emphasis on quantitative measurement,scenario modeling via spreadsheets, and a lot of databasequeries. If a startup is pre-product/market ﬁt, growthhackers can make sure virality is embedded at the core of aproduct. After product/market ﬁt, they can help run up thescore on what’s already working." "

“The fastest way to spread yourproduct is by distributing it on aplatform using APIs, not MBAs.”   - Andrew Chen"

Viral GrowthSustainable Growth

Viral Coefficient Viral Coeﬃcient = # of Invites * Conversion % 1 = 10 * 10% " " " "

Simple Viral Growth K=1Lessons Learned – Viral Marke0ng by David Skok h8p://www.forentrepreneurs.com/lessons-‐learnt-‐viral-‐marke0ng/

Simple Viral Growth K = 2Lessons Learned – Viral Marke0ng by David Skok h8p://www.forentrepreneurs.com/lessons-‐learnt-‐viral-‐marke0ng/

Viral Cycle Time•  Lessons Learned – Viral Marke0ng by David Skok •  h8p://www.forentrepreneurs.com/lessons-‐ learnt-‐viral-‐marke0ng/

If Viral Coeﬃcient < 1 NOT True Viral Growth

If Viral Coeﬃcient < 1YOU Must retain active users

Analytics• Daily Active Users• Monthly Active Users

Sustainability

Viral Loop

Viral Growth = Customers are FreeViral Loop = Customers at a discount

The 4 Ways Customers Drive Sustainable Growth 1. Word of Mouth2. A Side Eﬀect of Using the Product3. Paid Advertising4. Repeat Use

1. Word of Mouth– When people love your product, they’ll tell other people about it. Great word of mouth is oIen the Holy Grail of adver0sing. It’s cheap, incredibly eﬀec0ve, but also diﬃcult to build deliberately.

why people shareThe following is roughly adapted from Dr. Robert Cialdini’s “6 Principles of Persuasion” Prestige -‐ I will be viewed as important because I am associated with an important brand. Authority -‐ people will look up to me because I know about things ﬁrst. Likable -‐ people will like me because I share things that make their life be8er.

Consistency -‐ I liked it before so I need to con0nue to like it or I will be in conflict with myself. Social Proof -‐ Everyone else likes it, so I do too. (Social proof) Scarcity -‐ Purchase if quan00es are perceived to be scarce Influence: The Psychology of Persuasion (Collins Business Essen9als) by Robert B. Cialdini h8p://www.squeezedbooks.com/ar0cles/influence-‐the-‐psychology-‐of-‐persuasion-‐(collins-‐business-‐essen0als).html

Social Design https://developers.facebook.com/socialdesign/Social Design is a way of thinking about product design that puts social experiences at the core. Create these social experiences with the features available on Facebook Pla_orm.

2. A Side Eﬀect of Using the Product– Many products adver0se themselves. iPhones, Coach purses, and Gmail are great examples. Simply by using a product, a customer adver0ses your product to people around them.

h8ps://developers.facebook.com/docs/opengraph/ h8ps://developers.facebook.com/docs/bestprac0ces/

3. Paid Advertising– This is what most businesses rely on. As long as you’re able to keep the cost of adver0sing below your marginal revenue from the campaign, you’ll do just ﬁne. Businesses run into problems when they don’t keep adver0sing costs under control. To help you do this, make sure you’ve built a system that can track the eﬀec0veness of the ads (Google Analy0cs, coupon codes, etc).

4. Repeat Use– Many products need to be bought repeatedly in order to con0nue to use them. Magazine subscrip0ons, supplements, Ne_lix, and web hos0ng are all examples of this. When you have a product that requires repeated purchases, you only have to obtain a small number of new customers to keep growing.

Repeat Use•  Be Awesome•  Invested in the productFacebook, LinkedIn, Dating Sites,Luminosity, Pandora"•  Reminder/Re-engageSocial Media, Email Marketing, PushNotiﬁcation"

Think Like A  growth hacker•  Always think about growth•  Look at all communication platforms as a tool•  Learn from others (ventures and disciplines)

TimHomuth@gmail.comlinkedin.com/in/TimHomuthfacebook.com/TimHomuthtwitter.com/TimHomuth

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Think Like A Growth Hacker

by Tim Homuth

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