The growth hacker's guide to analytics: how to get to data-driven growth in 8 steps

10,419 views

Published on

This presentation will introduce anyone with a growth hacking mindset in using analytics to grow their business. I will address setting up actionable goals, choosing the OMTM, the conversion funnel, reporting and experimenting.

Published in: Business

The growth hacker's guide to analytics: how to get to data-driven growth in 8 steps

  1. 1. THE GROWTH HACKER’S GUIDE TO 
 ANALYTICS How to get to data driven growth in 8 steps? growthagency.co
  2. 2. Hi, I’m Eveline @evelinesmet
  3. 3. Career path The Farm BBDO Startup Free- lance
  4. 4. Data-driven growth marketing Passion
  5. 5. THE GROWTH HACKER’S GUIDE TO 
 ANALYTICS How to get to data driven growth in 8 steps?
  6. 6. Clients
  7. 7. Who checks their analytics on a regular base? Q
  8. 8. Who knows their CAC, CLV and conversion rate by heart? Q
  9. 9. My goal: Making you guys more data-driven!
  10. 10. I will be showing a lot of frameworks today
  11. 11. But first..Why do you need analytics?
  12. 12. Growth hackers are a bit evil..
  13. 13. Analytics keep a growth hacker honest
  14. 14. infinitescroll
  15. 15. After months of development, the Etsy team launched a great new feature!
  16. 16. infinitescroll FAIL
  17. 17. Time on site: Shopping cart size:
  18. 18. Analytics shift the focus of growth hackers
  19. 19. Where to begin?? GROWTHAGENCY.CO
  20. 20. We have a CPC of 2€, is that good?
  21. 21. World’s first banner vs Coolblue banner
  22. 22. World’s first banner vs Coolblue banner 0€ IN REVENUE 32.900€ IN REVENUE
  23. 23. Forget about CTR, Sales matter!
  24. 24. Find your focus based on your data
  25. 25. Analytics predict the future for growth hackers
  26. 26. Mobile vs desktop visits
  27. 27. Analytics make success 
 repeatable
  28. 28. Make a business case, then repeat
  29. 29. Convinced? GROWTHAGENCY.CO
  30. 30. The growth hacker’s guide to analytics How to get to data driven growth in 8 steps?
  31. 31. Set actionable goals 1
  32. 32. MORE SALES MORE IPAD SALES
 IN BELGIUM MORE ENGAGEMENT 15% MORE 
 ENGAGEMENT DOUBLE THE SALES INCREASE SALES 
 BY 10% MORE FACEBOOK FANS 5% MORE LEADS 
 VIA SOCIAL MORE INBOUND LEADS INCREASE INBOUND LEADS 
 BY 25% BY 2017
  33. 33. Marketing = Business development
  34. 34. Marketing goals = business goals GROWTHAGENCY.CO
  35. 35. BY INCREASING RETENTION BY INCREASING DAILY ACTIVE USERS GROW MY COMPANY Example actionable goals INCREASE CONTENT CREATION BY MEMBERS BY 15% BY END 2016 EDUCATE MEMBERS ABOUT CONTENT CREATION VIA MAIL SHOW CONTENT FEATURES ON THE HOMEPAGE INCLUDE CONTENT CREATION IN ONBOARDING EXPERIENCE
  36. 36. Track the right metrics 2
  37. 37. 5 things to consider Qualitative vs quantitative metrics Vanity vs actionable metrics Exploratory vs reporting metrics Leading vs lagging metrics Correlated vs causal metrics
  38. 38. Discover qualitatively & prove quantitatively
  39. 39. BewareOf vanity metrics! They will make you feel good, but they will not change the way you act.
  40. 40. Email marketing Social media Paid search Display advertising VANITY METRICS VS ACTIONABLE METRICS OPEN RATE LEADS GENERATED # FANS REFERRAL RATE AD POSITION COST PER 
 ACQUISITION IMPRESSIONS 
 COST PER LEAD
  41. 41. Trying to find interesting insights and unexpected learnings Keeping you up to date with predictable, managerial insights Do ads with pictures of cats work better? How many clicks will our ad budget get us? EXPLORATORY REPORTING
  42. 42. Leading vs lagging metrics makes the news Metric today that shows prediction of tomorrow We have 15% more leads this month. If we close half, we will increase sales reports the news Historical metric that shows how you’re doing We had a 15% increase in sales last month REPORTS THE NEWS MAKES THE NEWS
  43. 43. Correlated vs causal metrics
  44. 44. Correlated Causal Causal
  45. 45. Most growing job category! Oh wait, it’s June..
  46. 46. Twitter case: causation between # people followed & returning users GROWTHAGENCY.CO
  47. 47. Twitter focuses on making sure beginning Tweeps start following users
  48. 48. Some good metrics for growth % net adds conversion rate % daily active users engagement rate referral rate LTV to CAC rate
  49. 49. TRACK EVERYTHING!
  50. 50. Understand your conversion funnel 3
  51. 51. Growth hacking in each stage of the funnel
  52. 52. KPI’s per stage of the funnel
  53. 53. Conversion funnel online shopping site
  54. 54. Conversion funnel online shopping site
  55. 55. COST PER ACQUISITION = 25 LIFETIME REVENUE PER USER = 75 LIFETIME VALUE = 100 First, get the basics right
  56. 56. Optimise for each stage in the funnel Channel testing
  57. 57. No e-commerce? No problem TRACK INCOMING ENQUIRIES TRACK NEWSLETTER OPT-INS TRACK NUMBER OF CALLS TRACK NEW SUBSCRIBERS
  58. 58. Choose your one metric that matters -OMTM- 4
  59. 59. Data overload
  60. 60. A wealth of information creates a poverty of attention
  61. 61. Your OMTM is your true north GROWTHAGENCY.CO
  62. 62. IT CREATES FOCUS FOR THE ENTIRE COMPANY IT INSPIRES AN INTERNAL CULTURE OF EXPERIMENTATION IT ANSWERS THE MOST IMPORTANT QUESTIONS FOR YOUR BUSINESS Why do you choose OMTM?
  63. 63. Do you know your OMTM? CUSTOMER LIFETIME VALUE DAILY ACTIVE USERS COST PER ENGAGEMENT CUSTOMER ACQUISITION COST
  64. 64. INTERVIEWS (QUANTITATIVE) & SURVEYS (QUALITATIVE)empathy stickiness virality revenue scale e-com
 merce 2 sided market SAAS Mobile app User gen content Media LOYALTY CONVERSION INVENTORY LISTINGS ENGAGEMENT CHURN DOWNLOADS CHURN VIRALITY CONTENT SPAM TRAFFIC VISITS RETURNS CAC SHARES REACTIVATION CAC SHARING INHERENT VIRALITY CAC WOM APP RATINGS CAC INVITES SHARING CONTENT VIRALITY TRANSACTION CLV CONVERSION % TRANSACTION COMMISSION UPSELLING CAC CLV CLV ARPDAU ADS DONATIONS CPE AFFILIATE % EYEBALLS AFFILIATES WHITE LABEL OTHER VERTICALS API MARKETPLACE SPINOFFS PUBLISHERS ANALYTICS USER DATA SYNDICATION LICENSES BUSINESSSTAGES BUSINESS MODEL TYPES
  65. 65. examples
  66. 66. CASE STUDY
 MOZ Scale STAGE SAAS MODEL Net adds OMTM
  67. 67. Net adds = growth
  68. 68. CASE STUDY
 HEADSPACE Virality STAGE SaaS (Freemium) MODEL Paid Churn OMTM
  69. 69. Paid churn = loss GROWTHAGENCY.CO
  70. 70. PICK ONE METRIC YOU WANT TO GROW WHICH ACTIONS DRIVE TODAY’S GROWTH? WHICH STAGE IS YOUR BUSINESS IN? Exercise // discussion
  71. 71. Stop reporting Start experimenting! 5
  72. 72. And analytics get a looooot less boring!
  73. 73. assumption: hosts gets more bookings if listing has better pictures
  74. 74. MVP ASSUMPTION AirBnB case TESTING RESULTS DECISION NICER PHOTOGRAPHY HELPS AIRBNB’S BUSINESS = CAUSATION 20 PHOTOGRAPHERS IN THE FIELD COMPARE LISTINGS WITH A CONTROL GROUP 2 TO 3 TIMES MORE BOOKINGS WITH PROFESSIONAL PICTURES LAUNCH PHOTOGRAPHY AS AN OPTIONAL FEATURE FOR HOSTS
  75. 75. AirBnB case
  76. 76. Use your insights to test causation & find your growth hacks 6
  77. 77. FIND CORRELATION CORRELATION LETS YOU PREDICT THE FUTURE CAUSATION LETS YOU CHANGE THE FUTURE I WILL HAVE MORE THAN 3000 VISITS AND 50 PAYING CUSTOMERS NEXT MONTH IF I CAN MAKE SURE FIRST TIME VISITORS SIGN UP FOR THE NEWSLETTER, I WILL INCREASE SALES WITH 10% IN THE NEXT 3 MONTHS Find correlation & causation TEST CAUSALITY OPTIMISE THE CAUSAL FACTOR
  78. 78. A leading causal connection is the 
 analytics 
 superpower
  79. 79. Work in short cycles 7
  80. 80. infinitescroll
  81. 81. Test new features before implementing them GROWTHAGENCY.CO
  82. 82. The lean analytics cycle
  83. 83. Find ways to repeatable growth = scale 8
  84. 84. comes from understanding your best user and how to find & acquire more of them Repeatable growth
  85. 85. Why is Nigerian spam so badly written?
  86. 86. BAD LANGUAGE 1000 EMAILS SENT 1000 EMAILS SENT 10% CONVERSION = 100 RESPONSES 0,1% CONVERSION = 1 OR 2 RESPONSES 1 FOOL & THEIR MONEY1 FOOL & THEIR MONEY PROPER ENGLISH SCALABLE NOT SCALABLE
  87. 87. Nigerian spammers have learned to understand their target market & their customers
  88. 88. TRACK THE RIGHT METRICS UNDERSTAND YOUR CONVERSION FUNNEL SET ACTIONABLE GOALS 8 steps to growth: checklist CHOOSE YOUR OMTM TEST CAUSATION & FIND YOUR GROWTH HACKS WORK IN SHORT CYCLES FIND WAYS TO REPEATABLE GROWTH STOP REPORTING, START EXPERIMENTING
  89. 89. GET IN TOUCH! eveline@growthagency.co
  90. 90. Sources http://leananalyticsbook.com/ https://www.quicksprout.com/ https://growthhackers.com/ http://theleanstartup.com/ http://learn.ryanholiday.net/

×