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7 Growth Lessons from the 500 Startups Distro Team - Seoul Startup:Con 2016

7 Growth Lessons from the 500 Startups Distro Team - Seoul Startup:Con 2016

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7 Growth Lessons from the 500 Startups Distro Team - Seoul Startup:Con 2016

  1. 1. Andy Young // @andyy // andy@500.co 7 Growth Lessons from the 500 Startups Andy Young, EIR @ 500 @andyy
  2. 2. Andy Young // @andyy // andy@500.co Hi, I’m Andy! @andyy #fb PhotobyDanTaylor-dan@heisenbergmedia.com
  3. 3. Andy Young // @andyy // andy@500.co
  4. 4. Andy Young // @andyy // andy@500.co train post-seed, pre-A companies to do better Growth Marketing give them the Funding to do it
  5. 5. Andy Young // @andyy // andy@500.co
  6. 6. Andy Young // @andyy // andy@500.co So WTF is this Growth Hacking thing? sounds like some kinda bullshit to me..
  7. 7. Andy Young // @andyy // andy@500.co
  8. 8. Andy Young // @andyy // andy@500.co Let’s talk about something REAL
  9. 9. Andy Young // @andyy // andy@500.co Growth Hacking..? Technical Marketing..? Call it what you want, teams at high-growth companies are scaling to millions of users without major use of any traditional mass advertising/marketing approaches.
  10. 10. Andy Young // @andyy // andy@500.co ● SEO ● Content Marketing ● Performance Marketing (Paid search & display, retargeting) ● Conversion Optimisation (CRO) & A/B Testing ● User testing & UX ● Viral Loops ● Strategic Pricing ● … The Growth Hacker’s Toolbox
  11. 11. Andy Young // @andyy // andy@500.co Some examples..
  12. 12. Andy Young // @andyy // andy@500.co Technical Hacks AirBnB built on top of Craigslist
  13. 13. Andy Young // @andyy // andy@500.co Product Hacks Dropbox succeeded with a Referral Scheme
  14. 14. Andy Young // @andyy // andy@500.co Viral Hacks Hotmail put “P.s. I love you. Get your free email at Hotmail.” in the footer of every email.
  15. 15. Andy Young // @andyy // andy@500.co Partnership Hacks Uber partnered with Telcos to get their App promoted/installed on phones
  16. 16. Andy Young // @andyy // andy@500.co What Hacks are NOT
  17. 17. Andy Young // @andyy // andy@500.co There are loads of great tips and hacks out there Subscribe to 500’s “DISTROSNACK” newsletter! But following all these cool tips will not itself bring success. What Hacks are NOT
  18. 18. Andy Young // @andyy // andy@500.co Things with big impact: ★ Top of funnel ○ How to reach HUGE new audiences in a cost-effective way ★ Middle of funnel ○ Attracting and drawing people deeper into engaging with you ★ Bottom of funnel ○ Close to the $$$ - convert higher % and simply make more money! Things that WILL make a difference
  19. 19. Andy Young // @andyy // andy@500.co Growth Hacking is finding growth that is: ➔ Measurable ➔ Repeatable ➔ Scalable Sean Ellis: “Growth Hacking is experiment-driven marketing” It’s a mindset. Growth Hacking Truths
  20. 20. Andy Young // @andyy // andy@500.co ➔ Pre-launch: test proposition with customers; learn what you should build. ➔ Beta: fix your shitty product until people like it and stick around/give you €€€ ➔ Growth: time to scale. So you got here by doing Things That Didn't Scale - awesome, now it's time to operationalise all that stuff while you explore and build out new acquisition channels. ➔ Scale: optimise, optimise, optimise; keep on top of changing channel effectiveness and emerging opportunities; start to compliment your growth hacking efforts with above-the-line marketing. Stages of Growth
  21. 21. Andy Young // @andyy // andy@500.co 7 Growth Lessons from the Distro Dojo
  22. 22. Andy Young // @andyy // andy@500.co #1 - nail down your value proposition & messaging
  23. 23. Andy Young // @andyy // andy@500.co - 10,000 ft view exercise - - bit.ly/10kftview -
  24. 24. Andy Young // @andyy // andy@500.co What product/service, for which target market? Why do our customers love us? Why do they choose us over the competition? How do we make money? What is our primary way to get new customers? Our business will become a huge, runaway success if… During the next 3 months we need to focus on… What ONE target do we want to hit? 10,000 ft view bit.ly/10kftview
  25. 25. Andy Young // @andyy // andy@500.co #2 - get Product/Market fit before you try and grow
  26. 26. Andy Young // @andyy // andy@500.co
  27. 27. Andy Young // @andyy // andy@500.co Early stage Growth stage Goal Product/Market fit Scalable, repeatable, predictable growth Metric Engagement Growth rate Primary Data Qualitative Quantitative Growth Strategy Hustle Build a growth machine
  28. 28. Andy Young // @andyy // andy@500.co #3 - build a Model to understand your business
  29. 29. Andy Young // @andyy // andy@500.co
  30. 30. Andy Young // @andyy // andy@500.co bit.ly/kpi-sheet
  31. 31. Andy Young // @andyy // andy@500.co Not an operational dashboard: metrics related to growth 1. Identify top-level KPI 2. Add nuance 3. Add drivers 4. Add funnel for these drivers Template Google Sheet: bit.ly/kpi-sheet
  32. 32. Andy Young // @andyy // andy@500.co #4 - identify Levers and prioritise your backlog
  33. 33. Andy Young // @andyy // andy@500.co Levers: things you can push to get growth
  34. 34. Andy Young // @andyy // andy@500.co Identify your One Metric That Matters (OMTM) to get everyone pushing in the same direction
  35. 35. Andy Young // @andyy // andy@500.co Prioritise using ICE framework: -Impact -Chance of Success -Effort (time/resources)
  36. 36. Andy Young // @andyy // andy@500.co #5 - drive growth via experimentation and learnings
  37. 37. Andy Young // @andyy // andy@500.co “Learning is the essential unit of progress for startups”
  38. 38. Andy Young // @andyy // andy@500.co Make predictions in advance!
  39. 39. Andy Young // @andyy // andy@500.co #6 - it’s a Mindset
  40. 40. Andy Young // @andyy // andy@500.co The world is constantly changing (channel efficiency/effectiveness, etc) Experimentation & learnings Build a machine Naturally curious Motivated by helping the customer achieve their goals Growth Mindset
  41. 41. Andy Young // @andyy // andy@500.co #7 - maintain discipline with a Weekly Growth Meeting
  42. 42. Andy Young // @andyy // andy@500.co Agenda 1. Review KPIs 2. What did we learn last week? 3. What experiments are we running this week? No work is to be done during the meeting! Weekly Growth Meeting
  43. 43. Andy Young // @andyy // andy@500.co BONUS #8 Talk to your users
  44. 44. Andy Young // @andyy // andy@500.co User testing script - cheers Steve Krug! www.sensible.com/downloads/test-script.pdf
  45. 45. Andy Young // @andyy // andy@500.co Takeaways
  46. 46. Andy Young // @andyy // andy@500.co #1 - nail down your value proposition & messaging #2 - get Product/Market fit before you try and grow #3 - build a model to understand your business #4 - identify Levers and prioritise your backlog #5 - drive growth via experimentation & learnings #6 - it’s a mindset #7 - maintain discipline with a weekly growth meeting Talk to your users!
  47. 47. Andy Young // @andyy // andy@500.co Thanks, & good luck!
  48. 48. Andy Young // @andyy // andy@500.co ● 10,000ft view worksheet ● Bryan Balfour: The Scientific Method: How to Design & Track Viral Growth Experiments ● Dave McClure's Startup Metrics for Pirates ● Eric Ries’s Three Engines of Growth ● My deck on Analytics for Startups ● 500 Startups Accelerator Marketing Hell Week: videos, templates & goodness ● DISTROSNACK: daily growth hacks Further references..

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