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Growth Hacking: Different Tactics For Different Stages

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A presentation for StartupTurkey Antayla presented by Etohum. I describe the importance of changing growth tactics as you transition between different stages of your startup.

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Growth Hacking: Different Tactics For Different Stages

  1. 1. Growth Hacking: Different Tactics for Different Stages @bernardjhuang
  2. 2. I am Bernard Huang I’m a co-founder at Mushi Labs, a boutique SEO agency. I was the growth hacker at 42Floors, played online poker professionally and co-owned a restaurant. You can find me: @bernardjhuang bernard@mushilabs.com
  3. 3. What we’re going over today
  4. 4. TABLE OF CONTENTS ● What is growth hacking ● Different startup stages ● Early ● Mid ● Late ● Concluding thoughts
  5. 5. What is growth hacking
  6. 6. Growth hacking is a mindset, a way of thinking about marketing through data and experimentation. WHAT IS GROWTH HACKING http://leadlifewell.com/
  7. 7. The best way to describe this way of thinking is with the scientific method: 1. objective 2. hypothesis 3. experiment 4. results SCIENTIFIC METHOD
  8. 8. Every growth experiment begins with a clearly defined objective: I want __________. OBJECTIVE
  9. 9. More app installs
  10. 10. More prospects
  11. 11. More users
  12. 12. More clients
  13. 13. Then, we come up with guesses about how we can achieve our objective: If I __________, then I’ll get __________. HYPOTHESIS
  14. 14. If I get PR, then I’ll get more app installs.
  15. 15. MORE EXAMPLES OF HYPOTHESIS If I grow my Twitter following, then I’ll get more prospects.
  16. 16. If I create unique content and post it to Facebook, then I’ll get more users.
  17. 17. If I pitch friends my services, then I’ll get more clients.
  18. 18. Now, we figure out if you’re hypothesis is right or wrong. Important things to remember during experimentation: ● use analytics ● gather enough data to be statistically significance EXPERIMENT
  19. 19. THE IMPORTANCE OF ANALYTICS “If you can’t measure it, you can’t improve it” Lord Kelvin https://en.wikipedia.org/
  20. 20. WHY USING ANALYTICS IS IMPORTANT
  21. 21. THE IMPORTANCE OF STATISTICAL SIGNIFICANCE Don’t end your experiments before collecting enough data to make your results statistically significant. https://www.kissmetrics.com/
  22. 22. WHY STATISTICAL SIGNIFICANCE IS IMPORTANT Ad #1 and #2 are the SAME. But since we haven’t collected enough data, Adwords is telling us that Ad #2 is ~2.5x better?!
  23. 23. RESULTS Did your experiment work as planned? More importantly, what did you learn? http://rishidean.com/
  24. 24. The key to successful growth hacking is to iterate on your experiments non-stop: ● incentivize social referrals ● instagram influencer cross promotions ● posting content to forums (reddit, quora) ● facebook cpc to homepage ● facebook page post engagement to content ITERATE, ITERATE, ITERATE
  25. 25. Different startup stages
  26. 26. Startups can be categorized into 3 stages: ● early (problem/solution fit) ● mid (product/market fit) ● late (scale) DIFFERENT STARTUP STAGES
  27. 27. DIFFERENT STARTUP STAGES http://tweakyourbiz.com/ The goal of each stage of startup is different… which means growth tactics will change as you grow.
  28. 28. “How do we get our initial customers and validate that they’ll pay us money?
  29. 29. Early stage concepts, tactics & personal experience
  30. 30. Find your initial customers and validate purchasing intent: ● get in front of potential customers ● outbound ● very manual ● many 1:1 interactions EARLY - CONCEPTS
  31. 31. Manual outreach Remember to ask for $$$ or else they aren’t actually your customers. EARLY - TACTICS
  32. 32. Initial customers almost always come your existing network. EXPORT LINKEDIN - PERSONAL CASE STUDY http://salesman.red/
  33. 33. EXPORT LINKEDIN - PERSONAL CASE STUDY What’s the point of having a professional network… if you don’t use it?
  34. 34. EXPORT LINKEDIN - PERSONAL CASE STUDY I updated everyone on what I am working on right now.
  35. 35. EXPORT LINKEDIN - PERSONAL CASE STUDY Make it personal. Don’t just slap everyone into a bulk email sender, trust me.
  36. 36. EXPORT LINKEDIN - PERSONAL CASE STUDY Follow up, follow up, follow up.
  37. 37. EXPORT LINKEDIN - PERSONAL CASE STUDY Winner!
  38. 38. SCRAPED PROSPECTS - PERSONAL CASE STUDY
  39. 39. SCRAPED PROSPECTS - PERSONAL CASE STUDY Got the contact infos.
  40. 40. SCRAPED PROSPECTS - PERSONAL CASE STUDY Cold emailed everyone.
  41. 41. SCRAPED PROSPECTS - PERSONAL CASE STUDY Follow up, follow up, follow up.
  42. 42. SCRAPED PROSPECTS - PERSONAL CASE STUDY Winner! Conversion rate ~0.5%
  43. 43. “Now that we’ve proven that people want what we have, how do we get more customers?
  44. 44. Mid stage objectives, tactics & personal experience
  45. 45. Experiment with new ways to acquire customers: ● inbound / outbound ● borrow other people’s audiences MID - OBJECTIVES
  46. 46. Paid acquisition ● Adwords, Facebook, etc. Borrow audiences through inbound or outbound hustling ● PR, Quora, forums / communities, influencers MID - TACTICS
  47. 47. Adwords ● high quality traffic ● limited by search volume ● can be expensive PAID ACQUISITION - PERSONAL EXPERIENCE
  48. 48. Facebook ● persona targeting can provide decent quality traffic ● disruptive experience ● not too expensive PAID ACQUISITION - PERSONAL EXPERIENCE
  49. 49. FACEBOOK ADS - PERSONAL EXPERIENCE Facebook paid promotion can go a long way if you’re audience is on FB and you have precise targeting.
  50. 50. PR - PERSONAL CASE STUDY Getting PR is pure hustle. Ask friends for intros to journalists or personalize cold pitches for relevant writers.
  51. 51. PR - PERSONAL CASE STUDY And follow up, follow up, follow up.
  52. 52. PR - PERSONAL CASE STUDY Winner!
  53. 53. INFLUENCERS - PERSONAL CASE STUDY Getting influencers to write about you is also hustling. Provide value and be personal.
  54. 54. INFLUENCERS - PERSONAL CASE STUDY Winner!
  55. 55. Answering questions on Quora can be a grind but a lot of people go to Quora because they’re looking for answers. QUORA - PERSONAL CASE STUDY
  56. 56. QUORA - PERSONAL CASE STUDY And, that makes the quality of traffic is quite high.
  57. 57. “Now that you have more customers… how do you scale?
  58. 58. Late stage objectives, tactics & personal observations
  59. 59. Optimize and amplify what’s working. And really think about how to keep your customers around. LATE - CONCEPTS
  60. 60. 2x traffic 20,000 visitors 10% conversion rate = 2,000 users OPTIMIZATION - PERSONAL OBSERVATION 2x conversion 10,000 visitors 20% conversion rate = 2,000 users Is it easier to get more traffic or increase conversion rate?
  61. 61. REALLY THINK ABOUT CUSTOMER RETENTION RATES It can cost a company up to 5x as much to get new customers vs. keeping old ones. https://sauce.ly/
  62. 62. Concluding thoughts
  63. 63. MID Try new ways to get in front of potential customers and convert them. LATE Make what you’re already doing better and focus on customer retention. WHICH STAGE ARE YOU? EARLY Talk to people and make sure they want to buy your stuff.
  64. 64. “Growth rarely happens overnight - keep experimenting, learning and iterating.
  65. 65. WANT TO LEARN MORE GROWTH TACTICS? @bernardjhuang bernard@mushilabs.com http://www.mushilabs.com Connect with me

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