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[#GHConf17] Mission-Driven Growth — How Building a Culture Around Your Cause Can Create Explosive Word of Mouth Growth

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In this presentation, Nilan Peiris from Transferwise, talks about how building a culture around your cause can create explosive word of mouth growth.

Published in: Business

[#GHConf17] Mission-Driven Growth — How Building a Culture Around Your Cause Can Create Explosive Word of Mouth Growth

  1. 1. Mission-Driven Growth—How Building a Culture Around Your Cause Can Create Explosive Word of Mouth Growth Nilan Peiris, Transferwise
  2. 2. @nilanp Mission Driven Marketing.
  3. 3. @nilanp What I’ve learned building a unicorn with Word of Mouth.
  4. 4. @nilanp What I’ve learned …. 1. About getting to traction 2. About marketing 3. About Word of Mouth
  5. 5. @nilanp What I’ve learned …. 1. About getting to traction 2. About marketing 3. About Word of Mouth
  6. 6. @nilanp INTROS
  7. 7. Death Zone
  8. 8. Revenue
  9. 9. Revenue
  10. 10. Revenue
  11. 11. Revenue
  12. 12. How do I get out of the death zone ?
  13. 13. A typical founder conversation
  14. 14. Anonymised using characters from The Wire
  15. 15. x
  16. 16. GROWTH Dude - we’re running outta cash in 6 months
  17. 17. GROWTH Lets go see the Man - he can give us funding
  18. 18. Introducing the Man
  19. 19. GROWTH
  20. 20. Come back when you have traction…
  21. 21. GROWTH We need to get traction, we need to find customers, you know what we need ?
  22. 22. GROWTH Marketing
  23. 23. GROWTH Word. Marketing is what we need… but marketings expensive. You know what we need ?
  24. 24. GROWTH Money… lets go see the Man.
  25. 25. @nilanp What I’ve learned …. 1. About getting to traction 2. About marketing 3. About Word of Mouth
  26. 26. Revenue Marketing $$$$
  27. 27. Revenue Marketing $$$$
  28. 28. THE INFINITELY SCALABLE MARKETING CHANNEL DOESN’T EXIST Revenue Marketing $$$$
  29. 29. What is the problem marketing is solving ?
  30. 30. MARKETINGS JOB IS TO FIX THIS
  31. 31. Affiliates.
  32. 32. SEO.
  33. 33. Facebook.
  34. 34. @nilanp Lets not building marketing teams that are focussed on spending money…
  35. 35. @nilanp … lets instead build marketing teams that are better at solving problems
  36. 36. 1. Marketing channels are saturated 2. Category defining startups have no latent demand 3. Alignment between marketing and product is all important @nilanp
  37. 37. Marketing channels are saturated. No margin, No clicks
  38. 38. Category defining startups have no latent demand If you are building a category defining product No one has been trained to Google you
  39. 39. Product. Marketing.
  40. 40. @nilanp What I’ve learned …. 1. About getting to traction 2. About marketing 3. About Word of Mouth
  41. 41. @nilanp Would you recommend us to your friends? 1 2 3 4 5 6 7 8 9 10 Detractors Neutral Promoters
  42. 42. @nilanp Would you recommend us to your friends? 1 2 3 4 5 6 7 8 9 10 Detractors Neutral Promoters Total Promoters - Detractors = NPS
  43. 43. @nilanp The NPS Richter scale
  44. 44. @nilanp 1 2 3 4 5 6 7 8 9 10
  45. 45. @nilanp
  46. 46. @nilanp
  47. 47. @nilanp
  48. 48. @nilanp
  49. 49. @nilanp
  50. 50. @nilanp
  51. 51. @nilanp If promoters > detractors you WILL grow
  52. 52. @nilanp N.B. This is hard.
  53. 53. It works ! (But barely)
  54. 54. It works ! (But barely) It works with no significant issues !
  55. 55. It works ! (But barely) It works with no significant issues ! It works. Wow that was slick
  56. 56. It works ! (But barely) It works with no significant issues ! It works. Wow that was slick You’ve just blown my socks off that was incredible
  57. 57. Every app on your phone has an insanely high NPS
  58. 58. Systemising Word of Mouth at TransferWise
  59. 59. TransferWise was started to solve a problem @nilanp@nilanp
  60. 60. @nilanp $100,000 ➤ $1,000,000,000
  61. 61. @nilanp 60 ➤ 700 TransferWisers
  62. 62. @nilanp Word of Mouth is the biggest driver of growth
  63. 63. We believe our customers will become evangelists after using our product
  64. 64. Why do people recommend our product ? @nilanp
  65. 65. RATIONalRational Emotional
  66. 66. RATIONalProduct Cause
  67. 67. RATIONal Speed Price Convenience Cause
  68. 68. To achieve advocacy your product needs to be an order of magnitude better than the alternative
  69. 69. HINT: But don’t do this as “growth hack”
  70. 70. RATIONal Speed Price Convenience Cause
  71. 71. Money without borders. Instant, convenient, transparent and eventually free We’re powering money for people and businesses: to pay, to get paid, to spend, in any currency, wherever you are, whatever you’re doing
  72. 72. You can’t copy that !
  73. 73. So… 10x product + Cause driven marketing = Explosive Word of Mouth growth @nilanp
  74. 74. ONE question: @nilanp
  75. 75. So how you do build a 10x product ? @nilanp
  76. 76. Money moves just fine around the world today
  77. 77. Its just slow, expensive and hard to use
  78. 78. We’re building an alternate network that’s faster, cheaper, easier to use
  79. 79. If we were just a pretty UX no-one would use us
  80. 80. @nilanp Brazil
  81. 81. @nilanp Singapore
  82. 82. United Kingdom
  83. 83. So how you do build a 10x product ? Solve really hard problems that haven’t been solved before @nilanp
  84. 84. So… 10x product + Cause driven marketing = Explosive Word of Mouth growth @nilanp
  85. 85. TransferWise @nilanp
  86. 86. Want video access Jamie Siminoff, Ring This could be you! View recordings of all #GHConf17 presentations with our virtual pass & purchase tickets for next year’s event at growthhackers.com/conference

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