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How to Create Product Driven Growth

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The year was 1741, a magazine in Philadelphia publishes one of the first known advertisements for a product, and it was for coffee.

Over the years businesses have continually looked for new ways to grow an audience for their product or service. Direct mail, online banner ads, excessive email, content marketing, the tactics have changed as technology has evolved.

In this presentation we’ll cover a product driven growth framework. We’ll go through 3 key areas and give examples of how some of the fastest growing companies in the world are leveraging them to scale up their businesses at record speeds.

Published in: Marketing
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How to Create Product Driven Growth

  1. 1. The Art & Science of Content Promotion Kieran Flanagan Marketing Director (EMEA), HubSpot
  2. 2. #INBOUND14 Growth TL;DR Follow @Searchbrat on Twitter The best growth articles, hand selected by experts with added comments. >> HTTP://BIT.LY/LEARNGROWTH <<
  3. 3. #INBOUND14 Growth is …. hard Follow @Searchbrat on Twitter
  4. 4. #INBOUND14 You’re in a constant battle against the challenges of scale. Follow @Searchbrat on Twitter
  5. 5. #INBOUND14 Channel Saturation
  6. 6. #INBOUND14Follow @Searchbrat on Twitter This is one of the first online display ads, it's from Hotwired's magazine in 1994.
  7. 7. #INBOUND14 It had a CTR of 44% Follow @Searchbrat on Twitter
  8. 8. #INBOUND14Follow @Searchbrat on Twitter Consider that CTR versus the average of a Facebook Ad 44% Hotwired ’94 1.8% Facebook ‘14
  9. 9. #INBOUND14 Saturation of channels make them less impactful and more expensive for growth. Follow @Searchbrat on Twitter
  10. 10. #INBOUND14 Channel Growth
  11. 11. #INBOUND14 The online habits of users are constantly changing Follow @Searchbrat on Twitter
  12. 12. #INBOUND14Follow @Searchbrat on Twitter
  13. 13. #INBOUND14 The stagnation or decline of certain channels impacts your ability to extract value from them. Follow @Searchbrat on Twitter
  14. 14. #INBOUND14Follow @Searchbrat on Twitter Download >> http://slidesha.re/1xEUeqU Channel Risk
  15. 15. #INBOUND14Follow @Searchbrat on Twitter There is an inherent risk in being dependent on a 3rd party platform
  16. 16. #INBOUND14Follow @Searchbrat on Twitter
  17. 17. #INBOUND14Follow @Searchbrat on Twitter
  18. 18. #INBOUND14Follow @Searchbrat on Twitter Download >> http://slidesha.re/1xEUeqU Channel Ceiling
  19. 19. #INBOUND14Follow @Searchbrat on Twitter
  20. 20. #INBOUND14 Understand how scalable your ‘channels’ are before committing to them. Follow @Searchbrat on Twitter
  21. 21. #INBOUND14 So Growth is hard! Follow @Searchbrat on Twitter
  22. 22. #INBOUND14Follow @Searchbrat on Twitter But not impossible …
  23. 23. #INBOUND14 There are a growing number of SaaS businesses who’re moving towards a product driven growth model. Follow @Searchbrat on Twitter
  24. 24. #INBOUND14 At HubSpot, we provide free products for both marketers and sales people. Follow @Searchbrat on Twitter
  25. 25. #INBOUND14 Over the past 12 months that business has grown rapidly achieving some major milestones. Follow @Searchbrat on Twitter
  26. 26. #INBOUND14 The following are 3 components I feel are key to making a product driven growth model work. Follow @Searchbrat on Twitter
  27. 27. #INBOUND14 How can my product leverage existing platforms for growth? How can I add virality to my product? How can I quickly introduce the user to the value of my product? Product Driven Growth Follow @Searchbrat on Twitter
  28. 28. #INBOUND14 How can my product leverage existing platforms for growth? #1 Follow @Searchbrat on Twitter
  29. 29. #INBOUND14Follow @Searchbrat on Twitter A lot of Pinterest’s early growth came from their integration with Facebook.
  30. 30. #INBOUND14Follow @Searchbrat on Twitter After Facebook updated their algorithm the Pinterest growth team doubled down on Google as their growth platform.
  31. 31. #INBOUND14Follow @Searchbrat on Twitter Organizing boards around keywords that people were searching for.
  32. 32. #INBOUND14Follow @Searchbrat on Twitter Download >> http://slidesha.re/1xEUeqU Organizing boards around keywords that people were searching for.
  33. 33. #INBOUND14Follow @Searchbrat on Twitter Topic clustering is a really effective way to improve your organic traffic.
  34. 34. #INBOUND14Follow @Searchbrat on Twitter RapGenius dominated SEO by providing unique features that made their content 10X what competitors had.
  35. 35. #INBOUND14Follow @Searchbrat on Twitter AirBnB provided a plugin that allowed their listings to be automatically posted on Craigslist.
  36. 36. #INBOUND14Follow @Searchbrat on Twitter We’ve recently built into Slacks platform with a GrowthBot to help both marketers and sales grow their business.
  37. 37. #INBOUND14 Figure out what channels potential users of your product spend their time on. Use both quantitative and qualitative feedback. Follow @Searchbrat on Twitter
  38. 38. #INBOUND14 Channels Scale Predictabilit y Ease Google SEO Medium High Low Google Adwords Medium High Medium Facebook Ads High Medium Medium Referral Medium Low Medium Virality High Low Low Stack rank them in order of scale, the predictability of results and ease to implement. Follow @Searchbrat on Twitter
  39. 39. #INBOUND14 How can I add virality to my product? #2 Follow @Searchbrat on Twitter
  40. 40. #INBOUND14 Viral loops are one of the best ways to increase awareness of your product and grow acquisition of new users. @Searchbra tFollow @Searchbrat on Twitter
  41. 41. #INBOUND14 Viral loops and product virality are not the same things. Follow @Searchbrat on Twitter Product Virality Product spreads from one user to another through customer to customer contact. Low CAC acquisition channel. Does not include Word of Mouth, PR or Incentivized referrals. Viral Loops Product spreads from one user to another through a number of different loops. The objective is to find methods of converting your existing user base into promoters of your product. Does include WOM and Incentivization.
  42. 42. #INBOUND14 What kind of viral loops can I add to my product? Follow @Searchbrat on Twitter Word of Mouth Product Virality (Distribution) Product Virality (Push) Incentivized Referrals Customers recommends the product to other customers or distribute via communication channels e.g. social media The product spreads through customer to customer contact. One customer using the product exposing it to others. The product spreads through organic usage. Customers require other users in their network to use the product. The product spreads through incentivized referrals. Customers are rewarded in some way for referring others. ** Read: http://bit.ly/productvirality
  43. 43. #INBOUND14 Word of mouth is typically measured by NPS. Follow @Searchbrat on Twitter [Add HubSpot Chart Here.] Word of Mouth
  44. 44. #INBOUND14 Loop of a 1 billion dollar SaaS business Follow @Searchbrat on Twitter User signs up to Zoom and hosts a meeting Sends Zoom meeting link to a number of non Zoom users % of users accept Zoom meeting and click on branded link % of those users sign up for Zoom account PV (Distribution)
  45. 45. #INBOUND14Follow @Searchbrat on Twitter User signs up to Zoom and hosts a meeting Sends Zoom meeting link to a number of non Zoom users % of users accept Zoom meeting and click on branded link % of those users sign up for Zoom account PV (Distribution) You need to know: To track the performance of this loop you need to know. 1. How many users will host meetings? 2. Average number of attendees? 3. What channel is invite sent? 4. % of users who click on invite 5. % of users who sign up Loop of a 1 billion dollar SaaS business
  46. 46. #INBOUND14 We’ve started to push on these loops in our own products. Follow @Searchbrat on Twitter PV (Distribution)
  47. 47. #INBOUND14 We’ve started to push on these loops in our own products. Follow @Searchbrat on Twitter PV (Distribution)
  48. 48. #INBOUND14 We’ve started to push on these loops in our own products. Follow @Searchbrat on Twitter PV (Distribution)
  49. 49. #INBOUND14 We’ve started to push on these loops in our own products. Follow @Searchbrat on Twitter PV (Distribution) You need to know: To make this kind of loop work, you need a lot of sign ups and a great product experience e.g. loop for Zoom wouldn’t work if the technology sucked.
  50. 50. #INBOUND14 Users in Slack need to invite their network to make the tool valuable. Follow @Searchbrat on Twitter PV (Push)
  51. 51. #INBOUND14 Users of our CRM also need to invite their team onto the product to get value from it. Follow @Searchbrat on Twitter PV (Push) You need to know: We need to measure 1. The user wants to invite their team to start using CRM. 2. User invites a bunch of recipients to the CRM. 3. Email is used to send out the invites 4. % of those users click on the link in invite to signup. 5. % of them become new users of the CRM.
  52. 52. #INBOUND14Follow @Searchbrat on Twitter Incentivized Referrals Loom incentivize users to refer two friends in order to gain access to limited features. You need to know: Incentivizing users with access to limited features works best if they’re paying the bill.
  53. 53. #INBOUND14Follow @Searchbrat on Twitter Incentivized Referrals PayPal spent up to $70 million on their incentivized referral loop. It drove 5% to 7% of their daily growth.
  54. 54. #INBOUND14Follow @Searchbrat on Twitter You can also incentive people to refer your product before it’s ever launched. You need to know: Why it works: 1. Exclusivity: Feeling part of a group, being ‘in the know’. 2. Anticipation: Provided you with real time update on position in the list. 3. Referral: Provided you with option to jump the queue if you refer others. Incentivized Referrals
  55. 55. #INBOUND14Follow @Searchbrat on Twitter Incentivized Referrals You can also incentive people to refer your product before it’s ever launched.
  56. 56. #INBOUND14 How can I quickly introduce the user to the value of my product? #3 Follow @Searchbrat on Twitter
  57. 57. #INBOUND14Follow @Searchbrat on Twitter Product onboarding should introduce users to the value of your product in as short amount of time as possible.
  58. 58. #INBOUND14Follow @Searchbrat on Twitter User connects with 10 friends within 7 days – Chamath Palihapitiya Former Growth Lead One file in one Dropbox folder on one device – ChenLi Wang Growth Team 2000 messages sent between a team – Stewart Butterfield, Co-Founder X users followed, Y% followed back – Josh Elman, Former Growth Lead It helps the user find your products AHA! moment
  59. 59. #INBOUND14Follow @Searchbrat on Twitter We use R analysis to find predicators of an active team within our free CRM. Read: http://tomtunguz.com/performance-marketing-for-startups/
  60. 60. #INBOUND14Follow @Searchbrat on Twitter We know weekly active teams retain a lot better and continue to use our product for longer.
  61. 61. #INBOUND14Follow @Searchbrat on Twitter They’re upgrade rate is also 800% higher than a non weekly active team!
  62. 62. #INBOUND14Follow @Searchbrat on Twitter Your product can do a better job of selling itself than a typical sales person.
  63. 63. #INBOUND14Follow @Searchbrat on Twitter Getting the upgrade points right is critical
  64. 64. #INBOUND14Follow @Searchbrat on Twitter Getting the upgrade points right is critical
  65. 65. #INBOUND14 It’s a lot easier to develop your product with growth in mind rather than it being an afterthought. #DTS @Searchbra tFollow @Searchbrat on Twitter
  66. 66. #INBOUND14

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