How to Achieve Explosive Word of Mouth Growth Through a 10x Product, Cause Marketing, and Empowered Teams
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Presentation from Growth Hackers conference in LA Covering: - Getting to traction - Scaling marketing in an early stage startup - Building a business on word of mouth Organising product and growth organisations
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How to Achieve Explosive Word of Mouth Growth Through a 10x Product, Cause Marketing, and Empowered Teams
- 2. @nilanp What I’ve learned building a unicorn with Word of Mouth.
- 3. @nilanp What I’ve learned …. 1. About getting to traction 2. About marketing 3. About Word of Mouth
- 4. @nilanp What I’ve learned …. 1. About getting to traction 2. About marketing 3. About Word of Mouth
- 6. Death Zone
- 7. Revenue
- 8. Revenue
- 9. Revenue
- 10. Revenue
- 11. How do I get out of the death zone ?
- 13. Anonymised using characters from The Wire
- 14. x
- 15. GROWTH Dude - we’re running outta cash in 6 months
- 16. GROWTH Lets go see the Man - he can give us funding
- 18. GROWTH
- 19. Come back when you have traction…
- 20. GROWTH We need to get traction, we need to find customers, you know what we need ?
- 21. GROWTH Marketing
- 22. GROWTH Word. Marketing is what we need… but marketings expensive. You know what we need ?
- 23. GROWTH Money… lets go see the Man.
- 24. @nilanp What I’ve learned …. 1. About getting to traction 2. About marketing 3. About Word of Mouth
- 36. THE INFINITELY SCALABLE MARKETING CHANNEL DOESN’T EXIST Revenue Marketing $$$$
- 37. What is the problem marketing is solving ?
- 39. MARKETINGS JOB IS TO FIX THIS
- 42. Affiliates.
- 45. Viral growth.
- 49. SEO.
- 51. Facebook.
- 55. @nilanp Lets not building marketing teams that are focussed on spending money…
- 56. @nilanp … lets instead build marketing teams that are better at solving problems
- 57. 1. Marketing channels are saturated 2. Category defining startups have no latent demand 3. Alignment between marketing and product is all important @nilanp
- 58. Marketing channels are saturated. No margin, No clicks
- 59. Category defining startups have no latent demand If you are building a category defining product No one has been trained to Google you
- 62. @nilanp What I’ve learned …. 1. About getting to traction 2. About marketing 3. About Word of Mouth
- 63. @nilanp Would you recommend us to your friends? 1 2 3 4 5 6 7 8 9 10 Detractors Neutral Promoters
- 64. @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
- 65. @nilanp The NPS Richter scale
- 66. @nilanp 1 2 3 4 5 6 7 8 9 10
- 67. @nilanp
- 68. @nilanp
- 69. @nilanp
- 70. @nilanp
- 71. @nilanp
- 72. @nilanp
- 73. @nilanp NPS IS the north star KPI for growth
- 74. @nilanp If promoters > detractors you WILL grow
- 75. @nilanp N.B. This is hard.
- 76. It works ! (But barely)
- 77. It works ! (But barely) It works with no significant issues !
- 78. It works ! (But barely) It works with no significant issues ! It works. Wow that was slick
- 79. 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
- 80. Every app on your phone has an insanely high NPS
- 81. Systemising Word of Mouth at TransferWise
- 82. TransferWise was started to solve a problem @nilanp@nilanp
- 84. @nilanp 60 ➤ 700 TransferWisers
- 85. @nilanp Word of Mouth is the biggest driver of growth
- 86. Why do people recommend our product ? @nilanp
- 90. To achieve advocacy your product needs to be an order of magnitude better than the alternative
- 92. HINT: But don’t do this as “growth hack”
- 94. 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
- 95. You can’t copy that !
- 96. So… 10x product + Cause driven marketing = Explosive Word of Mouth growth @nilanp
- 98. So how you do build a 10x product ? @nilanp
- 99. Money moves just fine around the world today
- 100. Its just slow, expensive and hard to use
- 101. We’re building an alternate network that’s faster, cheaper, easier to use
- 102. If we were just a pretty UX no-one would use us
- 103. @nilanp Singapore
- 104. So how you do build a 10x product ? Solve really hard problems that haven’t been solved before @nilanp
- 105. Putting this all together - scaling the teams…
- 106. Autonomous independent teams that focus on KPIs that make a difference to customers and drive growth @nilanp
- 107. Autonomous independent teams that focus on KPIs that make a difference to customers and drive growth @nilanp Currencies OperationsVerificationConversion Experience ViralityMarketing Regulated and available Instantly and almost zero cost IdentityOnboarding Worry Evangelism Problem awareness
- 108. @nilanp What I’ve learned …. 1. About getting to traction 2. About marketing 3. About Word of Mouth
- 109. So… 10x product + Cause driven marketing + Highly empowered teams = Explosive Word of Mouth growth @nilanp
- 110. TransferWise @nilanp