NPS Driven Growth or How to grow your startup w

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NPS Driven growth or How to grow your startup without spending money on marketing.

Slides from the GrowthHackingConference

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NPS Driven Growth or How to grow your startup w

  1. 1. @nilanp NPS driven growth! OR! How to grow without spending a TON on marketing! ! Nilan Peiris! VP Growth TransferWise
  2. 2. @nilanp
  3. 3. Startups @nilanp
  4. 4. Startups Tequila @nilanp
  5. 5. Helped startups get to traction
  6. 6. Opinion is an outcome of experience
  7. 7. Back to traction @nilanp
  8. 8. Revenue
  9. 9. Revenue
  10. 10. Revenue
  11. 11. Death Zone
  12. 12. Revenue
  13. 13. How do I get out of the death zone ?
  14. 14. A typical founder conversation
  15. 15. Anonymised using characters from the Wire
  16. 16. x
  17. 17. GROWTH Dude - we’re running outta cash in 6 months
  18. 18. GROWTH Lets go see the Man - he can give us funding
  19. 19. Introducing the Man @nilanp
  20. 20. GROWTH
  21. 21. GROWTH Come back when you have traction…
  22. 22. GROWTH We need to get traction, we need to find customers, you know what we need ?
  23. 23. GROWTH Marketing
  24. 24. GROWTH Word. Marketing is what we need… but marketings expensive. You know what we need ?
  25. 25. GROWTH Money… lets go see the Man.
  26. 26. GROWTH
  27. 27. How do I get out of the death zone ?
  28. 28. 4 principles for NPS driven growth @nilanp
  29. 29. 1. Supply is your biggest scaling lever! 2. Systemically improve your experience for your customers through curating supply! 3. Once product is working, focus on building NPS to drive growth! 4. Once product is growing add marketing @nilanp
  30. 30. PRINCIPLE 1 Supply is usually your biggest scaling lever
  31. 31. Focus on supply or customers first ?!
  32. 32. OR Chicken Egg
  33. 33. OR I came first Chicken Egg
  34. 34. SUPPLY CAME FIRST!
  35. 35. SUPPLY IS THE BIGGEST DRIVER OF YOUR CONVERSION RATE! @nilanp
  36. 36. e Drivers of conversion rate
  37. 37. Availability of product I WANT A T SHIRT!
  38. 38. Availability of in right size / date I WANT A MEDIUM T SHIRT!
  39. 39. Availability at price point ITS GOT TO BE UNDER £30!
  40. 40. MARKETING BULLSHIT (CRO)
  41. 41. Drivers of conversion rate 1. Availability of product! 2. Availability of product on right date / size! 3. Availability at right price point! 4.Marketing bullshit (CRO)!
  42. 42. Start with one market and build from there @nilanp
  43. 43. Learn how to systemically acquire supply! @nilanp
  44. 44. Understand your value to suppliers! @nilanp
  45. 45. Summary! 1. Acquiring supply solves the chicken / egg problem! 2. Focus on availability of product at price point! 3. FIgure out how to scalable acquire supply and get clear over time on your value proposition to suppliers! 4. Focus on growth through systemically improving your supply base @nilanp
  46. 46. PRINCIPLE 2! ! Systemically improve the experience of your customers!
  47. 47. Focus on single users Practical advice credit: Klinger.io
  48. 48. Figure out your supply curation metrics @nilanp
  49. 49. CookIt optimises recipes to keep customers come back for more
  50. 50. Amazon’s! recommendation algorithm curates their supply optimising for conversion rate
  51. 51. HouseTrip’s recommendation algorithm measures quality of stay
  52. 52. Facebook’s news feed optimises for engagement
  53. 53. Uber takes into account driver and passenger quality when you hail a cab
  54. 54. • Prioritise !
  55. 55. Summary 1. Systemically improve your customer experience by improving the quality of supply! 2. Focus on outcome metrics for your customers!
  56. 56. PRINCIPLE 3 Focus on NPS and your business will grow
  57. 57. Would you recommend us to your friends? Detractors Neutral Promoters 1 2 3 4 5 6 7 8 9 10
  58. 58. Would you recommend us to your friends? Detractors Neutral Promoters 1 2 3 4 5 6 7 8 9 10 Promoters - Detractors Total = NPS
  59. 59. If promoters > detractors you WILL grow
  60. 60. N.B. This is fucking hard.
  61. 61. It works ! ! (But barely)
  62. 62. It works with! no significant issues ! It works ! ! (But barely)
  63. 63. It works. Wow that was slick It works with! no significant issues ! It works ! ! (But barely)
  64. 64. You’ve just blown my socks off that was fucking incredible It works. Wow that was slick It works with! no significant issues ! It works ! ! (But barely)
  65. 65. ONLY focus on NPS once the product is working
  66. 66. Every app on your phone has an insanely high NPS
  67. 67. What drives recommendation ?
  68. 68. Rational Emotional
  69. 69. Rational! Emotional • Meeting & exceeding expectations! • Product features • Narrative! • Reason for sharing! ! !
  70. 70. You can’t copy that !
  71. 71. ONLY focus on NPS once the product is working
  72. 72. Summary! 1. Focus on NPS and you will grow! 2. Understand the drivers of NPS and align your product and marketing organisation behind this
  73. 73. ! ! ! ! PRINCIPLE 4 Once product is growing add marketing
  74. 74. ! ! ! ! PRINCIPLE 4 Once unit economics are strong explore marketing
  75. 75. 1. Performance marketing! 2. Viral growth! 3. Inbound marketing!
  76. 76. 1. Performance Money in Money marketing! out
  77. 77. Money in < Money out
  78. 78. When to focus on performance marketing ? Practical advice 1. If your unit economics are better than anyone else in the industry 2. You can target relevant traffic @nilanp
  79. 79. Viral growth!
  80. 80. Viral growth =! Word of Mouth Referral programs! Crazy social sharing
  81. 81. Referral programs = tracked Word of Mouth
  82. 82. Focus! ! Give away value! NOT money!
  83. 83. Focus! ! =
  84. 84. What amplifies viral growth rate ?
  85. 85. Frequency of use! Relevance! Shareability
  86. 86. Pre-requisites Practical advice 1. Have a great product 2. Have your first 1000 customers 3. Customers are part of high trust networks with other target customers @nilanp
  87. 87. Inbound marketing
  88. 88. Build acquisition into your app
  89. 89. NPS driven growth! 4 principles
  90. 90. 1. Supply is your biggest scaling lever! 2. Systemically improve your experience for your customers through curating supply! 3. Once product is working, focus on building NPS to drive growth! 4. Once product is growing add marketing @nilanp
  91. 91. @nilanp

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