Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Jason meresman

111 views

Published on

A new role with a sole focus on growth

Published in: Business
  • Be the first to comment

  • Be the first to like this

Jason meresman

  1. 1. © 2016 Jason Meresman @JasonMeresman PRODUCT MANAGER - GROWTH: A NEW ROLE WITH A SOLE FOCUS ON GROWTH
  2. 2. © 2016 Jason Meresman @JasonMeresman VP PRODUCT AND COFOUNDER
 GROWTHHACKERS.COM JASON MERESMAN
  3. 3. © 2016 Jason Meresman @JasonMeresman MY BACKGROUND • 15+ years product management experience in both B2C and B2B • Cofounded GrowthHackers with Sean Ellis in 2014 • Prior to GrowthHackers: • Cofounded and sold Qualaroo • Index Ventures portfolio, Ask.com, SGI GROWTH HIGHLIGHT: JAXTR (2007-8) GREW USER BASE FROM 500K TO 5M
 IN UNDER SIX MONTHS
  4. 4. © 2016 Jason Meresman @JasonMeresman REGARDLESS OF WHAT THE ROLE IS CALLED, TO BUILD A SUCCESSFUL BUSINESS GROWTH IS WHAT YOU’RE AFTER. WHAT YOU’RE ABOUT
 TO SEE IS MY OPINION
  5. 5. © 2016 Jason Meresman @JasonMeresman WHAT WE WILL COVER IN TODAY'S SESSION • Why the PM of Growth role has emerged • A framework for identifying growth opportunities • A process for evaluating and prioritizing growth initiatives • Advice for overcoming the challenges growth teams face TIME AT THE END FOR Q&A
  6. 6. © 2016 Jason Meresman @JasonMeresman WHAT WE WILL NOT COVER IN TODAY'S SESSION • Specific "growth hacks" and tactics • User acquisition channels like SEM, SEO and content marketing • The basics of AB testing (we'll assume you know them)
  7. 7. © 2016 Jason Meresman @JasonMeresman WHY A PM
 OF GROWTH ROLE
  8. 8. © 2016 Jason Meresman @JasonMeresman — Andy Johns, VP Growth at Wealthfront
 (formerly growth at Quora, Twitter and Facebook) IF FINANCE OWNS THE FLOW OF CASH IN AND OUT OF A COMPANY. GROWTH OWNS THE FLOW OF CUSTOMERS IN AND OUT OF A PRODUCT. ” “
  9. 9. © 2016 Jason Meresman @JasonMeresman GROWTH NEEDS TO BE MANAGED • Internet growth has emerged as its own discipline, which requires specific skills and experience • Like core product management, growth requires constant focus and attention THERE MUST BE LEADERSHIP, VISION AND ACCOUNTABILITY AROUND DESIGNING TESTS TO DRIVE GROWTH
  10. 10. © 2016 Jason Meresman @JasonMeresman UBER EXAMPLE OF PM GROWTH ROLE
  11. 11. © 2016 Jason Meresman @JasonMeresman AND THE TREND IS GROWING
  12. 12. © 2016 Jason Meresman @JasonMeresman PM OF GROWTH VS. CLASSIC PM Classic PM role PM Growth role Identifies opportunities to deliver and expand the product’s value proposition through features Identifies opportunities to convert, activate and acquire users through product touchpoints Ships features Ships experiments Generally measured by ability to ship product that satisfies the needs of the users and market Generally measured by achieving lift (or reduction), in a conversion rate for a desired goal IN COMMON:
 BOTH USE DATA TO INFORM DECISIONS AND ROADMAP
  13. 13. © 2016 Jason Meresman @JasonMeresman HOW WELL DOES THE CLASSICAL PM SKILL SET
 TRANSLATE TO THE PM OF GROWTH? • PM of Growth must be very comfortable with analytics • Have a good understanding of the psychology of influence (i.e. - what motivates people to behave the way they do) • Broad skill set and experience that spans across marketing, product and operations • Familiar with several tools that allow rapid execution and testing such as email, landing page creation and surveys • Be comfortable with taking risks and imperfection SHORT ANSWER - IT DEPENDS
  14. 14. © 2016 Jason Meresman @JasonMeresman A FRAMEWORK FOR IDENTIFYING GROWTH OPPORTUNITIES
  15. 15. © 2016 Jason Meresman @JasonMeresman — Sean Ellis, CEO at GrowthHackers
 (formerly growth at Dropbox, Eventbrite and LogMeIn) AT LEAST 40% OF YOUR USERS SHOULD SAY THEY WOULD BE VERY DISAPPOINTED IF YOUR SERVICE OR PRODUCT WENT AWAY OVERNIGHT ” “
  16. 16. © 2016 Jason Meresman @JasonMeresman FIRST: KNOW WHEN IT'S TIME TO GROW • Must have product-market fit - don’t pour fuel on a fire that hasn't started • Strong retention cohorts - no sense in filling a leaky bucket 0 225 450 675 900 PROBLEM/SOLUTION FIT (CUSTOMER DEVELOPMENT) PROBLEM/MARKET FIT (CUSTOMER VALIDATION) SCALE (CUSTOMER CREATION) STAGES OF A STARTUP OR NEW PRODUCT
  17. 17. © 2016 Jason Meresman @JasonMeresman WORK BACKWARDS FROM THE
 ONE METRIC THAT MATTERS • With your growth model in place, develop a single metric to measure performance (aka OMTM; One Metric That Matters); a metric that everyone in the business can understand • OMTM may change depending on the stage of your business • Different OMTMs for different businesses • OMTMs should be aligned with where the product delivers value • Some examples of OMTMs • MRR for SaaS, DAUs for apps/communities, LTV for ecommerce, etc. • Nights booked for Airbnb, Rides taken for Uber, etc.
  18. 18. © 2016 Jason Meresman @JasonMeresman DEVELOP A GROWTH MODEL • A growth model captures the elements and levers that influence how your OMTM (i.e. - how your product or business grows) Three elements Five levers • Top of funnel • A-ha moment • Must-have experience • Acquisition • Activation • Retention • Referral • Revenue ‘Must Have Experience’ coined by Sean Ellis Levers courtesy of Dave McClure’s ‘Startup Metrics for Pirates’
 http://www.slideshare.net/dmc500hats/startup-metrics-for-pirates-long-version
  19. 19. © 2016 Jason Meresman @JasonMeresman GROWTH MODEL: THREE ELEMENTS • Top of funnel • Ability to capture traffic and convert it to taking an action • A-ha moment • A simple action tied to an emotional reward • Must-have experience • When the continuous value the product or service delivers, transcends from being a nice-to-have to a must-have ‘Must Have Experience’ coined by Sean Ellis
  20. 20. © 2016 Jason Meresman @JasonMeresman GROWTH MODEL: FIVE LEVERS • Acquisition: users come to the site or app from various channels • Activation: users enjoy experience and have an a-ha moment • Retention: users come back repeatedly; it's a must-have experience • Referral: users like the product enough to refer others • Revenue: users conduct some monetization behavior Courtesy of Dave McClure’s ‘Startup Metrics for Pirates’ with some changes
 http://www.slideshare.net/dmc500hats/startup-metrics-for-pirates-long-version
  21. 21. © 2016 Jason Meresman @JasonMeresman HOW IT ALL COMES TOGETHER Model courtesy of Sean Ellis ACQUISITION ACTIVATION (A-HA MOMENT) RETENTION (MUST HAVE EXPERIENCE) REFERRAL REVENUE
  22. 22. © 2016 Jason Meresman @JasonMeresman A PROCESS FOR EVALUATING AND PRIORITIZING GROWTH INITIATIVES
  23. 23. © 2016 Jason Meresman @JasonMeresman — Brian Rothenberg, VP Growth at Eventbrite THE ESSENCE OF STRATEGY IS DECIDING WHAT TO SAY ‘NO’ TO, AND WHOEVER IS MANAGING THE TEAM SHOULD HELP TO IDENTIFY THOSE THINGS ” “
  24. 24. © 2016 Jason Meresman @JasonMeresman DEVELOP A GROWTH ROADMAP ANALYZE
 & LEARN EXPERIMENT PRIORITIZE FORM IDEAS
  25. 25. © 2016 Jason Meresman @JasonMeresman ANALYZE, LEARN AND SET OBJECTIVES • Use quantitative and qualitative methods to analyze your users and to learn their behavior (data!) • Quantitative sources • Google Analytics, MixPanel, Amplitude, many more • Qualitative sources • Qualaroo, UserTesting, SurveyMonkey, many more • Set Objectives and expected results OBJECTIVES SHOULD BE AMBITIOUS, VISIBLE AND PAIRED WITH KEY RESULTS WHICH ARE MEASURABLE AND TIME BOUND.
  26. 26. © 2016 Jason Meresman @JasonMeresman FORM IDEAS (I.E. - A BACKLOG) • Leverage your data to come up with ideas that will drive growth • Each idea should be backed up with a hypothesis • A good hypothesis has three parts • A variable that can be modified • A quantifiable result that can be measured • A rationale that connects the outcome to the theory Source: ‘Design a hypothesis that drives your business goals’ by Optimizely IF [VARIABLE], THEN [RESULT] BECAUSE [RATIONALE].
  27. 27. © 2016 Jason Meresman @JasonMeresman EXAMPLE OF A STRONG HYPOTHESIS • Strong • If we personalize the Call to Action to users who clicked on our poker ad campaign, then we will see a 20% lift in click goals, because our heatmap data shows that users who focus on poker-related copy on the page click through our links 20% of the time. • Weak • If we personalize the Call to Action to users who clicked on our poker ad and remove distracting images around the page, we’ll see an increase in revenue on our site. Source: ‘Design a hypothesis that drives your business goals’ by Optimizely
  28. 28. © 2016 Jason Meresman @JasonMeresman PRIORITIZE • Assign an ICE score to each idea (Impact, Confidence, Ease) • Impact: The impact the idea could have on the business if the experiment results in a win. • Confidence: How confident the team is about the outcome. • Ease: How easy is it to develop the experiment. Does it need developers? AVERAGE THE SCORE: HIGHER IS BETTER
  29. 29. © 2016 Jason Meresman @JasonMeresman EXAMPLE OF PRIORITIZED LIST OF IDEAS
  30. 30. © 2016 Jason Meresman @JasonMeresman EXPERIMENT • Two types of experiments • Experiments to learn: Understand user intent and behavior • Google AdWords to test copy/positioning/value proposition • 404 tests to test appeal of new product features • Experiments to optimize: Boost funnel performance • Testing changes to steps in the funnel • Testing steps in a viral loop (email, CTAs to invite a friend, etc.)
  31. 31. © 2016 Jason Meresman @JasonMeresman EXAMPLES OF TOOLS FOR EXPERIMENTATION • Optimizely • AB testing page elements and user journeys (web and mobile) • Unbounce • AB testing landing pages • MailChimp/ESPs • AB test email subject lines, messages, delivery day/time/etc. • Homegrown tools • Ideal for complex testing deep in the application
  32. 32. © 2016 Jason Meresman @JasonMeresman REMEMBER TO TRACK YOUR EXPERIMENTS
  33. 33. © 2016 Jason Meresman @JasonMeresman RECORD YOUR RESULTS • What was the bottom line? • Include both quantitative results and lessons learned • In general, there are three conclusions: • It worked • It didn’t work • It was inconclusive • Build a knowledge base of results (“artifacts”) • Enshrine your winners and learn from the losers
  34. 34. © 2016 Jason Meresman @JasonMeresman EXAMPLE OF EXPERIMENT RESULTS
  35. 35. © 2016 Jason Meresman @JasonMeresman EXAMPLE OF KNOWLEDGE BASE
  36. 36. © 2016 Jason Meresman @JasonMeresman STAY ORGANIZED AND FOCUSED • Use "Growth Sprints" to keep a cadence and commit to it • Always be testing; no testing = no learning or optimizing • Have a weekly growth meeting led by PM of Growth • Use an experiment document or system of record to memorialize your experiments and their results
  37. 37. © 2016 Jason Meresman @JasonMeresman EXAMPLE OF WEEKLY GROWTH MEETING AGENDA Growth Meeting Agenda courtesy of Sean Ellis
  38. 38. © 2016 Jason Meresman @JasonMeresman EXAMPLE OF EXPERIMENT DOCUMENT
  39. 39. © 2016 Jason Meresman @JasonMeresman ADVICE FOR OVERCOMING THE CHALLENGES GROWTH TEAMS FACE
  40. 40. © 2016 Jason Meresman @JasonMeresman — Harvard Business Review BEFORE YOU CAN GET BUY- IN, PEOPLE NEED TO FEEL THE PROBLEM. ” “
  41. 41. © 2016 Jason Meresman @JasonMeresman GET EXECS AND STAKEHOLDERS ALIGNED • Get executive buy-in before you try to assemble a growth team • Executive department heads across product, marketing, engineering • Ideally CEO (it really makes a difference) • Make sure you have the team and resources needed • Ideal: Cross-functional "growth team” • PM of Growth aka “GrowthMaster” (roadmap, decisions, leadership) • Growth Engineer (full-stack engineer; from database to CSS) • Designer (agile; embraces the idea of results trumping great design) • Access to copywriter and analyst as needed
  42. 42. © 2016 Jason Meresman @JasonMeresman MAKE THE CASE FOR A DEDICATED
 GROWTH ENGINEER • Dedicated growth engineer = self-sufficiency • Benefit: Experiments still run even when core development is delayed • If growth initiatives are competing against core product initiatives, shipping product will almost always win • Examples of where a core growth engineer is crucial • Instrumenting an AB tests for measurement • Building light-weight features or tweaks to elements that are being tested • Running data queries from the database if unavailable through your analytics tool
  43. 43. © 2016 Jason Meresman @JasonMeresman FIND A GREAT PM OF GROWTH • Look internally or externally • PM Growth skill set is the intersection of imagination, math and technology Required (Very) Nice-to-Have • Natural leader • Highly analytical • Curious and creative;
 a fast learner • Technical • Detail oriented • • Coding experience • SQL • Marketing experience • Copywriting skills
  44. 44. © 2016 Jason Meresman @JasonMeresman ANTICIPATE TENSION BETWEEN THE CORE PRODUCT TEAM AND THE GROWTH TEAM • Why tension? • Traditionally product management is the gate keeper for any changes
 to a product that impact the user experience • Having an autonomous growth team reduces core product’s control • How to overcome it? INVOLVE PRODUCT LEADS
 IN THE WEEKLY GROWTH MEETING
  45. 45. © 2016 Jason Meresman @JasonMeresman MAKE SURE YOUR ANALYTICS ARE IN ORDER • Without having your analytics in order, you can’t measure the impact of your experiments, positive or negative • Before beginning any growth initiatives, it is imperative that foundational work is complete - every step of your funnel should be instrumented “You might as well not change it at all if you're not going to measure the impact of that change.” — Bing Gordon, Kleiner Perkins Caufield & Byers
  46. 46. © 2016 Jason Meresman @JasonMeresman SHARE THE WINS AND INSIGHTS • Growth efforts should be transparent and visible across the organization • Send an email or Slack message company-wide when an experiment is a success and delivers material gains on a key metric • When an experiment fails, present the results and lessons learned
  47. 47. © 2016 Jason Meresman @JasonMeresman RECAP • Know when it's time to grow • Designate a PM of Growth along with the necessary supporting resources • Develop a growth model and roadmap • Test, learn, apply • Make sure you have executive buy-in and organization-wide visibility GROWTH IS A PROCESS THAT IS MANAGED
  48. 48. © 2016 Jason Meresman @JasonMeresman HELPFUL RESOURCES • Online: • GrowthHackers.com • Dave McClure's Startup Metrics Presentation
 http://www.slideshare.net/dmc500hats/startup-metrics-for-pirates-long-version • Books • Predictably Irrational - Dan Ariely • The Four Steps to the Epiphany - Steve Blank • Hooked: How to Build Habit-Forming Products – Nir Eyal
  49. 49. © 2016 Jason Meresman @JasonMeresman QUESTIONS
 AND
 ANSWERS
  50. 50. © 2016 Jason Meresman @JasonMeresman THE END

×