Barcelona startup summit short version
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1. The document discusses 5 steps to replicating growth at TransferWise, including finding a mission, being customer-led, building a 10x better product, tying product and people growth together, and scaling. 2. It emphasizes that growth is limited by how quickly problems are solved for customers and how quickly people are hired and inspired. 3. Autonomous teams focused on key metrics that help customers and drive growth are discussed as important for tying product and people growth together to achieve scale.
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Barcelona startup summit short version
- 2. @nilanp 1. Growth at TransferWise
- 3. @nilanp 1. Growth at TransferWise 2. 5 steps to replicate this in your organisation
- 5. @nilanp @flat__mike Michael Langmayr Product Engineer
- 6. @nilanp 1. Growth at TransferWise 2. 5 steps to replicate this in your organisation
- 7. TransferWise was started to solve a problem @nilanp@nilanp
- 8. What is TransferWise What is borderless
- 9. @nilanp @flat__mike Moving more than £3 Billion per month
- 10. @nilanp @flat__mike Saving our customer more than £3m per day 30 price drops in the last 9 months
- 11. @nilanp @flat__mike Over 4m customers worldwide
- 12. @nilanp @flat__mike Over 2m debit card transactions + over £2bn in deposits
- 14. @nilanp @flat__mike Profitable for 2 years
- 15. @nilanp @flat__mike Evangelism is the biggest driver of growth
- 16. Why do people recommend our product ?
- 17. @nilanp Would you recommend us to your friends? 1 2 3 4 5 6 7 8 9 10 Detractors Neutral Promoters
- 18. @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
- 19. @nilanp The NPS Richter scale
- 20. @nilanp 1 2 3 4 5 6 7 8 9 10
- 21. @nilanp If promoters > detractors you WILL grow
- 22. @nilanp N.B. This is hard.
- 23. It works ! (But barely)
- 24. It works ! (But barely) It works with no significant issues !
- 25. It works ! (But barely) It works with no significant issues ! It works. Wow that was slick
- 26. 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
- 30. To achieve advocacy your product needs to be an order of magnitude better than the alternative
- 32. But don’t do this as “growth hack” do it because its the right thing to do
- 34. You can’t copy that !
- 36. 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
- 37. @nilanp 1. Growth at TransferWise 2. 5 steps to replicate this in your organisation
- 38. Step 1 - Find your mission Step 2 - Let your customers lead you Step 3 - Build a 10x product Step 4 - Product growth=People Growth Step 5 - Scale @nilanp @cataflu
- 39. We are a Mission Driven Startup @nilanp @cataflu
- 40. A mission driven organisation is… … a catalyst for changing the world @nilanp @cataflu
- 41. We didn’t have a mission for our first 5 years @nilanp @cataflu
- 42. But we are were always customer led @nilanp @cataflu
- 43. Step 1 - Find your mission Step 2 - Let your customers lead you Step 3 - Build a 10x product Step 4 - Product growth=People Growth Step 5 - Scale @nilanp @cataflu
- 49. Have one list
- 50. But how do you explain this to shareholders ? @nilanp
- 52. @nilanp Customer led Growth Create a huge amount of value
- 53. @nilanp Customer led Growth Create a huge amount of value Capture less than you create
- 54. @nilanp Customer led Growth Create a huge amount of value Capture less than you create Create a huge amount of good will
- 55. @nilanp Customer led Growth Create a huge amount of value Capture less than you create Create a huge amount of good will Word of mouth growth
- 56. Being customer led means putting customers ahead of shareholders Relentlessly listening to them will help you discover your Mission @nilanp Let your customers lead you (to your mission)
- 57. Step 1 - Find your mission Step 2 - Let your customers lead you Step 3 - Build a 10x product Step 4 - Product growth=People Growth Step 5 - Scale @nilanp @cataflu
- 58. Not all products generate customer led growth @nilanp
- 59. 10x products generate customer led growth @nilanp
- 60. How to build something that is 10x better than anything else in the market ? @nilanp
- 61. Build something that doesn’t exist @nilanp
- 62. Build something that you don’t know could ever exist @nilanp
- 63. If you aren’t in a perpetual state of existential crisis… …you aren’t trying hard enough @nilanp
- 64. @nilanp
- 67. To build a 10x product you need to build something that doesn’t exist. This takes a long time - and usually has many set backs To get through these you need to build conviction on what matters to your customers @nilanp Build a 10x product
- 68. Step 1 - Find your mission Step 2 - Let your customers lead you Step 3 - Build a 10x product Step 4 - Product growth=People Growth Step 5 - Scale @nilanp @cataflu
- 69. So putting this all together - we understand that: 1. You need to find you mission 2. This starts by being customer led 3. This means finding out what matters to customers 4. And solving it in 10x better than has been done before … putting it together a story @nilanp
- 72. Our growth is limited by the rate… …we solve customer problems @nilanp @cataflu
- 73. Our growth is limited by the rate… …we move product KPIs @nilanp @cataflu
- 74. Our growth is limited by the rate… …we hire people @nilanp @cataflu
- 75. Our growth is limited by the rate… …we onboard them @nilanp @cataflu
- 76. Our growth is limited by the rate… …we build their confidence @nilanp @cataflu
- 77. Our growth is limited by the rate… …we build their conviction @nilanp @cataflu
- 78. Our growth is limited by the rate… …we build their impact on the mission @nilanp @cataflu
- 79. Product growth = People growth @nilanp @cataflu
- 80. Man… growth is a psychologist’s problem @nilanp @cataflu
- 81. Customer led growth means building a 10x better product This is only limited by your team’s conviction and belief in their ability to do it @nilanp Product Growth = People growth
- 82. Step 1 - Find your mission Step 2 - Let your customers lead you Step 3 - Build conviction Step 4 - Product growth=People Growth Step 5 - Scale @nilanp @cataflu
- 83. Autonomous independent teams that focus on KPIs that make a difference to customers and drive growth @nilanp
- 84. Autonomous independent teams that focus on KPIs that make a difference to customers and drive growth @nilanp Regulated and available Instantly and almost zero cost IdentityOnboarding Worry Evangelism Problem awareness
- 85. Autonomous independent teams that focus on KPIs that make a difference to customers and drive growth @nilanp Currencies OperationsVerificationConversion Experience ViralityComparison Regulated and available Instantly and almost zero cost IdentityOnboarding Worry Evangelism Problem awareness
- 86. We have over 1,500 people working in autonomous teams today in offices from Singapore to New York @nilanp @flat__mike
- 87. Some things work great @nilanp @flat__mike
- 88. … we’ve still got some stuff to figure out @nilanp @flat__mike
- 89. - Consistency - Singularity of vision - Swiftness of collective decision making Things to work on…
- 90. - Accountability - Empowerment - Fast decision making - Delivery focus … and what’s working great
- 91. Number of new users Time
- 92. Number of new users Time Size of transactional and support teams
- 93. Number of new users Time Size of transactional And support teams Probability of fucking up
- 94. New trajectory Time Size of transactional And support teams
- 95. Number of new users Time Size of transactional And support teams Number of leaders in the organisation
- 96. We grow at the rate we hire and onboard our people to have an impact @nilanp
- 97. Once it’s working your growth rate is limited by the rate at which you hire and inspire people @nilanp Scaling
- 98. Step 1 - Find your mission Step 2 - Let your customers lead you Step 3 - Build conviction Step 4 - Product growth=People Growth Step 5 - Scale @nilanp @cataflu
- 99. @nilanp Onwards