Data-driven growth at startups
1. Startups use data in three main ways: keeping track of key metrics over time through weekly health checks, performing experiments to test different product features and marketing campaigns, and automating user communications like on-boarding emails and notifications. 2. Everyone in the organization should have access to data and use it to inform their work, whether it's testing new product features, optimizing marketing campaigns, or tracking customer support response times. 3. Viral growth relies on maximizing the viral factor K, which is the number of new users each existing user will invite over a period of time. This can be increased by optimizing the number of invites, conversion rate of those invites, and length of the viral growth
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Data-driven growth at startups
- 1. Data-driven growth at startups Hyper Island, Sep 1 2015 Lisa Enckell, @enckelli
- 3. Focus groups Surveys Sampling “Gut feel” Market research is nothing new Real user behavior
- 4. Three ways marketers use data at startups
- 5. What’s good for the business 1. Keeping track vs What makes us look good
- 6. Weekly health check 1. Keeping track
- 7. Spot early trends and stay curious! 1. Keeping track
- 8. Product features Emails and notifications Marketing campaigns and channels 2. Performing experiments
- 9. 3. Automating user communication On-boarding Retention (decrease churn) Up-sell/engagement
- 10. 3. Automating user communication Trigger/sender Automatic Manual App to user Welcome emails Receipts Campaigns Product updates User to user Anniversaries Birthdays In-app messages Invites to non-users
- 11. Who should do the work?
- 12. Data in the organization 1. Make it accessible and available for everyone!
- 13. Data in the organization 2. Everyone should and could be data-driven New features and A/B-tests (product manager/developers) Conversions (product manager/marketer) Response times (back-end) KPIs and trends (marketing/leadership) Campaigns and acquisition (marketing) User insights (marketing/support/product) Notifications and emails (marketing) Recruiting time (HR/leadership) Sales cycles, up-sell and on-boarding time (sales)
- 14. Viral growth
- 15. Sign up Share The viral loop
- 16. Sign up Share See Desire to share The viral loop
- 17. Sign up Share See Desire to share On-ramp The viral loop
- 18. Sign up Share See Desire to share On-ramp Branching factor The viral loop
- 19. Viral factor K = I・C Invites I Conversion rate C Cycle time p Given that I get a new customer today, how many new customers will they bring in over the next p days?
- 20. 0 5 10 15 20 0 50 100 150 200 K = 1.2 K = 1.1 K = 0.5 For different values of viral factor K Users Weeks
- 21. 0 5 10 15 20 0 100 200 300 400 500 p = 0.5 p = 1 p = 2 For different lengths of cycle time Users Weeks
- 22. Maximize viral factor K = IC Maximize no of invites I Maximize conversion rate C Minimize cycle time p In summary:
- 23. Sign up to redeem Give gift card Receive gift card See birthday Wrapp’s viral loop
- 24. Sign up to redeem Give gift card Receive gift card (expires in 30 days) See birthday Featured by retailers Every day is someone’s birthday Wrapp’s viral loop
- 31. Thank you! Lisa Enckell, @enckelli