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Uploaded byDominic Coryell
Distro dom funnel optimization
Dominic Coryell is an investor at 500 Startups who previously co-founded two companies. The document discusses optimization principles for different stages of the customer journey: acquisition, activation, retention, referral, and revenue. It emphasizes testing optimizations that matter to business goals, defining what a successful test looks like, establishing a process for ongoing measurement, and focusing on optimization principles specific to each stage rather than tactics from others.
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Distro dom funnel optimization
- 1. Dominic Coryell 500 Startups dom@500.co//+ @DistroDom
- 2. @DistroDom WHO IS THISGUY DOMINIC? ● Co-Founded GarmentValet ● Co-Founded Curebit / Talkable Now I’m @DistroDom @500 Startups investing time and $ in promising startups #500STRONG
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- 6. GROWTH FOR PIRATES…AARRR @DistroDom Acquisition • Attracting the right people Activation • People signup and start using your product Retention • People keep using your product. Referral • People get their friends to start using your product Revenue • Buying more Credit: Dave McClure (@davemcclure)
- 7. What Should IOptimize?? … AND, How???
- 8. RULE 1: Optimization≠ Testing
- 9. A/B Tests Don’tMatter If Too Small < 250 Conversions (Per Variation) Means A/B Test Isn’t Valid and leads to false confidence. ~ Peep Laja @WMD 500 Startups 2015
- 10. RULE 2: OptimizeShit That Matters
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- 14. RULE 3: DefineWhat A Win Is
- 15. Make sure your optimizationsare tied to real business goals ● sales ● signups ● profit
- 16. RULE 4: It’sNot Magic - It’s Process
- 17. You Don’t Needto be MAGIC
- 18. Slide credit toPeep Laja: http://conversionxl.com/blog
- 19. RULE 5: AlwaysMeasure ● Conversions are directly related to optimizations ● Full Weeks (every day is different) ● Long enough periods of time
- 20. Now - the“WHAT” Part: FOCUS ON PRINCIPLES @ EACH STAGE not tactics from others
- 21. ● Visual Heirarchy ●Keeping everything simple ● State value in the your customer’s language ● Pay attention to FOGG (Behavioral Model) Great Principles
- 23. Acquisition ● look atconversion from signups (not just signups) ● look at CTR related to conversions, are your ads just getting a lot of clicks from the wrong people ● Expand your audience in a segmented way ● Onboarding flow (too many questions, not enough) ● Clear calls to action ● Is the value stated clearly in the words of the user
- 24. Activation ● Immediate welcomeemails ● Content nurturing with valuable news ● Starting a conversation ● Incentives to activate
- 25. Retention ● try tofind when people normally leave/drop out and then lengthen the curve prevent it ● figure out the main reasons for leaving and optimize around that
- 26. Referral ● figure outif people like your product ● put sharing call to actions in more places ● make it easy for the friend to use the offer
- 27. Revenue ● what productsare selling best ● what products are profitable / loss leaders ● what # of your revenue is coming from customers who buy ● what else can you sell, is there a different way to package it, is there a promotion that makes people spend more
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- 29. You’ve just been experimentedon for HIPSLIDES.com
- 31. Get your ownat HIPSLIDES.com
Editor's Notes
- #3 Let me give you a little bit of a background of myself. I’ve started a few different companies, both with friends. The first one I started was when I was in college. It was a laundry and drycleaning delivery business of all things. But we were really “high-tech”. We had pretty solid growth to over $1.5M in sales during the first few years. After I left school, I also left thtat company to pursue something that was more software oriented. I co-founded Curebit.com (now Talkable.com) with a friend. Talkable was a referral software platform used by TOMS, BONOBOS, Shutterfly, etc. Curebit was funded by 500 and YC.
- #7 This is Dave McClure’s “Marketing for Pirates” framework: Acquisition Activation Retention Referral Revenue