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Growth Hacking Asia Mastering Customer Retention Workshop 04/07/2015 Comma Co working space Jakarta Introduction to Growth Hacking and Customer Retention
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- 1. @Growthhackasia (Growth Hacking Asia) #letshackasia In collaboration with Growth Hacking Indonesia 7th April2015 Brought to you by:
- 2. @Growthhackasia (Growth Hacking Asia) #letshackasia “Flipping the success rate of Asian startups from 1/10 to 9/10”
- 3. @Growthhackasia (Growth Hacking Asia) #letshackasia 6:30pm – 7.00pm Introduction to Growth Hacking by Philip Oedi 7.00pm – 8.15pm Guest Speaker: Steven Kim (Co- Founder and CEO at Qraved) and Pandu Truhandito (VP Digital Marketing at GrowMint) 8.15pm – 9.30pm Workshop: Mastering Customer Retention for your own startup/startup idea 9.30pm End of the event Agenda
- 4. @Growthhackasia (Growth Hacking Asia) #letshackasia • Growth Hacking Services Growth Labs • Growth Hacking Trainings GH Academy • On-demand advice from leading growth hackers over the phoneThe Growth Hub • Monthly events for inspiration and experience and knowledge exchangeGH Events
- 5. @Growthhackasia (Growth Hacking Asia) #letshackasia WHAT IS GROWTH HACKING?
- 6. @Growthhackasia (Growth Hacking Asia) #letshackasia It’s about Building a Growth Engine It’s not about TACTICS It’s about PROCESSES Growth = Sum (1 + 2 + 3 + …)
- 7. @Growthhackasia (Growth Hacking Asia) #letshackasia@Growthhackasia (Growth Hacking Asia) The Growth Hacking Funnel Optimize Optimize Optimize Optimize Optimize RESULT: GROWTH ENGINE
- 8. @Growthhackasia (Growth Hacking Asia) #letshackasia Viddy is a social video application that enables its users to capture, edit, and share videos, photos, and collages with friends. Don’t make Viddy’s mistake
- 9. @Growthhackasia (Growth Hacking Asia) #letshackasia Sole Focus on User Acquisition
- 10. @Growthhackasia (Growth Hacking Asia) #letshackasia No Activation – No Growth
- 11. @Growthhackasia (Growth Hacking Asia) #letshackasia The Growth Hacking Funnel Optimize Optimize Optimize Optimize Optimize
- 12. @Growthhackasia (Growth Hacking Asia) #letshackasia The Growth Hacking Funnel Optimize Optimize Optimize Optimize Optimize
- 13. @Growthhackasia (Growth Hacking Asia) #letshackasia CUSTOMER RETENTION
- 14. @Growthhackasia (Growth Hacking Asia) #letshackasia “80% of a business’ future revenue comes from just 20% of existing customers.” Gartner Group Why Customer Retention?
- 15. @Growthhackasia (Growth Hacking Asia) #letshackasia Why Customer Retention? “It costs 7 times more to ACQUIRE one new customer than it does to RETAIN one” Robert Craven
- 16. @Growthhackasia (Growth Hacking Asia) #letshackasia Why Customer Retention? “Increasing customer retention rates by 5% increases profits by 25% to 95%.“ Bain & Company
- 17. @Growthhackasia (Growth Hacking Asia) #letshackasia Why Customer Retention? “Retention is the single most important thing for growth.“ Alex Schulz, VP Growth, Facebook
- 18. @Growthhackasia (Growth Hacking Asia) #letshackasia Reinventing The Funnel – The Hourglass Model Acquisition Activation Retention Referral
- 19. @Growthhackasia (Growth Hacking Asia) #letshackasia THOUGHT EXPERIMENT Starting User base: 100 User Acquisition: 100 / Month Product: $ 10 All acquired users buy once a month x % of acquired users retain x % of retained users refer a new user
- 20. @Growthhackasia (Growth Hacking Asia) #letshackasia THOUGHT EXPERIMENT
- 21. @Growthhackasia (Growth Hacking Asia) #letshackasia THOUGHT EXPERIMENT Acquisition without retention = STAGNATION Acquisition and Retention = EXPONENTIAL GROWTH
- 22. @Growthhackasia (Growth Hacking Asia) #letshackasia Why do customers leave? 1. Product 2. Price 3. Message/Communication 4. Customer experience
- 23. @Growthhackasia (Growth Hacking Asia) #letshackasia Why do customers leave? 1. Product 2. Price 3. Message/Communication 4. Customer experience
- 24. @Growthhackasia (Growth Hacking Asia) #letshackasia CUSTOMER RETENTION STRATEGIES 1. Email Marketing 2. Community 3. Push Notifications 4. Gamification
- 25. @Growthhackasia (Growth Hacking Asia) #letshackasia EMAIL MARKETING I: Lifecycle Emails
- 26. @Growthhackasia (Growth Hacking Asia) #letshackasia Email Marketing – Lifecycle Emails Activation Email
- 27. @Growthhackasia (Growth Hacking Asia) #letshackasia Email Marketing – Lifecycle Emails Getting Started Email
- 28. @Growthhackasia (Growth Hacking Asia) #letshackasia Nudge Email Email Marketing – Lifecycle Emails
- 29. @Growthhackasia (Growth Hacking Asia) #letshackasia Email Marketing – Lifecycle Emails Free Trial Ending Email
- 30. @Growthhackasia (Growth Hacking Asia) #letshackasia Free Trial Ending Email Email Marketing – Lifecycle Emails
- 31. @Growthhackasia (Growth Hacking Asia) #letshackasia Re-activation Email Email Marketing – Lifecycle Emails
- 32. @Growthhackasia (Growth Hacking Asia) #letshackasia Tools – Drip https://www.getdrip.com/ Email Marketing – Lifecycle Emails
- 33. @Growthhackasia (Growth Hacking Asia) #letshackasia Tools – Customer.io http://customer.io/ Email Marketing – Lifecycle Emails
- 34. @Growthhackasia (Growth Hacking Asia) #letshackasia EMAIL MARKETING II: Event Based Notifications
- 35. @Growthhackasia (Growth Hacking Asia) #letshackasia Email Marketing – Event Based Notification
- 36. @Growthhackasia (Growth Hacking Asia) #letshackasia Email Marketing – Event Based Notification
- 37. @Growthhackasia (Growth Hacking Asia) #letshackasia EMAIL MARKETING III: Daily and Weekly Digest Emails
- 38. @Growthhackasia (Growth Hacking Asia) #letshackasia Email Marketing – Digest Emails
- 39. @Growthhackasia (Growth Hacking Asia) #letshackasia Email Marketing – Digest Emails
- 40. @Growthhackasia (Growth Hacking Asia) #letshackasia COMMUNITY
- 41. @Growthhackasia (Growth Hacking Asia) #letshackasia Community
- 42. @Growthhackasia (Growth Hacking Asia) #letshackasia PUSH NOTIFICATIONS
- 43. @Growthhackasia (Growth Hacking Asia) #letshackasia Push Notifications Source: www.localytics.com
- 44. @Growthhackasia (Growth Hacking Asia) #letshackasia Push Notifications
- 45. @Growthhackasia (Growth Hacking Asia) #letshackasia GAMIFICATION
- 46. @Growthhackasia (Growth Hacking Asia) #letshackasia Gamification - Achievement
- 47. @Growthhackasia (Growth Hacking Asia) #letshackasia Gamification - Countdown
- 48. @Growthhackasia (Growth Hacking Asia) #letshackasia Gamification – Reward
- 49. @Growthhackasia (Growth Hacking Asia) #letshackasia Gamification – Progress Bars
- 50. @Growthhackasia (Growth Hacking Asia) #letshackasia Gamification – Competition
- 51. @Growthhackasia (Growth Hacking Asia) #letshackasia
Editor's Notes
- Once you have a product or service ready, you face one of the biggest challenges of a startup which is “how do you actually build your userbase and retain those users?” This is where we come in. We connect you with leading growth marketing experts from around the world for advice, we train you in digital marketing and growth hacking and if you don’t have time to do it yourself, we can also do it for you. We support you in all stages, so everything from pre-launch, to launch, early stage and growth stage. So if you have a startup and are struggling with how to grow it, just grab Sky or myself later and we’ll help
- Once you have a product or service ready, you face one of the biggest challenges of a startup which is “how do you actually build your userbase and retain those users?” This is where we come in. We connect you with leading growth marketing experts from around the world for advice, we train you in digital marketing and growth hacking and if you don’t have time to do it yourself, we can also do it for you. We support you in all stages, so everything from pre-launch, to launch, early stage and growth stage. So if you have a startup and are struggling with how to grow it, just grab Sky or myself later and we’ll help
- Find process to find combination of things that work for you, not somebody else Use tactics you read and hear about as inspiration and input, not as something to copy GH is actually a long process, only looks easy once you’ve found the things that work It is a result of a sum of hundreds of actions e.g. hotmail - not enough to get people to the site, they need to sign up and stay
- Find process to find combination of things that work for you, not somebody else Use tactics you read and hear about as inspiration and input, not as something to copy GH is actually a long process, only looks easy once you’ve found the things that work It is a result of a sum of hundreds of actions e.g. hotmail - not enough to get people to the site, they need to sign up and stay
- Instagram for Videos
- Find process to find combination of things that work for you, not somebody else Use tactics you read and hear about as inspiration and input, not as something to copy GH is actually a long process, only looks easy once you’ve found the things that work It is a result of a sum of hundreds of actions e.g. hotmail - not enough to get people to the site, they need to sign up and stay
- Viddy, the formerly popular video sharing app, grew rapidly by getting users to sign up using their Facebook accounts and then sharing Viddy with all their friends. However, Viddy never nailed activation. Many of the users who signed up never came back. Thus, when Facebook put a stop to their friend-blasting user-acquisition approach, they went into a tailspin from which they haven’t recovered. Problem – account created was metric for success
- A drip campaign is when you send people prewritten emails at preselected intervals. A new member might get an email on day 1, day 3, day 7, day 14, and day 21. You can use a drip campaign to introduce them to your product, share testimonials, give them case studies or other inspirational reasons to use your product, and many other things. A drip campaign burns your product into people’s minds when they are most impressionable, right after they’ve signed up. Every email sent is a chance to bring them back into your product and retain them. Fools ignore drip campaigns.
- Inbound marketing tools, marketing software
- The most basic, and common, of gaming dynamics is that of rewarding users when they accomplish something. Rewards can be badges, unlocking a new level, points, or even just a new status. Achievements work best when combined with a leaderboard and/or virtual goods.
- There are a variety of ways in which the countdown dynamic can be used. These include a timed limit in which to accomplish something or complete a task, or a timed block that prevents you from continuing. This dynamic creates a sense of urgency and/or scarcity of resource, and can be very effective in encouraging regular engagement. When Mailbox first launched on the iPhone, users were placed in a queue, supposedly so that the developers could scale the service according to demand. While waiting for access, users where shown how many people were ahead of them, and behind them. This approach implied scarcity, but also doubled as a leaderboard and progress indicator. Even if there were 50,000 people ahead of you, you yourself were ahead of 100,000 other users. A standard approach to the countdown dynamic is found in most games, includingCandy Crush Saga, where you are presented with a countdown to your next life. Where Candy Crush Saga differs is that you are also presented with the option to buy additional lives, or to ask friends via Facebook (social engagement that promotes discoverability).
- The Starbucks app, when used in conjunction with their rewards (loyalty) program, not only highlights how many points you need to earn until your next reward, but also until you move to the next rewards level. Although you are actually being rewarded for eating or drinking at Starbucks, you are also being encouraged to use their mobile app for their rewards program instead of the traditional plastic card. Speaking about digital rewards, they have no value outside the app. But they can sometimes satisfy users even more, than physical goods. For example, stickers in a messaging app, a song from iTunes in your music streaming application, a custom background (hm...that’s what our appMy Day can have! More information on the website) or just some virtual currency to unlock specific app features. Peter Vogel, an entrepreneur who tried using virtual rewards in his business model, admits that virtual rewards pack a stronger emotional punch, than frequent flier miles, cash rewards, and other traditional offers. $1 or $2 in virtual currency is more powerful than $5 in cash, because if someone puts $5 into your bank account it disappears into a pile of money and you forget about it as you don’t need it right now. Whereas with a two-dollar virtual reward you can provide an immediate benefit for your user as they can spend it to buy something essential to use in the app, like a feature or a virtual good.
- The Starbucks app, when used in conjunction with their rewards (loyalty) program, not only highlights how many points you need to earn until your next reward, but also until you move to the next rewards level. Although you are actually being rewarded for eating or drinking at Starbucks, you are also being encouraged to use their mobile app for their rewards program instead of the traditional plastic card. Speaking about digital rewards, they have no value outside the app. But they can sometimes satisfy users even more, than physical goods. For example, stickers in a messaging app, a song from iTunes in your music streaming application, a custom background (hm...that’s what our appMy Day can have! More information on the website) or just some virtual currency to unlock specific app features. Peter Vogel, an entrepreneur who tried using virtual rewards in his business model, admits that virtual rewards pack a stronger emotional punch, than frequent flier miles, cash rewards, and other traditional offers. $1 or $2 in virtual currency is more powerful than $5 in cash, because if someone puts $5 into your bank account it disappears into a pile of money and you forget about it as you don’t need it right now. Whereas with a two-dollar virtual reward you can provide an immediate benefit for your user as they can spend it to buy something essential to use in the app, like a feature or a virtual good.