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Finding Startup Traction
The document discusses strategies for startups to achieve sustainable growth by focusing on product/market fit and customer acquisition. It emphasizes the importance of building a must-have product, optimizing user experience, and employing effective marketing strategies to scale growth. Key insights include understanding user needs, using metrics for evaluation, and the necessity of prioritizing growth within the organization.
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Finding Startup Traction
- 1. Unlocking Growth Building asustainable growth engine with the new rules of marketing.
- 2. “Most startups don’tfail at building a product. They fail at acquiring customers.” – Gabriel Weinberg
- 3. Startup Growth Pyramid Growth Stackingthe Odds Product/Market Fit Source: Sean Ellis
- 4. Growth Stacking the Odds Product/MarketFit Source: Sean Ellis
- 5. Get to Product MarketFit First
- 6. What is Product/ MarketFit? A large group wants/needs your product – it’s a ‘must have’.
- 7. “Focus obsessively ongetting to product/ market fit.” – Mark Andreessen
- 8. Do you havePMF? Ask “How would you feel if you could no longer use the product?”
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- 10. “Very Disappointed” 0 –25% 26 – 39% 40 – 100% Keep burn low, engage, iterate Try repositioning, retargeting Proceed up pyramid
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- 12. Growth Stacking the Odds Product/MarketFit Source: Sean Ellis
- 13. Race to scale Instrumentyour product Activate users Increase exposure—the race to scale
- 14. Instrument your product Source data(referral source in user record) Event & cohorts Conversion rates Engagement/retention Lifetime value
- 15.
- 16. Find your metric thatmatters “x people did x searches in past week” “y people visited my site x times last month” “z users send n messages via my app each day” Source: Josh Elman
- 17. Build a Value DeliveryEngine
- 18. Build a must-haveproduct Understand must-have experience (MHX) Calibrate hook & promise messaging Optimize flows to deliver MHX Must-Have experience Hook/ Promise Source: Sean Ellis
- 19. Steps for value deliveryengine Understand MHX Macro Optimization Segment/ Personalize
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- 22. Max % thatreach MH experience Build desire, reduce friction Must-Have experience Hook/ Promise Goals
- 23. Desire – Friction= Conversion Rate Source: Sean Ellis
- 24.
- 25. A/B test combos MessagingFlows Hooks based on intent/pain Promise based on MHX Clear description of solution Flows that reduce friction Flows that frontload MHX
- 26. Language market fit Whatis this thing you’ve built to your users? Store your photos Share your photos Find a date Help people find a date
- 27. Developing promise statements Focus ona single benefit for each Limit to about 10 words Write wildly different statements
- 28. Segment/personalize last Default tomacro first, then segment At a minimum manage active vs. inactive Develop programs to manage full lifecycle
- 29. Growth Stacking the Odds Product/MarketFit Driving Growth is Last Step Source: Sean Ellis
- 30. Four Types ofGrowth 0 20000 40000 60000 80000 100000 120000 140000 160000 180000 1 2 3 4 5 6 7 8 9 10 11 12 13 Topline Activated Retained Monetized Source: James Currier
- 31. “Growth is abouttaking your product and optimizing it to create compound interest. There are very few (if any) silver bullets when it comes to growth.” – Andy Johns
- 32. Why Growth Hacking? $0 $20 $40 $60 $80 $100 $120 $140 $160 20002001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 US Online Ad Spend per User
- 33. “Growth hacking: Acool-sounding euphemism for making the doer feel good about using the same old sleazy marketing tricks.” – David Heinemeier Hansen
- 34. “Growth hacking isa recognition that when you focus on understanding your users and how they discover and adopt your products, you can build features that help you acquire and retain more users, rather than just spending marketing dollars.” – Josh Elman
- 35. Don’t delegate growth toa ‘hacker’ Original vision on customer need Don’t abdicate fate to a marketer Growth as an organizational priority
- 36. Growth = fx(Probability of Success, Impact, Resources Required) Source: Brian Balfour
- 37. Right marketing mix foryou? What are you optimizing for? (Learning, volume, cost) What are your constraints? (Time, money, audience, legal) Source: Brian Balfour
- 38. New User Channels Email Facebook Twitter Pinterest Craigslist Google+ iOS Android Blog widget GoogleSEO Tumblr Twitter WOM Press Appstore Featured TV Apps Mobile ads Web ads Online video TV ads Radio ads SEM Affiliates Viral Paid WOM Source: James Currier
- 39. Categories of growth hacks Platformintegrations Powered by Instrumented virality Data-driven hacks Igniting word of mouth
- 40. 0 20 40 60 80 100 120 2000 2001 20022003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Viral Channel Effectiveness WOM Email MySpace Facebook Craigslist Twitter iOS Android James Currier
- 41. Growth Stacking the Odds Product/MarketFit Build Growth on a Solid Foundation Source: Sean Ellis
- 42. Growth EnginesCase Studiesof How Today's Most Successful Startups Unlock Extraordinary Growth DOWNLOAD ON AMAZON.COM