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![PHASE 1: EARLY TRACTIONâŚ.
@DistroDom
!! Be Scrappy + Keep Hustling !!
?Many Many questions and uncertainties
=> [xox] => Comparing inputs to outputs
â Traditional Channels usually wonât work](https://image.slidesharecdn.com/operationalizinggrowth-dominiccoryell-podimfinalversion-150515115445-lva1-app6892/85/Operationalizing-Growth-From-Hustle-to-Hires-13-320.jpg)
Uploaded byDominic Coryell
Operationalizing Growth: From Hustle to Hires
The document outlines the growth strategies employed by 500 Startups, highlighting their investments in over 1,000 companies and the importance of scrappy growth tactics. It details phases of growth including early traction, doubling down, and operationalizing growth, emphasizing the need for experimentation and effective measurement tools. Additionally, it discusses the roles of acquisition, activation, retention, referral, and revenue in achieving exponential growth.
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Operationalizing Growth: From Hustle to Hires
- 1. OPERATIONALIZING GROWTH HUSTLING =>SCALING @DistroDom
- 2. ABOUT 500 STARTUPSAS OF 5-2015: ⢠Over 1000 Companies Invested In ⢠$175M Under Management ⢠$105M Deployed ⢠300+ companies started outside US ⢠300+ companies with Women Founders ⢠Our Team of 50 people spans 12 countries and speak 20+ different languages @DistroDom Always #500strong
- 3. WHO IS THISGUY DOMINIC? â Co-Founded GarmentValet â Co-Founded Curebit / Talkable Now Iâm @DistroDom @500 Startups investing time and $ in promising startups #500STRONG @DistroDom
- 4. @DistroDom WHAT DO WEALL WANT PHASE 1: EARLY TRACTION PHASE 3: OPERATIONALIZING MOAR TRACTION
- 5. @DistroDom WHAT LEADS TOEXPONENTIAL GROWTH ASYMMETRICAL PATTERNS NOT FOLLOWING OTHERS UNFAIR ADVANTAGES BEING SCRAPPY
- 6.
- 7. GROWTH IS A TEAMSPORT @DistroDom
- 8. GROWTH IS AN ALLSUM GAME @DistroDom
- 9. @DistroDom PHASES OF âGROWTHâ PHASE1: EARLY TRACTION PHASE 3: OPERATIONALIZING PHASE 2: DOUBLING DOWN
- 10. GROWTH DOESNâT JUSTMEAN NEW USERS @DistroDom
- 11. GROWTH FOR PIRATESâŚAARRR @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)
- 12. FIRST, WHAT AREEARLY GROWTH GOALS @DistroDom ďź Finding Product Market Fit ďź Finding Early Adopters ďź Getting The First Paying Customers ďź Learning Your Conversion Funnel ďź Basic Unit Economics: CAC / LTV ďź Audience Building Email Lists Cookie Pool Social Followers
- 13. PHASE 1: EARLYTRACTIONâŚ. @DistroDom !! Be Scrappy + Keep Hustling !! ?Many Many questions and uncertainties => [xox] => Comparing inputs to outputs â Traditional Channels usually wonât work
- 14. IF TRADITIONAL CHANNELS DONâT WORK THENWHAT? @DistroDom
- 15. SOME HACKY SH*TTO TRY @DistroDom ďź Scraping Lists Online ďź Community Hijacking ďź Social Community Building ďź Outreach Email ďź Power Networking ďź Email Partners
- 16.
- 17. DO NOT DOUBLE DOWN WITHA LEAKY FUNNEL @DistroDom
- 18. WHAT DOES âWORKINGâMEAN? @DistroDom 60% Sales are coming from 2-3 channels GUT You Need The Right Tools To Measure
- 19. PHASE 2: DOUBLINGDOWN⌠WE EXPERIMENT LIKE CRAZY @DistroDom
- 20. PROBLEMS FROM EXPERIMENTATION @DistroDom ďźTest Shit That Doesnât Matter ďź Tests Take Too Long ďź Winners donât create meaningful results to the bottom line ďź Every test is a loser ďź Testing is Disorganized ďź WORST: Testing Slows Growth
- 21. PROCESS is SEXY @DistroDom PHASE3: OPERATIONALIZING GROWTH âŚ
- 22. @DistroDom Credit to BrianBalfour (@bbalfour) - www.CoElevate.com
- 23. @DistroDom IDEA IMPACT CONFIDENCE EASE âI.C.E.â SCORE YOURIDEAS Credit to Sean Ellis (@seanellis) - GrowthHackers.com
- 24. @DistroDom 1 2 3 THEROLE OF THE GROWTH MASTER
- 25. @DistroDom TRELLO IS AGREAT TOOL Checkout Rob Somers Template: http://robsobers.com/growth-hacking-trello-template/
- 26.
Editor's Notes
- #2Â This presentation is on operationalizing growth. Thatâs the process of hustling to find product market fit to scaling a growth team.
- #3Â ABOUT 500 STARTUPS AS OF 5-2015: Over 1000 Companies Invested In $175M Under Management $105M Deployed 300+ companies started outside US 300+ companies with Women Founders Our Team of 50 people spans 12 countries and speak 20+ different languages
- #4Â Let me give you a little bit of a background of myself. Iâve 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 âhigh-techâ. 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.
- #5Â First of all, what is GROWTH? Growth is all things MOAR Moar users Moar engagement Moar sharing Moar love for your product Moar sales MOAR MONEY UP AND TO THE RIGHT BABY But most importantly, staying up and to the right.
- #6Â Attractive Growth is exponential. In order to accomplish exponential growth you have to find asymmetrical patterns. This means that all marketing activities result in non-linear results. When your team is small you canât afford to not get every ounce of juice for each squeezing effort. Usually the only way to accomplish asymmetrical patterns is by finding and exploiting unfair advantages. This doesnât mean cheating, but this means finding those unique competitive advantages that make you stand out in the market. This could be technological, or it could be institutional. In my first business my unfair advantage was that I helped build an incubator at my university. As a result I got all sorts of goodwill and special privileges to market my business and protect my turf from competition. This made us a reputable company that could go sell to other schools and condos. In my second business, our unfair advantage was technological. My co-founder was an absolute totalitarian about never losing a single shred of data and making sure all data across any client was relational, in an anonymized way. This allowed us to find patterns and learnings to optimize viral funnels that the competition could just never keep up with. Basically in summary, you canât follow others. You can learn from them, but you canât follow them. If you follow others, you just end up right behind them. All this comes down to with being comfortable not being comfortable, aka being scrappy.
- #7Â Growth is not just about users and sales. Good growth comes from great products. You canât grow a shitty product, You can sell a shitty product, but you canât grow it. But, Itâs very important you let growth indicators naturally drive your product roadmap. Itâs all to easy to think growth follows product development and when that happens, product hijacks growth.
- #8Â Growth is not just about hiring a person who can magically come in a grow your business. Itâs a team effort. Everyone should be a contributor.
- #9Â People are always looking for silver bullets. Sometimes you find some really cool hacky shit that seems like a silver bullet. But, usually, it canât be exploited for long and therefore isnât scalable. So the focus on âhackingâ growth or finding âgrowth secretsâ is a false representation of what us growth people actually do.
- #10Â I see growth in three different phases: Stage 1: You find early traction, this is usually when you have no idea what is going on but you know something is going right because people are using your product. You uusally are able to find some sort of product market fit here, or at least are very close to it. Phase 2: Is when youâre able to identify the few things that are working and you put all your energy into that (i.e., double down). Lots of times itâs just one activity that is driving 80% of the action. Phase 3: Once youâve got a groove of exploiting these channels, you start to operationalize. This means you build processes that helps you continue to grow existing channels, improve other ones and most importantly innovate and identify emerging channels.
- #11Â A lot of people think that growth is just about growing the top line. Growing the topline doesnât matter if people are just walking out the backdoor without transferring value.
- #12Â This is Dave McClureâs âMarketing for Piratesâ framework: Acquisition Activation Retention Referral Revenue
- #16Â Scraping Lists Online Community Hijacking Social Community Building Outreach Email Power Networking Email Partners
- #21Â Test Shit That Doesnât Matter Tests Take Too Long Winners donât create meaningful results to the bottom line Every test is a loser Testing is Disorganized WORST: Testing Slows Growth