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Product Driven Growth from Lean Product Meetup
The document outlines the essential strategies for achieving growth through a collaborative approach between product development and marketing, emphasizing the importance of unlocking organic growth, establishing a clear north star metric, ensuring full company participation, and maintaining a high tempo testing process. It highlights the significance of product/market fit and suggests methods for validating this fit, such as user feedback and cohort analysis. Additionally, it discusses the organization of a core growth team to facilitate continuous testing and learning, ultimately driving sustainable growth.
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Product Driven Growth from Lean Product Meetup
- 1. Stacking the Oddsfor Growth How Product and Marketing Work Together to Drive Growth December 10, 2015
- 2. Everyone Wants ExplosiveGrowth
- 3. But Extreme Competitionfor Attention $0 $20 $40 $60 $80 $100 $120 $140 $160 3.5X more online ad $/user in USA last 12 years 3.5x
- 4. And Channels inConstant Flux Credit: James Currier
- 5. Today’s Requirements forGrowth 1. Unlock organic growth 2. Clear North Star metric 3. Full company participation 4. High tempo testing process
- 6. Today’s Requirements forGrowth 1. Unlock organic growth 2. Clear North Star metric 3. Full company participation 4. High tempo testing process
- 7. Requires Product/Market Fit •Without PM Fit, all growth unsustainable
- 8. Validate Product MarketFit • Leading indicator: Ask users “How would you feel if you could no longer use this product?” – Very disappointed (40%+) – Somewhat disappointed – Not disappointed – N/A – I already stopped using • Lagging indicator: Retention cohorts
- 9. Understand Product MarketFit Understand “Must Have” Users • Why did they seek product (intent)? • How are they using product? • How describe when recommend it? Key Benefit - Narrow by Must Have • Ask 1st group: “What is key benefit?” (open ended) • Ask 2nd group: “What is key benefit?” (multiple choice), “Why is that benefit important?” (open ended)
- 10. Leverage to UnlockOrganic Growth Home Page Messaging • Hook: A/B test “hook” based on intent • Promise: A/B test promise statements (stay true to “must have benefit”) • Description: A/B test descriptions (best response) Onboarding to “must have experience”
- 11. Today’s Requirements forGrowth 1. Unlock organic growth 2. Clear North Star metric 3. Full company participation 4. High tempo testing process
- 12. North Star Metricfor Growth • Reflects value delivered to your customers • Examples: Airbnb nights booked, Uber rides • Captures several metrics (i.e. retention reflected in MRR and MAU)
- 13. Lens for AllGrowth Efforts Ask: How does this test impact our North Star metric?
- 14. Submetrics via GrowthAccounting New Users Retain Users $/User MRR Acquisition Activation Referral Retention Revenue (expand) Simple Example North Star Metric
- 15. Today’s Requirements forGrowth 1. Unlock organic growth 2. Clear North Star metric 3. Full company participation 4. High tempo testing process
- 16. Product support Growth is CrossFunctional External Channels Promise 1st Experience Ongoing Experience Acquisition Activation Revenue Retention Referral biz dev Marketing PR
- 17. Product Growth Team CoordinatesEfforts External Channels Promise 1st Experience Ongoing Experience Acquisition Activation Revenue Retention Referral Marketing PR support biz dev Growth Team
- 18. Building Core GrowthTeam • Start with Growth Master (PM Growth) • Add dedicated people to core as needed to hit testing tempo goals • Core often includes designers, growth engineers, analysts… • Execute High Tempo Testing Process
- 19. Today’s Requirements forGrowth • Unlock organic growth • Clear North Star metric • Full company participation • High tempo testing process
- 20. Testing Drives Growth •Day 1: No certainty about how you will grow • Rapid testing across all levers • More testing = More learning Acquisition Referral Activation Revenue Retention Resurrection
- 21. High Tempo Testing:Twitter
- 22. High Tempo TestingProcess Unbridled Ideation Prioritize backlog Launch Tests Capture learning
- 23.
- 24. Unbridled Ideation • Buildlarge backlog of ideas (my team now 700+)
- 25. Inputs for GrowthTesting Ideas External Experts Internal Experts Ideas Tests Results Core Growth Team Drives Process
- 26.
- 27. Formalize ideas inExperiment Doc • Include research, hypothesis, target lever
- 28. Compare Ideas byICE Score
- 29.
- 30. Select Tests inWeekly Meeting • Choose tests to launch (no brainstorming) • Assign a project manager to each test • PM Growth assist in releasing each test
- 31. Example Growth MeetingAgenda 15 min: KPI review & update focus area 10 min: Review last week’s testing sprint 15 min: Key lessons learned from analyzed tests 15 min: Select tests for this week’s sprint 5 min: Check growth of idea backlog
- 32.
- 33. Capture Learning Details •Every test leads to learning • Organize learning for easy access
- 34. Share Learning withTeam+ External Experts Internal Experts Ideas Tests Results Core Growth Team Drives Process
- 35. Example: New UserTo-do-list • Data: low % of newly registered users commenting in 1st week • Hypothesis: Increase % of first week commenters • Test: Use a to-do-list to guide new users (start with easy activities)
- 36. Result: New UserTo-do-list • Result: over 700% lift in 1st week commenting • Idea credit: community manager (inspiration Quora)
- 37. Another Example -oEmbed • Data: Embeds = longer sessions • Hypothesis: Same action = more embeds • Result: 41% increase in embedded media • Idea Credit: Engineer Slides Videos
- 38. Recap: Requirements forGrowth 1. Unlock organic growth 2. Clear North Star metric 3. Full company participation 4. High tempo testing process
- 39. Join GH ProjectsPrivate Beta at Projects.GrowthHackers.com Where Teams Drive Results with High Tempo Testing: 1) Team Ideation 2) Prioritize Testing 3) Capture Learning