Viral marketing as a growth catalyst
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This is the presentation from the workshop that GrowthRocks & Viral Loops help during the Growth Marketing Conference East in NYC. During the workshop, they shared their knowledge on using viral & referral campaigns as a fully controllable marketing channel for startups and enterprises. The highlight of the presentation is a fully actionable framework for building successful referral campaigns, that came along with some case studies on how giants companies used referral marketing for boosting their growth!
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Viral marketing as a growth catalyst
- 1. Viral Marketing As A Growth Catalyst . How to acquire new customers with viral and referral marketing.
- 2. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com Savvas Zortikis Co-founder & CEO of Viral Loops
- 3. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com Why ? Companies struggle to find affordable and meaningful customer acquisition channels.
- 4. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com Ad Blocking 😱
- 5. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com “ Word of mouth is 10x more effective than traditional advertising. - Jonah Berger
- 6. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com
- 7. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com
- 8. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com
- 9. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com How An Insurance Agent Made $20m .
- 10. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com Jet’s Landing Page
- 11. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com Invite your friends to climb up the leaderboard 🙌
- 12. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com The Tiers
- 13. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com Eric Martin spent $18k Made around $20m 🎉
- 14. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com Tips for Leaderboard Referral Campaigns . Prompt for minimum invite effort and maximum result Showing off the top referrers leads to more invites
- 15. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com How Harry’s Got 100,000 Emails From Referrals .
- 16. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com Get Access page
- 17. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com Invite page
- 18. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com Tips for Milestone Campaigns . • Perfect for eCommerce Stores. The rewards can be your own products • Suitable both for prelaunch campaigns and referral programs • You can use it for email list building and give merchandise, like stickers, t-shirts, etc. Check how The Hustle got 300K email subscribers from their Ambassador program: bit.ly/hustleonautopilot
- 19. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com How Monzo Drives Referrals Through A Waiting List . “ If you don’t invite your friends, you simply cannot use it 🙃
- 20. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com
- 21. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com
- 22. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com 15K+ people ahead of me—OMG 😱 I need to do something! FOMO I can share my personal referral link to invite my friends. Tip: they could use a custom short URL for branding, like mn.zo/savvas
- 23. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com Tips for Waitlist Campaigns . • Early Access is 10x better than Beta. Hiten Shah does a great job lately • Engage your early adopters as much as you can through email and content • Build in public like Product Hunt, using tools like Typeform and Invision to get feedback early on • Create a community bit.ly/viralloopspublic
- 24. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com A Framework To Build Successful Viral & Referral Marketing Campaigns .
- 25. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com 1. What Is Your Objective & Goal ? Acquire new paying customers Recruit new users (free apps) Get more email subscribers Retain existing customers
- 26. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com 2. What Is The Invite Trigger (reward) ? • Double-sided referrals: Invitee gets a discount on his first purchase, while the referrer gets a discount for her next purchase. • Cash rewards, Discounts, Merchandise • Social Currency (e.g. Mayor on Foursquare) • A reward could also be via a competition (in case where margins are very low and you cannot afford one-for-one reward) Make sure to include the cost in your Customer Acquisition Cost (CAC)
- 27. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com 3. How Will Your Users Learn About The Campaign? • Prompt people at every single moment of joy and success that comes from your product • Your main website (users + non-users)→ forms, links in menu bar and footer, in-app notifs (similar to pop-ups)—Check Airbnb • Embed sharing mechanisms in the footer of emails • Automatically ask people for invites at post-conversion step with in-app widgets • Cross-platform (web, mobile, bots and FB extensions) Consider Widgets for existing users & landing pages / OGs for new users
- 28. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com 4. How, What & Where People Will Share ? • Facebook share→ Open Graph, GIFs, Add photo and give them ideas on what to write • Focus on messaging apps: Facebook Messenger & WhatsApp • Email—import contacts and spam the world! 😱 • Handpicked prepopulated tweets • Images, banners and content for influencers—Check Developer Economics • Explain in your page what others do (e.g. promote it to their list, run ads, etc.) Let your users to set their sharing preference
- 29. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com 5. Why Will A Non-user Convert ? • Bonus for the first conversion (double-sided rewarding) • Excitement from discovery (when no rewards given) • Join a community—closed group of people (e.g. Product Hunt) • FOMO (Fear of missing out) Rewards are great, but if you can convince them to SPEAK IT OUT is even better
- 30. Viral Marketing As A Growth Catalyst viral-loops.com Made with by GrowthRocks & Viral Loops The Viral Coefficient (aka k-factor) . K-factor is the total number of registrations per unique inviting user. Say that, on average, 1 in 5 of our users will successfully recruit a new user in their first month. In other words, our viral factor is 1/5 = 0.2, and our initial 5,000 users will recruit another 5,000 * 0.2 = 1,000 users in month 1.
- 31. Viral Marketing As A Growth Catalyst viral-loops.com Made with by GrowthRocks & Viral Loops For a consumer internet product, a sustainable viral factor of 0.15 to 0.25 is good, 0.4 is great, and around 0.7 is outstanding . Source: Rahul Vohra
- 32. Viral Marketing As A Growth Catalyst viral-loops.com Made with by GrowthRocks & Viral Loops Source: GrowthRocks By going viral you can afford higher CPAs.
- 33. Viral Marketing As A Growth Catalyst viral-loops.com Made with by GrowthRocks & Viral Loops In fact you have no alternative. Paying to acquire every single user is not an option. Is it? Virality or Die!
- 34. Viral Marketing As A Growth Catalyst viral-loops.com Made with by GrowthRocks & Viral Loops Anatomy Of A Viral Funnel . You should treat your viral loop as a funnel with several stages that can be optimized, so as to maximize your viral factor. You could a use a mobile analytics tool like Mixpanel. Invite Prompt Rendered Invite Form Submitted Invite Sent Registration form loaded (by invitee) Registration completed (by invitee)
- 35. Viral Marketing As A Growth Catalyst viral-loops.com Made with by GrowthRocks & Viral Loops Metrics To Optimize . Continuously track and optimize: • User adoption • Number of invitations each user sends • Conversion rate • How long it takes a user to start inviting others • How long it takes a user to convert from an invitation • At which point you ask the user to send an invitation
- 36. Viral Marketing As A Growth Catalyst viral-loops.com Made with by GrowthRocks & Viral Loops Resources . • viral-loops.com/blog • bit.ly/measureviralitymix • growthrocks.com/blog/referral-program-promotion • andrewchen.co/viral-marketing-is-not-a-marketing-strategy • jonahberger.com/books/contagious • blog.autopilothq.com/brand-ambassador-program • bit.ly/viralloopsdesign • bit.ly/modelviralityrahul • viral-loops.com/blog/case-study-inglot
- 37. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com Savvas Zortikis Co-founder & CEO of Viral Loops savvas@viral-loops.com @savvaszortikis Thank you! Do you have any questions? We’d be more than happy to get in touch! :) Theodore Moulos Group CEO of GrowthRocks t.moulos@growthrocks.com @tmoulos