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Viral marketing as a growth catalyst

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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!

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. 1. Viral Marketing As A Growth Catalyst . How to acquire new customers with viral and referral marketing.
  2. 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. 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. 4. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com Ad Blocking 😱
  5. 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. 6. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com
  7. 7. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com
  8. 8. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com
  9. 9. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com How An Insurance Agent Made $20m .
  10. 10. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com Jet’s Landing Page
  11. 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. 12. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com The Tiers
  13. 13. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com Eric Martin spent $18k Made around $20m 🎉
  14. 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. 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. 16. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com Get Access page
  17. 17. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com Invite page
  18. 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. 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. 20. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com
  21. 21. Made with by GrowthRocks & Viral Loops Viral Marketing As A Growth Catalyst viral-loops.com
  22. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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

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