Growth Hacking Workshop: AAU
•
10 gostaram•5,315 visualizações
Slides to the growth hacking workshop I recently gave for AAU students in Prague. We covered the Lean Canvas, getting to product-market fit, Wow! moment, growth marketing, and the analytics you should be focused on.
Recomendados
Recomendados
Mais conteúdo relacionado
Mais procurados
Mais procurados (20)
Destaque
Destaque (20)
Semelhante a Growth Hacking Workshop: AAU
Semelhante a Growth Hacking Workshop: AAU (20)
Último
Último (20)
Growth Hacking Workshop: AAU
- 1. Growth Hacking Roadmap Maximize the Growth of Your Most Valuable Customers Anglo-American University Mark Andersen August 22, 2015
- 2. CZECH STRENGTHS & SILICON VALLEY:AN OVERVIEW • Unique creativity & technical expertise: Zlate Ceske ruce • More advantages of being in Czech Republic: easier and less expensive to hire developers, slower "burn rate", • Advantages of being in or part of SiliconValley: massive startup ecosystem, know how, access to capital; cons: cost of living, difficulty in hiring engineers, group think (clean tech, mobile apps, MOOCs, Google Glass, Internet ofThings..) • SiliconValley mindset: anything is possible; huge expectations; success is celebrated, but failure isn't stigmatized--it's a test & learning experience • Gregor Mendel's 29,000 pea experiments
- 3. ROMAN HORACEK: CZECH INVEST • Czech startups are very strong technically & can improve on the business side. Most of the startups I have seen have technology far better than their competitors, however, they don’t execute/sell as well. • Often the projects are being built on local assumptions and once the company wants to scale, it realizes that their existing business model is not viable / their assumptions are not valid for new/ different markets (product/market fit). • We don’t have enough role models and people with global entrepreneurial experience thus this is something we must work on.We can do that by sending the companies overseas and exposing them to more developed startup ecosystems such as SiliconValley. • The good thing is that Czech founders tend to be strongly motivated and they can generally run the company with much lower costs = lower burn rate.Additionally Czech are experts in inventing simple nonorthodox/innovative solutions and using a lot of common sense.
- 4. Growth Hacking Roadmap for tech startups Create Your Business Model Product / Market Fit Most Valuable Customers Early Behavior of Most Valuable Customers Wow! Moment Virality Optimize Conversion Funnel Content Marketing & Social Media User & Social Networks / App Stores Online / Mobile Advertising
- 6. Product Market Fit: Are you indispensable for users? Step 2 • "Product/market fit means being in a good market with a product that can satisfy that market": Marc Andreessen • "Make something people want": Paul Graham (Y Combinator) • "Make insanely great products": Steve Jobs • "A great brand is a promise of benefit that's persuasive and unique": David Ogilvy How do you know if you have it? • Would at least 40% of your customers say they'd be "very disappointed" without your product (Survey.io) • Clearing Net Promoter Score (NPS), retention and lifetime net value hurdles • Word of mouth is one of your biggest acquisition channels; virality (K value > 1)
- 7. Product / Market Fit • AirBnB: after 1 year in business: $200 / week in revenue--"do things that don't scale" • PayPal: eBay power users • Twitter didn't start to become what it is Step 2 Success stories
- 8. Product / Market Fit"How to lose $170 million in VC funding" • AllAdvantage after 18 months: 13 million members, Top 20 site, $170 million from VCs, 3 weeks from IPO • Why did it fail? Too much focus on acquisition & not enough on retention, never achieved p/m fit Step 2
- 9. Most Valuable CustomersUsing Lifetime Net Value Across Acquisition Channels Step 3 0 25 50 75 100 Email Blog Retarg SEO Blog FB eBooks SEM Affiliate
- 10. CUSTOMER LIFETIME NETVALUE: MONTHLY MARGIN & RETENTION ARE 2 MOST IMPORTANT DRIVERS • Monthly margin: How much does the customer give us each month? • Retention: How long does the customer stay with us? • Customer Lifetime NetValue:The lifetime value of a customer • Equation: Monthly margin X retention = Lifetime net value
- 11. CALCULATING LIFETIME NET VALUE • $10 per month for an average retention of 5 months = $50 in lifetime revenue • -$6 in hosting & streaming fees / customer for 10 months • -$8 in customer support / customer for 10 months • = Gross lifetime value: $36 • -$19: Cost of acquisition (CAC), I.e., SEM, Facebook ads... • = Lifetime net value: $17
- 12. Early Behavior of Most Valuable Customers Step 4 • Facebook: connect with 7 friends within first 10 days • Dropbox: upload your first file • Location Labs: check an early confirmation email
- 13. Wow! MomentWhatsApp's 10 step Onboarding process + 16 minutes to my Wow! Moment Step 5 App Store download Permission to get contacts Permission to send push notifications Enter phone number Connecting my number Receive the verification code and enter it Validate the code Prompted to fill out my profile. Approve the Facebook permission. Automatically shows favorites
- 15. ViralityLocation Labs Step 6 Single greatest driver of word-of-mouth: a great product DriveSmart: "hey, I'm driving, DriveSmart is keeping me safe..."
- 16. Optimize Conversion FunnelYour fastest way to increase Lifetime Net Value • Start by improving existing opportunities, not new traffic • Learn about people who don't visit key conversion pages • Find the points where people abandon your site: ask them via exit survey: "Is there something preventing you from checking out?" • Test & measure pages, flows & cohorts • Testing speed is critical. A/B only tells us "what." We have to do user testing to figure out "why." Step 7
- 17. Optimize Conversion FunnelTools to increase conversion rates, retention & LTV • Analytics: SQL, Google Analytics, KISSMetrics, Mixpanel • A/B testing tools: Optimizely, Visual Website Optimizer • Testing a lot of landing pages: Unbounce • Identify the "why" in friction points: Qualaroo, UserTesting.com Step 7
- 18. Content Marketing & Social Media Online petitions: CREDO Mobile's 275,000 Likes on FB Step 8 • Clif Bar & Mint: 170,000 Likes
- 19. Content Marketing & Social Media Blogs: Salesforce. Webinars: KISSMetrics, Qualaroo Step 8
- 20. Content Marketing & Social Media Video content that drives results Step 8 • Wren's "First Kiss" (clothing label in LA): 80 million views, sales in their online store increased13,600% vs week before First Kiss was released: youtube.com/watch?v=IpbDHxCV29A • Red Bull's jump from space: 35 million views, youtube.com/ watch?v=FHtvDA0W34I • GoPro's "Pelican learns to fly": 3 million views: youtube.com/ watch?v=_YEyzvtMx3s
- 21. User & Social Networks / App Stores API integrations enable invitations, notifications & sharing of activity • B2B open APIs: LinkedIn, AppExchange, Yammer Step 9
- 22. Online / Mobile AdvertisingLendingTree & Netflix Step 10 Total Customer Value
- 23. Analytics • Net Promoter Score • Retention • Lifetime net value Growth Metrics (ignore total registrations) • active users • activity levels: DAU/MAU, D1, D7 • cohort retention • revenue
- 24. Actionable Analytics & Research KPIs 4/7/2014 4/14/2014 First Time Visitors Total Visitors Conversion Rate % New Customers Retention Rate Num Orders Average Order Size Total Sales $20,000 $125 160 3.35% 18.06% 3.92% 3,955 1,986 $26,040 $210 124 2.89% 15.32% 3.01% 4,123 1,822 Apr 2 Apr 4 Apr 6 Apr 8 Apr 10 Apr 12 Apr 14 14 Day Trend
- 25. USERTESTING • Most valuable user testing is asking what problems they have: don't start by showing your product & asking what they think • Live is best, phone/skype is fine • Y Combinator: two most valuable things startup founders should be doing: talking to users & building product
- 26. SummaryIf you takeaway nothing else... • Product/market fit is most critical: user testing, user testing, user testing... • Don't accelerate your acquisition spend until you've achieved p/m fit, optimized your funnel & positive Lifetime NetValue • Setup your analytics asap • Cohorting & most valuable customers critical • Common mistake is focusing too much on acquisition & virality and not enough on retention
- 27. Resources • "How to start a startup":Y Combinator's class onYouTube • Paul Graham's essays • Steve Blank: "Four steps to the epiphany" & videos • Dave McClure • More resources on the bottom of my infographic
- 28. Contact info • VP of Marketing & Growth: eCorinth.com • MarkDAndersen@gmail.com • www.linkedin.com/in/markandersen • @MarkAndersen