Brian Balfour: Building A Growth Machine
Transcript of Brian Balfour: Building A Growth Machine
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BUILDING A GROWTH MACHINE BY: BRIAN BALFOUR
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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ONE MISSION, ONE GOAL
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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AUTHENTIC GROWTH
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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Brian Balfour :: @bbalfour :: http://www.coelevate.com
GROWING IN A WORLD OF SOFTWARE HAS CHANGED…
The Lines Between Marketing and Product Are Blurring Where does marketing end and product begin in software? 1
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Brian Balfour :: @bbalfour :: http://www.coelevate.com
GROWING IN A WORLD OF SOFTWARE HAS CHANGED…
The Lines Between Marketing and Product Are Blurring Where does marketing end and product begin in software? 1Marketing Has Become More Technical & Quantitative “Mad Men” skills aren’t as important. 2
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Brian Balfour :: @bbalfour :: http://www.coelevate.com
GROWING IN A WORLD OF SOFTWARE HAS CHANGED…
The Lines Between Marketing and Product Are Blurring Where does marketing end and product begin in software? 1Marketing Has Become More Technical & Quantitative “Mad Men” skills aren’t as important. 2Data Is Becoming More Accessible Gathering quantitative and qualitative data is becoming easier 3
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Brian Balfour :: @bbalfour :: http://www.coelevate.com
GROWING IN A WORLD OF SOFTWARE HAS CHANGED…
The Lines Between Marketing and Product Are Blurring Where does marketing end and product begin in software? 1Marketing Has Become More Technical & Quantitative “Mad Men” skills aren’t as important. 2Data Is Becoming More Accessible Gathering quantitative and qualitative data is becoming easier 3Scale and Speed Of Growth Is Accelerating Time to 1M Users/ARR has accelerated. 4
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Revenue
Referral
Activation
Retention
Acquisition
GROWTH ≠ ACQUISITION
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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GROWTH EFFORTS REQUIRE…
Brian Balfour :: @bbalfour :: http://www.coelevate.com
Product
Engineering
GROWTH
Marketing
Data
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GROWTH AND PRODUCT IS DIFFERENT
BUILDING CORE VALUE
GETTING THE LARGEST % OF OUR AUDIENCE TO EXPERIENCE CORE VALUE AS QUICKLY AS
POSSIBLE
GETTING USERS TO EXPERIENCE THAT
CORE VALUE AS OFTEN AS POSSIBLE
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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GROWTH EFFORTS CREDIT: ANDY JOHNS
0
10000
20000
30000
40000
NATURAL ADOPTION
TRUE GROWTH POTENTIAL
PURPOSE OF GROWTH
EFFORTS
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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GROWTH IS MORE ABOUT A CHANGE TO TEAM STRUCTURE, PEOPLE, METHODOLGY,
PROCESS NOT TACTICS/HACKS
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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LEARNING HOW TO GROW AUTHENTICALLY DOESN’T START WITH TACTICS
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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PROCESS
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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PROCESS?!?!?!WHAT CAN BE SO SPECIAL ABOUT PROCESS?
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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4 REASONS TO FOCUS ONPROCESS FIRST, TACTICS SECOND
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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1. WHAT WORKS FOR OTHERS, WON’T WORK FOR YOU
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YOUR AUDIENCE IS DIFFERENT
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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YOUR PRODUCT IS DIFFERENT
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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YOUR BUSINESS MODEL IS DIFFERENT
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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YOUR CUSTOMER JOURNEY IS DIFFERENT
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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YOUR BUSINESS IS DIFFERENT PLAIN AND SIMPLE
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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2. GROWTH = SUM(1, 2, 3, 4….X)Brian Balfour :: @bbalfour :: http://www.coelevate.com
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Brian Balfour :: @bbalfour :: http://www.coelevate.com
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MOST PEOPLE FOCUS ON WHAT HAPPENED HERE
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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BUT WE SHOULD ASK ABOUT ALL THE THINGS
HERE AND….HERE
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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BUT WE SHOULD ASK ABOUT ALL THE THINGS
HERE AND….HERE
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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BUT WE SHOULD ASK ABOUT ALL THE THINGS
HERE AND….HERE
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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SILVER BULLETS DON’T EXIST
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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3. RATE OF CHANGE IS ACCELERATINGBrian Balfour :: @bbalfour :: http://www.coelevate.com
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SEO No Keyword Data, Author Rank, Content Freshness, Social Shares, Search Result Format
DISPLAY RTB, No Cookies, Mobile
EMAIL Tabbed Inboxes, Inbox Actions, Unsubscribe, Mobile
FACEBOOKNewsfeed Ads (4 formats), Video Ads,
Optimized CPM, CTA Format, Custom Audiences, etc, etc
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Effe
ctiv
enes
s
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
WOM Novelty
MySpace
Craigslist
Mobile iOS
Android
Ooga Labs
EVOLUTION OF CHANNELS
CREDIT: JAMES CURRIER
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4. YOU NEED A MACHINEBrian Balfour :: @bbalfour :: http://www.coelevate.com
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A GROWTH MACHINE IS…
1
2 PREDICTABLE
SCALABLE
3 REPEATABLE
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THE MACHINE PRODUCES THE TACTICS THE PROCESS MAKES THE MACHINE
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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BUILDING A GROWTH MACHINE THE PROCESS
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THE GOALS OF OUR PROCESS
1
2
LEARNING Constant learning of our customer, product, channels and feeding that learning into the process to improve.
3 AUTONOMY Individuals decide what they work on to achieve the OKR’s.
4 ACCOUNTABILITY With autonomy, comes accountability. You don’t have to be right all the time, but there is an expectation to improve.
RYTHYM Momentum is powerful. Establish a cadence to fight through failures, get to successes, and find momentum
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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1. Brainstorm (Backlog)
2. Prioritize (Experiment Doc + Backlog)
4. Implement
5. Analyze (Experiment Doc)
3. Test (Experiment Doc)
6. Systemize (Playbooks)
Set Goals OKR’s
Explore Data Qualitative and Quantitative
Find Levers Growth Model
DAILY/WEEKLY
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FINDING LEVERS BUILDING A GROWTH MODEL
GOAL IS TO FIND THE HIGHEST IMPACT AREA THAT WE CAN FOCUS ON RIGHT NOW GIVEN LIMITED
RESOURCES.
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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FINDING LEVERS YOUR TOOL IS YOUR GROWTH MODEL
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FINDING LEVERS BUILDING A GROWTH MODEL
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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FINDING LEVERS BUILDING A GROWTH MODEL
GOAL IS WAU’s, BUT WHAT EFFECTS WAU’s?
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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FINDING LEVERS BUILDING A GROWTH MODEL
GOAL IS WAU’s, BUT WHAT EFFECTS WAU’s?
WAU’s = New Activated + Retained
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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FINDING LEVERS BUILDING A GROWTH MODEL
GOAL IS WAU’s, BUT WHAT EFFECTS WAU’s?
WAU’s = New Activated + RetainedNew Activated = (RegisteredFB ADS * ARFB ADS) + (RegisteredViral * ARViral)+…
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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FINDING LEVERS BUILDING A GROWTH MODEL
GOAL IS WAU’s, BUT WHAT EFFECTS WAU’s?
WAU’s = New Activated + RetainedNew Activated = (RegisteredFB ADS * ARFB ADS) + (RegisteredViral * ARViral)+…
RegisteredViral = Imp * Conversion Rate * Invites/User * Email CTR * Landing Page CR
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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FINDING LEVERS BUILDING A GROWTH MODEL
GOAL IS WAU’s, BUT WHAT EFFECTS WAU’s?
WAU’s = New Activated + RetainedNew Activated = (RegisteredFB ADS * ARFB ADS) + (RegisteredViral * ARViral)+…
RegisteredViral = Imp * Conversion Rate * Invites/User * Email CTR * Landing Page CR
Retained = (New ActW-1 * RetentionW-1) + (New ActW-2 * RetentionW-2)…
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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FINDING LEVERS THREE THINGS TO UNDERSTAND ABOUT THE INPUTS
1
2 CEILING
BASELINE
3 SENSITIVITY OVER TIME
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1. Brainstorm (Backlog)
2. Prioritize (Experiment Doc + Backlog)
4. Implement
5. Analyze (Experiment Doc)
3. Test (Experiment Doc)
6. Systemize (Playbooks)
Set Goals OKR’s
Explore Data Qualitative and Quantitative
Find Levers Growth Model
DAILY/WEEKLY
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HOW WE SET GOALS (OKRs)OBJECTIVE: Qualitative statement
TIMEFRAME: 30 - 90 Days
KR1: Measurable Goal 1 (Hit 90% Of Time) KR2: Measurable Goal 2 (Hit 50% Of Time) KR3: Measurable Goal 3 (Hit 10% Of Time)
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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AN EXAMPLE…OBJECTIVE: MAKE VIRALITY A MEANINGFUL CHANNEL
TIMEFRAME: 90 Days
KR1: 1.5% Viral/WAU KR2: 2% Viral/WAU KR3: 3% Viral/WAU
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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1
2 IN OUR FACE
INPUTS NOT OUTPUTS
3 CONCRETE
OKR’s will never be set on on the output (WAU) the will always be set on the inputs.
OKR’s will be somewhere that we can’t forget them. Review daily and weekly.
Goals will change mid-OKR VERY rarely.
OKR PRINCIPLES
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1. Brainstorm (Backlog)
2. Prioritize (Experiment Doc + Backlog)
4. Implement
5. Analyze (Experiment Doc)
3. Test (Experiment Doc)
6. Systemize (Playbooks)
Set Goals OKR’s
Explore Data Qualitative and Quantitative
Find Levers Growth Model
DAILY/WEEKLY
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HOW WE GET GROWTH INSIGHTS
INSIGHT
Quantitative Qualitative
Intuition
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1
2 QUANTITATIVE
QUALITATIVE User Surveys, 1 on 1 Conversations, Full Story Videos, Customer Support Tickets
GA, Mixpanel, Datastore. Goal is to answer questions we don’t know about our user, product, or channel. Break it into pieces.
EXPLORE DATAUNDERSTAND THE INPUTS OF THE INPUTS
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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BUILD A MINI MODELUNDERSTAND THE INPUTS OF THE INPUTS
1
2 CEILING
BASELINE
3 SENSITIVITY
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UNDERSTAND THE WHYUNDERSTAND THE INPUTS OF THE INPUTS
Why do users who get to invite page not covert?
<— Super targeted to the variable we are trying to improve
<— Open ended question to allow for all types of answers
<— Email looks like a personal email to create a sense of importance
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UNDERSTAND THE WHYUNDERSTAND THE INPUTS OF THE INPUTS
Bug 7%Other
8%
Would Prefer To Just Share On FB 10%
Don't Want You To Spam Friends 11%
Reward Not High Enough 29%
Didn't Know Who To Invite 35%
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1. Brainstorm (Backlog)
2. Prioritize (Experiment Doc + Backlog)
4. Implement
5. Analyze (Experiment Doc)
3. Test (Experiment Doc)
6. Systemize (Playbooks)
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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STEP ONE: BRAINSTORM
BRAINSTORM ON THE INPUTS NOT THE OUTPUTS…
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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STEP ONE: BRAINSTORM
ACTIVATION RATE = STEP 1 CONV * STEP 2 CONV * STEP 3 CONV
IF WE WANT TO IMPROVE THIS
WE BRAINSTORM ON THESE
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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4 WAYS TO COME UP WITH GROWTH IDEAS
1 OBSERVE How are others doing it? Look outside of your immediate product space. Walk through together.
2 QUESTION Question brainstorming. Why? What is… What if… What about… How do we do more of…
3 ASSOCIATE Connect the dots between unrelated things. i.e What if our activation process was like closing a deal?
4 NETWORK Growth mastermind groups. Build your network of growth people. I’m on the phone every day for ideas
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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1. Brainstorm (Backlog)
2. Prioritize (Experiment Doc + Backlog)
4. Implement
5. Analyze (Experiment Doc)
3. Test (Experiment Doc)
6. Systemize (Playbooks)
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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STEP TWO: PRIORITIZE
1
2 IMPACT
PROBABILITY
3 RESOURCES
LOW - 20%, MEDIUM - 50%, HIGH - 80%
Comes from your prediction. Take into account long lasting effects vs one hit wonders.
Marketing, Design, Engineering
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STEP TWO: PRIORITIZE CREATING A HYPOTHESIS
IF SUCCESSFUL, [VARIABLE] WILL INCREASE BY [IMPACT], BECAUSE
[ASSUMPTIONS].
Brian Balfour :: @bbalfour :: http://www.coelevate.com
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STEP TWO: PRIORITIZE JUSTIFYING YOUR ASSUMPTIONS
1
2 QUALITATIVE
QUANTITATIVE
3 SECONDARY
Previous Experiments, Surrounding Data, Funnel Data
Surveys, Support Emails, User Testing Recordings
Networking, Blogs, Competitor Observation, Case Studies
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STEP TWO: PRIORITIZE CREATE EXPERIMENT DOC
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1. Brainstorm (Backlog)
2. Prioritize (Experiment Doc + Backlog)
4. Implement
5. Analyze (Experiment Doc)
3. Test (Experiment Doc)
6. Systemize (Playbooks)
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STEP THREE: TEST
WHAT IS THE MVT (MINIMUM VIABLE TEST)
TO UNDERSTAND OUR HYPOTHESIS?
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1 EFFICIENCY What is the least resource intensive way to gather data about the hypothesis.
2 VALIDITY The experiment must take into account how to get a valid result by designing a control and required amount of data.
STEP THREE: TEST
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STEP THREE: TEST WRITE THE EXPERIMENT DESIGN IN EXPERIMENT DOC
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1. Brainstorm (Backlog)
2. Prioritize (Experiment Doc + Backlog)
4. Implement
5. Analyze (Experiment Doc)
3. Test (Experiment Doc)
6. Systemize (Playbooks)
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STEP FOUR: IMPLEMENT
GET SHIT DONE
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1. Brainstorm (Backlog)
2. Prioritize (Experiment Doc + Backlog)
4. Implement
5. Analyze (Experiment Doc)
3. Test (Experiment Doc)
6. Systemize (Playbooks)
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STEP FIVE: ANALYZE
1
2 IMPACT
SUCCESS/FAIL
3 WHY?
How close to your prediction?
The most important question you can ask. Why did you see the result that you did?
Be prepared for a lot of failures.
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STEP FIVE: ANALYZE LEARNINGS + ACTION ITEMS IN EXPERIMENT DOC
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1. Brainstorm (Backlog)
2. Prioritize (Experiment Doc + Backlog)
4. Implement
5. Analyze (Experiment Doc)
3. Test (Experiment Doc)
6. Systemize (Playbooks)
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STEP SIX: SYSTEMIZE
1 PRODUCTIZE Productize as much as you can with technology and engineering.
2 PLAYBOOKS For the things you can’t productize, build into step by step playbooks to make them repeatable.
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6. Systemize (Playbooks)
1. Brainstorm (Backlog)
2. Prioritize (Experiment Doc + Backlog)
3. Test (Experiment Doc)
4. Implement
5. Analyze (Experiment Doc)
REPEAT
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WHAT A TYPICAL WEEK LOOKS LIKE
Monday Tuesday Wednesday Thursday Friday
Growth Meeting - Learnings - Goal Review - Blocking Items/
Strategies
Predicting, Prioritizing, Implementing, Analyzing, Systemizing
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WEEKLY GROWTH MEETING DON’T GET ATTACHED TO IDEAS
1
2 GOALS
LEARNINGS
3 BLOCKING
Learnings, not updates. You can monitor experiment updates in the pipeline.
Progress against goals
What blocked you from doing something this week?
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WEEKLY GROWTH MEETING TEMPLATE
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MACRO OPTIMIZATION (REVIEW QUARTERLY)
1
2 ACCURACY
BATTING AVG
3 THROUGHPUT
How many successes to failures? Our we improving over time?
Are our predictions getting more accurate?
How many experiments are we running in a given time period? How do we do more?
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MACRO OPTIMIZATION HOW WE IMPROVE
1
2 INFRASTRUCTURE
TEAM
3 PROCESS
Improve current teams skills. Add to the team.
Experiment, analytics, and qualitative feedback infrastructure
Refining the process for more efficiency or quality of ideas, implementation, and analysis.
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A FINAL WORD PART ONE
ITERATION DOES NOT EQUAL INCREMENTAL
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A FINAL WORD PART TWO
IT IS NEVER TOO EARLY TO START THIS PROCESS
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A FINAL FINAL WORD
THERE IS NOTHING SPECIAL ABOUT THIS PROCESS. SUCCESS COMES DOWN TO
GRIT, FOCUS, AND PERSISTENCE.
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THANKS!
Brian Balfour :: @bbalfour :: http://www.coelevate.com