Getting On Board with the Growth Hacking Mindset
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Transcript of Getting On Board with the Growth Hacking Mindset
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HACKING WHAT IS GROWTH And why do you need it…
http://www.sxc.hu/browse.phtml?f=view&id=1099188
@chris_perks
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THE DIFFERENCE BETWEEN GROWTH HACKING AND MARKETING
the term hacking implies creativity and imagination and a relentless drive to solve a puzzle. It also suggests an attempt to manipulate, to coerce, to rig, in ways that are contrary to the spirit of willingness to fail
http://photodune.net/item/cool-businessman-portrait-on-grey-background/3628885
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What’s the one thing that will determine whether your business succeeds or fails?
http://www.sxc.hu/browse.phtml?f=view&id=582305
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Your ability to consistently get your product or service into the hands of people who are willing, ready and able to pay you. That is the number one determinant of your business success
http://photodune.net/item/cool-businessman-portrait-on-grey-background/3628885
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SO WHERE DOES THE GROWTH COME FROM?
€ 1000 3 % 20 % Each new client win is worth
€1000 You have a base conversion
rate of 3% We aim for a 20% uplift in
results
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FUN WITH MATH: 20% MEDIA EFFICIENCY
100,000 visits costing €100,000
20% uplift Gets you 100k visits for €80,000
3% conversion delivers 3000 clients
€20,000 Saving in media spend each month
Assuming all else stays the same, a 20% media efficiency delivers you
3000 clients and saves you €20,000
NET RESULT: €20,000 gain
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FUN WITH MATH: 20% RETENTION UPLIFT
50% of clients Leave after only paying €500
20% uplift in retention is worth €150,000
1500 leave before paying the full €1000
€150,000 In incremental revenue
If 50% of your clients leave after only paying €500. Then 1500 clients x €500
= €750,000 total opportunity to reclaim
NET RESULT: €150,000
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FUN WITH MATH: 20% ACTIVATION UPLIFT
100,000 visits costing €100,000
20% uplift gets you 600 additional clients
3.6% conversion now delivers 3600 new clients
€600,000 Revenue gain
If the base conversion rate increases from 3% to 3.6% it delivers an
additional 600 clients at the same COA
NET RESULT: €600,000 gain
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BIGTAKEAWAY 9
The biggest gains can be had when you hack each of these
areas simultaneously not sequentially. Do not wait for one to start working before working
on the others.
http://photodune.net/item/asian-business-woman-using-a-tablet/911872
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HOW TO GET THE GROWTH HACKING MINDSET
What are the core skills and attitudes needed?
http://photodune.net/item/cool-businessman-portrait-on-grey-background/3628885
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T-SHAPED Broad knowledge with specialisms
THE MAKE UP OF THE GROWTH HACKER
CRITICAL THINKERS Not willing to accept the norm
ASK STUPID QUESTIONS What would happen if…
HIGHLY ANALYTICAL Rely heavily on data analysis
ACTION ORIENTED Always taking massive action
CAT KILLERS Very curious by nature
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http://www.sxc.hu/browse.phtml?f=view&id=1005737
CHALLENGE MISCONCEPTIONS
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THE 70/20/10 BUDGETING RULE FOR HACKING
70% Tried & Tested
20% Emerging Activities
10% Experimental Activities
Established metrics Customers demonstrably using the channels Accepted wisdom Starting to show promise, and building benchmarks No expectation of in year ROI Decision makers concerned about these activities
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THE IMPORTANCE OF MOVING FROM DATA TO INSIGHTS
DATA OBSERVATIONS HYPOTHESIZE TEST
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FREE TRAINING
Google Analytics Academy
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ACQUISITION HACKING http://www.sxc.hu/browse.phtml?f=view&id=1099188
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HOW TO USE SPAMMERS TO HACK FACEBOOK ADS DOWN TO $0.005 PC
01 02
03 04
05
Facebook ads are an auction. Higher demand markets cost more
Target the same interests in low demand countries
Clicks pour in for pennies, due in part to the click farms
Run the same ad with social proof to your high demand markets
Slash ongoing costs!
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HOW TO USE SPAMMERS TO HACK FACEBOOK ADS DOWN TO $0.005 PC
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HOW TO USE SPAMMERS TO HACK FACEBOOK ADS DOWN TO $0.005 PC
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LINKEDIN & SLIDE SHARE – BROADCAST TO THOUSANDS IN 60SEC
JOIN UPLOAD TURN ON SHARE
Join the 50 biggest, most active groups
where your constituents are
Upload your lead magnet (valuable content) to slide
share
Turn on lead capture and have strong value added calls to action
throughout
Share to all your LinkedIn groups in 60
seconds from slide share
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ACTIVATION HACKING http://www.sxc.hu/browse.phtml?f=view&id=1099188
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TRAFFIC SHAPING – THE END OF HIGH INTEREST LOW CONVERSION PAGES
IDENTIFY High traffic
low conversion pages POP UP
Exit intent pop up or before ave. page time
CTA With lots of value, high impact and single core focus CAPTURE
More leads from the high
conversion pages
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HOW TO DRAW FOCUS– TO OUR CALLS TO ACTION
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Just make sure the results aren’t too impressive (unless you can take them away again)
GIVE RESULTS IN ADVANCE
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CUSTOMERS ARE BETTER THAN PROSPECTS
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RETENTION HACKING http://www.sxc.hu/browse.phtml?f=view&id=1099188
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THE RESULTS WE ACHIEVE FOR THEM ARE LESS IMPORTANT THAN THE WAY THEY FEEL ABOUT US - THE ART OF SURPRISE AND DELIGHT
26% + IN TIPS
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http://www.sxc.hu/browse.phtml?f=view&id=1005737
CREATE REASONS TO TALK
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REVENUE HACKING http://www.sxc.hu/browse.phtml?f=view&id=1099188
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THE POWER OF DOUBLE DIAMOND PLATINUM EDITIONS
If you offer a “upgrade” or “double diamond platinum encrusted version” between 8-20% of people will buy it. If you don’t have an upgrade you're leaving money on the table.
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YOU MUST CREATE REFERENCE POINTS
Web only version for $59 Print + Web versions for $125 32% BOUGHT PRINT AND WEB
Web only: $59 Print only: $125 Print + Web: $125
262% increase FOR PRINT AND WEB
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& RESOURCES 7
HACKING TOOLS http://photodune.net/item/people-in-office/369914
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EASY PRE-FILL Pre-fill referral emails
Mlto.tk 1
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VIRAL LISTS Easily create viral waiting lists.
Maitre 2
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OUTSOURCING Hiring cheap in the Philippines
Virtual Valley OnlineJobs.ph 3
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PR ALERTS PR Requests straight to your inbox
Journo Requests 4
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VISIT & SCRAPE Auto visit social sites and scrape contact details
Profile Hopper 5
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RE-SEND EMAIL Automatically resend email to unopened addresses
Rebump
6
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EMPATHY New AI built upon communicating with empathy
Crystal Knows 7
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There is no one, single, unifying approach to growth hacking. It’s a series of small analysis, hypotheses and tests. Once it begins it never ends and there are no silver bullets.
http://photodune.net/item/cool-businessman-portrait-on-grey-background/3628885