Growth hacking: A love story
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Transcript of Growth hacking: A love story
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03 Dec 2013
Growth hacking 101 explained as a love storybuild it and they won’t come
with love, Evans [email protected]
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Growth hacking 101 explained as a love story
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Growth hacking 101 explained as a love story
Growth hacking defined.
★ A process. A mindset. ★ Lean marketing for startups.★ A marriage of engineering and marketing.★ What they didn’t tell you about their viral growth.★ Building a self-perpetuating marketing machine.★ Coming up with ingenious tech-based avenues for
product growth.★ Developing repeatable, scalable methods for growth,
driven by product and inspired by data.
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Growth hacking 101 explained as a love story
Growth hacking visualized.
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Growth hacking 101 explained as a love story
Remember the marriage definition?
More about this graphic
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Growth hacking 101 explained as a love story
Some words in this world.
More about this graphic
★ Viral growth is actually engineered. Who knew?
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Growth hacking 101 explained as a love story
Some pains. Growth challenges.
★ Nailing the distribution:• New channel creation.• Channel saturation.
★ The “best product” fallacy:• Today, a stronger distribution strategy can beat a superior product.• “If anyone tells you products sell themselves, they probably want
you to fail” – Phil Libin, co-founder and CEO of Evernote.★ Product-growth fit:
• After product-market fit, this is the most daunting challenge for startups.
• Many think marketing will be the easy part.• Challenging to find the right method (from 100s) to acquire a
customer and monetize.
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Growth hacking 101 explained as a love story
Growth hacking to the rescue...
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Growth hacking 101 explained as a love story
The process: press hack to proceed.
1. Define actionable goals. 2. Setup analytics to track your goals.3. Leverage your existing strengths.4. Experiment.5. Refine your experiment.6. Repeat steps 1 - 5.
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Growth hacking 101 explained as a love story
Start with the Pirates: AARRR!!!
Really cool pirate crew and anime – One Piece. Just saying... Interested?
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Growth hacking 101 explained as a love story
and their startup metrics...
Dave McClure’s Framework:★ Acquisition: visitors get to your site from various channels.★ Activation:
visitors enjoy first time visit; ‘happy’ user experience.★ Retention:
users come back, visit site multiple times.★ Referral:
users like site enough to refer others.★ Revenue:
users conduct some monetization behaviour.
AARRR!!!more on startup metrics for pirates
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Growth hacking 101 explained as a love story
How to predict the future...
Surest way is to create (part of) it
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Growth hacking 101 explained as a love story
...using growth hacking only?
★ Use THE funnel:• Funnels help direct things which are hard to control, like liquids.• Direct people to take pre-defined actions on your website.
★ Monitor each stage of your funnel:• Getting visitors.• Activating members.• Retaining users.
★ Optimize the conversion rate at different stages:• Use analytics.• Conduct experiments and learn from them.• Take action.
★ Keep an eye on the big picture:• Key Performance Indicators (KPIs).• Overall funnel conversion rate.• Create testable, scalable, repeatable methods for growth.
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Growth hacking 101 explained as a love story
They didn’t use traditional marketing...★ These brands use(d) growth hacking to grow their
brands and increase profits.
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Growth hacking 101 explained as a love story
and some specific examples...Attracted many early on by allowing its users to cross-post their listings to craigslist, which was already popular. Back then craigslist had no public API.
Attracted many through clear calls to action, simplicity, refer-a-friend program, dropquests and more incentives to connect on social media.
Attracted many and lost many till they came up with their much talked about on-boarding process that makes new users get to the AHA moment faster. Increased retention and acquisition.
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Growth hacking 101 explained as a love story
Mr. Miyagi say...
Learn how to use chopsticks and how to catch flies
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Growth hacking 101 explained as a love story
7 take-outs.1. Learn how to catch flies attention, convert and retain.2. Build it and they won’t come – make them come +
stay.3. Virality is not the norm – it’s engineered into products.4. Product and distribution are both important – good
product + bad distribution = bad result.5. Monitor and optimize your funnel. Listen to your
website visitors + users and respond.6. Leaky buckets don’t need more water – retention
trumps acquisition.7. Growth hacking is a mindset that’s about creativity
and creating scalable and repeatable methods for growth driven by product and inspired by data.
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Growth hacking 101 explained as a love story
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Growth hacking 101 explained as a love story
The love story...and some mathVisitor meets website = Blind date. Good first impression = More dates. Visitor finds website interesting = Status change to ‘in a relationship’.
Visitor turns member – subscribes, signs up or makes a purchase. Newly in love with your site (honeymoon).
Tells friends about it = Referrals. Your website’s worth proven repeatedly and value still stands = Repeat visits, activations and referrals. Member goes from being ‘in a relationship’ to ‘married’ = Member turned user. Site keeps long time users happy = Happily married.
Growth hacking methods get as many blind dates and turn as many of those blind dates into happy marriages. And happily ever afters. With creativity and science.
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Growth hacking 101 explained as a love story
Create a happily ever after...