Growth Hacking Paris #2 : Mobile Growth Hacking by Carlos Mondragón
Growth Hacking with Data
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Transcript of Growth Hacking with Data
Meaghan Fitzgerald – @megfitz
Growth Hacking with DataIt’s Time to Get Obsessed with Analytics
IntroductionMy Background
Meaghan Fitzgerald – @megfitz
Spoonfed Media / Evently
B2C event listings site, grew to 350,000 visitors/month and B2B marketing software surpassed £1mm revenue.
23snaps
Private social network for families, mobile-first platform, over 600,000 users in first 18 months
IMVU
3D virtual chat service. Doubled user base from
12mm to 25mm users.
Other Startup Projects
Personal projects and advisory work with a range of content, software and mobile sites.
What is growth hacking?Growth hacking leverages your product as well as your marketing mix to gain at least one of these four advantages.
Meaghan Fitzgerald – @megfitz
Growth Hacking
Cheaper User
Acquisition
Faster User Acquisition
More Targeted
User Acquisition
Scalable User
Acquisition
What is growth hacking?
Meaghan Fitzgerald – @megfitz
Growth hacking is a marketing arbitrage opportunity.
To recognize the arbitrage opportunity, you need data.
What to TrackHigh level themes to help you decide what data to collect.
Meaghan Fitzgerald – @megfitz
The Sign of ThreeThree levels of business insights
Meaghan Fitzgerald – @megfitz
Key Performance Indicators (KPIs)
Actions (Drivers)
Demographics (Customers)
Key Performance IndicatorsWhat are your core metrics?
Vanity Metrics
Store Reviews
App Page Views
Social Media
Mentions
Meaghan Fitzgerald – @megfitz
Grow
Retain
Monetize
• Registrations
• Sales
• Downloads
• Referrals
• Churn Rate
• Resales / Upsells
• Usage
• Sales / Resales / Upsells
• Ad Revenue
• Revenue / User
• User Life Time Value (LTV)
ActionsDrivers of growth, and critical in understanding your growth hacking success
Meaghan Fitzgerald – @megfitz
Information Overload
Historic Data
On Your Platform Online Offline
- Visits- Interactions with
content- Newsletter signup- Engagement- Last visit- Referrer+ many more
- Facebook fan- Twitter follower- Viewed an online ad- Read an online article- Purchased from a
reseller or marketplace
+ many more
- Connected at an event/tradeshow
- Phone call- Viewed an offline ad- Purchased a physical
product
+ many more
DemographicsThose who become your customers (and those who do not)
Meaghan Fitzgerald – @megfitz
Who doesn’t become your customer might be as relevant
as who does.
How Do You Track It?Tools for tracking data and tips for communicating your tracking needs
Meaghan Fitzgerald – @megfitz
Tracking ToolsThree levels of customization and performance
Meaghan Fitzgerald – @megfitz
Pros Cons
Inexpensive Limited Tracking
Industry Benchmarks
No Support
High Usage, Lots of Guides
Not Customized
Tied to Ad Neworks
Pros Cons
Deeper Insight Expensive
Supports Push Marketing
Requires DevTime to Set Up
API for DataExport
Price ScalesQuickly
Cross Platform
Full Time Job
Pros Cons
Endlessly Customizable
PotentiallySignificant
Development
Generally Cheaper
Reporting Limited to What You Build
Specific to Your Business
No PushMarketing
You Own the Data
“Start Up” Enterprise Custom
Decide with Developers
Integration
Optimization
Maintenance
Exports
Meaghan Fitzgerald – @megfitz
Communicate Your Tracking RationaleWhy are you tracking? Who
• Will implement it?
• needs to access the data?
What
• Are you going to track?
• Format does the data need to be in?
When
• Will people need to be able to access it (real time? Daily? Weekly reports?)
Where
• Will it be stored? On a third party’s system or will you own a copy in house?
Why?
Meaghan Fitzgerald – @megfitz
Taking ActionWhat should we do with these data?
Meaghan Fitzgerald – @megfitz
The Scientific MethodCreate your hypothesis then test, test, test
Ask a Question
Propose a Hypothesis
Test, Test, Test
Collect and Analyze
Data
Draw a Conculsion
Keep Doing What
Works!
Meaghan Fitzgerald – @megfitz
Reverse Engineer Your FunnelLook for what’s working, and do more of it Actions
Demographics (Customers)
Growth
- Visits your site- Requests a quote- Reads a blog post- Follows you on Twitter- Clicks an ad- Demos your product- ‘Like’ on Facebook- Refers a friend- Newsletter sign up
- Company size- Location- Budget- Hobbies/Interests- Education- Homeowner- Profession- Industry- Age
Meaghan Fitzgerald – @megfitz
Meaghan Fitzgerald – [email protected] – @megfitz
ExamplesGrowth hacking in action.
23snaps and InstagramData analysis showed a new user acquisition channel, and quick product updates led to big growth wins
Meaghan Fitzgerald – @megfitz
•Noticed the increase in users
Unexplained Spike in Registrations
•Analysis of user source
•Searched for brand mentions across platforms
Deep Dive in Analysis •Noticed the types of
Instagram posts people were making
•Audience was a perfect fit
Recognized Instagram Audience
• In-app feature
•Encouraged Instagram hashtags
Created Instagram Sharing Tool •Signed up over 2000
users in 2 days (the day before had signed up 200)
Win!
Spoonfed and EventlyConsumer platform and free listings drove “free” leads for B2B software
Meaghan Fitzgerald – @megfitz
B2C Event Listings Guide (like TimeOut)
Event organizers
submit event
listings
Strong brand and
large userbase
Marketing automation software for event organizers
(HubSpot for events)
Leads
Content
It’s Not Just About NumbersCreativity drives growth hacking
Meaghan Fitzgerald – @megfitz
Data can tell you what’s happened, it can’t tell you what
to do next.
Thank YouQ&A
Meaghan Fitzgerald – @megfitz