HFUUIFNUPSFGFS HFUUIFNUPQBZ HFUUIFNUPTUBZ … · 2019-11-10 · In 2007, Dave McClure coined the...

TIM HAMPTON

RepeatableGenius.com

growth hacking get their attentionget them in the doorget them to stayget them to payget them to refer

ARE YOU MUSK MATERIAL? OR MUSKOKA MATERIAL?

Either way, growth can help you reach your definition of success. Elon Musk is worth $20 billion. He is building new companies intechnology, transportation and energy that will change the fate ofhumanity. He works 80 hours a day. I’m only slightly exaggerating. Muskoka Mia (she’s never heard of you either) is financiallycomfortable, spends summers at the cottage with her family and hasa thriving practice that covers her expenses even though she worksan average 20 hour week. Who is richer?

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WHO IS RICHER?

Elon can make billion dollar decisions and wields the economicmight of a small nation. Mia has time and money for yoga class, travel and coffee withfriends. She can choose jobs that fascinate her and reflect her besttalents, and work with clients she loves collaborating with. They weren’t handed these circumstances, they had to earn them.They had to grow their businesses to create the freedom they nowenjoy. Yes, Mia was content to grow a smaller business, but she had tohustle to get the point she is now. In the beginning she had to takealmost any work that came, building her reputation and client listover time.


A BIGGER LIFE

Growth hacking isn’t just about becoming a billionaire. It can be about growing a business that you run, instead of abusiness that runs you. Growth hacking can accelerate yourbusiness past hand-to-mouth work and sleepless nights wonderingif you can cover the bills. Growth isn’t just about making a bigger company. It’s about makinga bigger life.

THIS GUIDE IS FOR YOU

This guide is for the small business owner, the entrepreneur, thestartup founder, who wants to accelerate the creation of a companythat not only provides value to its customers, but to its owner aswell.


WHAT IS GROWTH HACKING?

If I had a machine that you could put in $5 and out pops $10 you'dround up all the fives you had. You'd probably even borrow some. Business is meant to be like that, but you know that reality is waymore complicated. Where do you put in the resources? What willpop out? What connects to what? With growth hacking you can map out your business to create areliable money-making machine.


GROWTH HACKING IS DATA DRIVEN

Marketers often will labour to get a company attention in ways thatreturn on investment cannot be measured. The pitches Don Drapermade were more convincing in the boardroom (and the bedroom)than on the billboard. Nineteenth century Philadelphia retailer John Wanamaker is oftenquoted as saying, “Half the money I spend on advertising is wasted.The trouble is I don't know which half.” Growth hackers don’t accept this uncertainty. Growth hackers willtry a change and measure the results.


GROWTH HACKERS HAVE A NORTH STAR

Growth hackers don’t stop at just getting the word out - they wantevery part of the organization to contribute to - and be geared to -growth. As Sean Ellis said in his 2010 blog post where he first describedgrowth hacking, “A growth hacker is a person whose true north isgrowth.”


WHY ARGUE WHEN WE CAN GOOGLE IT?

Have you ever had a conversation like this? “Arnold Schwarzenegger is older than Sylvester Stallone.”“I’m pretty sure it’s the other way round.”“I’m googling.” We live in an age where we have so much information at ourfingertips. For a growth hacker, this data means never having toguess. At each step of the sales funnel, you can measure your success andthe impact of steps you take. Growth hacking and its use of data takes the guesswork out ofmarketing and product development. Growth hacking is aboutidentifying a theory and testing it, instead of arguing about it.


TESTING, TESTING

Is the ad you wrote better than the ad your coworker wrote? Why argue? Just run them both and see which gets better response. This is called A/B testing, or split testing, and it is done in countlessways by countless companies. The classic example from the onlineworld is making changes to a website like the colour, size orpositioning of the buy button and seeing which converts better. There are examples from providers of physical products and servicesas well. In 2007 Jeep introduced two models, the Patriot and the Compass,which were just differently styled versions of the same platform. Thisapproach lets car companies test which model will sell best withoutinvesting in entirely new platforms.


GOTTA GET THAT

In 2007, Dave McClure coined the term Pirate Metrics to describe thevarious growth levers available to companies: Attention, Acquisition, Retention, Revenue, Referrals. Together, these levers spell AARRR. Like a pirate, get it? Gotta get thatGotta get thatGotta get thatGotta get that that thatThe Black Eyed Peas Two years later, in 2009, The Black Eyed Peas released their then-futuristic song Boom Boom Pow. I just showed my 14 year old sonthe video and he sarcastically pointed out that they predicted afuture when everybody uses autotune. Ha! They also wrote a great anthem for growth hackers – gotta get that!


GET THEIR ATTENTION – ACQUISITION

How do users find you? Before we explored the world through a web browser, gettingpeople’s attention involved setting up shop in a location with lots oftraffic, posting billboards, sending out flyers, or running print,television and radio ads. Today acquisition is often a matter of getting somebody to visit yourwebsite. How do we get people to visit our site? The techniques of web acquisition include search engineoptimization (making your site and its pages useful to people whosearch through Google or Bing), using social networks, blogs, andaffiliates.


GET THEM INSIDE – ACTIVATION

They’ve locked eyes with you across a crowded internet, and walkedup to you. You need to make your case clearly and quickly. Whatservice do you provide? Does it appeal to them? Can you hold their attention, or do they bounce? The key metricshere are how many seconds (yes, it can be that fleeting) do they stayon your page? Do they follow the links on your page, indicatinginterest? Do they visit a key page, e.g. your contact page, or anewsletter sign up? To optimize your activation, do lots of landing page split tests.Where does the information need to sit to hold their interest? Whatcolours and pictures do you use? What copy? Your goal is to go from being a lawyer, a bowling alley, a landscaper,to being their lawyer, their bowling alley, their landscaper.


GET THEM TO STAY – RETENTION

Churn, losing customers at a rapid rate, is a killer. Good companieswill go to great lengths to keep customers. I recently had some work done on my car and was dismayed to findgrease on seats. I let the service manager know and not only didthey clean it right away, they offered me a detailing on my next visit.This is a case of the squeaky wheel getting the grease (removed fromhis seats) and the kind of customer service that keeps peoplecoming back. To increase retention, you not only need to provide excellentservice, you need to keep the conversation going. Offer them newmaterial on a timed basis through an email newsletter. Alert them tooffers or events you hold. Post content that will lure them back. Many consider retention to be the most important growth lever. Youcan’t grow if you are losing more customers than you attract.Furthermore, it takes time for a customer to break even, to pay morethan it cost for you to attract them in the first place.


GET THEM TO PAY – REVENUE

It’s been fun, but now you are asking to make things official. Dothey see what you have to offer as having enough value to payfor? It’s not a single event. This ties to retention – focus some ofyour energy on finding new value for existing customers, notdevoting all your attention to new customers.


GET THEM TO REFER – REFERRALS

Some products are naturally viral. Facebook is a perfect example. Ifpeople want to see your posts, they need to sign up, and they in turnpost, which attracts their friends. Not all products can go viral this easily, but good service and valuecan cause your customers to spread the word. You can also encourage this with simple calls to action on your siteor emails (e.g. If you value our service, please let your friends know)or with contests or rewards (e.g. one referral in a thousand wins afree trip, every referral upgrades your service).


YOUR CALL TO ACTION

Growth hacking is about the processof producing hypotheses, guesses,about what will improve the metricsthat contribute to growth. Don't speculate when you can run asmall experiment. Don't rest on yourlaurels when you could be growingyour company.

REPEATABLE GENIUS

Repeatable Genius is a company, a website and a belief - a belief thatthere are repeatable, reliable methods for coming up with the ideascompanies need to innovate, compete and thrive. My name is Tim Hampton. My mission is to learn and share the techniques of innovation.


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