How to identify your highest impact growth opportunities
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Transcript of How to identify your highest impact growth opportunities
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How to identify your highest impact growth opportunities
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@Kissmetrics
#Kisswebinar
@thuelmadsen
Thue MadsenMarketing Operation Manager,
Kissmetrics
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Brian began his career at Teradata, analyzing consumer data for Proctor & Gamble. Then he built an analytics
tools company, which was acquired by PeopleSoft. Later, he was the CEO of Quantivo, one of the first large-scale
cloud-based analytics platforms. So he understands what it takes to build an analytics solution that people love.
Brian KellyCEO, Kissmetrics
@bkkelly
Author of Hacking Growth. Coined the term "growth hacking" after using it in early days to ignite breakout
growth for Dropbox, Eventbrite, LogMeIn and Lookout.
Sean EllisAuthor of Hacking Growth, CEO of GrowthHackers
@SeanEllis
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1 The New Funnel is the full customer journey
2 The North Star Metric
3 Identifying and experimenting around the biggest opportunities for sustainable growth
TABLE OF CONTENTS
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4 Analyze behaviors to identify & grow your best customers
5 Q&A
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WATCH WEBINAR RECORDING NOW
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The New Funnel is the full customer journey
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The old funnel is top heavy and leaky
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Old funnel
Marketing
Sales
CS
The old way
● Top-heavy on resources, not ROI
● Customers entered the product late
● Next “lead” got more focus than “customers”
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The New Funnel is way more interesting...and complex
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New funnel
Sales
CS
Growth Marketing
Sales
CS
The new way
● Lines across the funnel have blurred
● More care and feeding required - or expect churn
● Growth marketers have more responsibility and
accountability for company growth - and they need
help
A new approach is required to drive growth
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The North Star Metric
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Most Important Concept in Growth
● Focal point of fastest growing businesses
● Opposite of a vanity metric
● All important metrics key off of the NSM
North Star Metric
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What is a North Star Metric?
● Single persistent metric for real growth
● Reflects growing footprint of aggregated value
● Measures sustainable growth based on value
North Star Metric
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Facebook● Value: see friends’ updates
● NSM: Daily Active Users (DAU)
● → to value: 7 friends in 10 days
North Star Metric Examples
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Uber/Lyft● Value: $ for drivers, rides for riders
● NSM: Weekly rides
● → to value: First ride/passenger
@SeanEllis
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Full Company Metric (not just a marketing metric)
● Marketers only influence subset of North Star Metric levers
● Right North Star Metric aligns full company to deliver value
● All teams should evaluate their impact on North Star Metric
North Star Metric
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Benefits of using a North Star Metric
● Marketing ROI tied to value delivered
● Customer retention tied to value delivered
● Customer evangelism tied to value delivered
North Star Metric
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Defining your North Star Metric
Step 1: How do customers get value from your product?
Step 2:How can you best quantify this value?
North Star Metric
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Identifying the biggest growth opportunities
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Growing your North Star Metric
● What are the key levers for growing your NSM?
● What prevents growth of your NSM?
Growth Opportunities
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Test to Discover & Improve Tactics
● Find leverage opportunities and set goals
● Generate effective growth ideation
● Use proven growth testing process
Growth Opportunities
#Kisswebinar@SeanEllis
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Finding High Impact Objectives
● Most leverage in growth model
for moving North Star Metric
● Where are you losing people (data)
● Why are use losing people (surveys)
Growth Opportunities
#Kisswebinar@SeanEllis
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Effective Growth Ideation
● Problem solving for objective
● Group brainstorming sessions
● Any team member, anytime
● Ensure clear hypothesis
expected result/why?
● Score ideas on ICE
I - Impact
C - Confidence
E - Ease
Growth Opportunities
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Use Proven Testing Process
● Systematic learning in sprints
● Weekly growth meeting
○ Discuss progress against objectives
○ Review tests planned vs. launched
○ Discuss analysis of tests
○ Team “pitch” nominated ideas
Growth Opportunities
#Kisswebinar@SeanEllis
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More Testing = More Learning
● Set weekly testing targets
● Fix what prevents testing
○ Engage executives with testing results
○ Add resources to improve throughput
Growth Opportunities
#Kisswebinar@SeanEllis@SeanEllis
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Document Learnings
● Document tests, hypothesis and results
● Step-by-step guide for executing proven tactics
● Monitor for continued effectiveness
Growth Opportunities
#Kisswebinar@SeanEllis
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Analyze behaviors and grow your best customers
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25
Understand what people are doing on
your website and products.
Define and monitor your most important growth
segments.
Engage them based on behavior.
> >
Get, keep and grow more customers
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Analyze: Understand behavior to identify bottlenecks in the journey “north”
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Use behavioral analytics to understand:
● Who are your best customers● What are the bottlenecks and drivers to acquisition and retention● How are your initiatives / tests performing
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Segment: Define and track your key growth segments
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Define and track key growth segments:
● Build and monitor key segments along the journey “north”● See how populations / segments change over time● Align initiatives with key groups to influence forward progress
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Engage: Precise interactions to help people along their journey
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Engage customers along their journey “north”:
● Behavior-based emails and messages to help them throughout● Target people when they become part of a key segment● Continuous testing and optimization
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29
+Analyze Populations Campaigns+
Customer Engagement Automationby Kissmetrics
Understand what people are doing on
your website and products.
Define and monitor your most important growth
segments.
Engage them based on behavior.
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Key Takeaways
● Diagram customer journey using new funnel
● Find and grow your North Star Metric
● Focus on growing your best customers
Identifying High Impact Growth Opportunities
#Kisswebinar@SeanEllis
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LEARN MORE NOW
Get, keep and grow more customers with Kissmetrics Customer Engagement Automation
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Brian KellyCEO, Kissmetrics
@bkkelly
Questions?
Sean EllisAuthor of Hacking Growth, CEO of
GrowthHackers
@SeanEllis