Peter Schlegel, CEO, Admazely
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Transcript of Peter Schlegel, CEO, Admazely
What we did
Visits webshop Abandons purchase Sees retargeting ad Completes purchase
Webshop Crawls, scrapes Machine learning UI with all products and unique banners
What a consumer does
What Admazely did
# of active customers
Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09R&D
Active fundraising
# of active customers
Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09R&D
Bankruptcy
(FOUNDER) LESSON:Gain traction before you need to fundraise
Jun/12 Aug/12 Oct/12 dec/12 Feb/12
May/12Jul/12 Sep/12 Nov/12 Jan/13 Mar/12
Apr/12
Our sales funnel in February 2013Leads Qualified
leads
Calls
DemosPilots
MRR
GROWTH HACKER LESSON:Quantify critical conversions from day one
Conversations
<40%60%8%30%??????
Skype logs per sales rep
manipulating in Excel(IF call duration >90 sec = conversation)
ZoHo CRM = $25 / mth
e-conomic
Pilots -> MRR:failed because of unknown unknowns
Leads Qualified leads
Calls
DemosPilots
MRR
GROWTH HACKER LESSON:Gain domain-specific knowledge as early as possible
Conversations
<40%60%8%30%??????
Optimising the actual retargeting
Our ladder of sophistication
Surely, this is as easy as scratching
my own ass
Dammit, I’m spending a lot of
time in this interface looking at reports
Nice, automated data extraction to Excel and loads of
pivot tables
Hmm… we’ve got a phd in machine learning and a theoretical physicist in our team – maybe they know a thing
or two about data…
Demos -> Pilots:kind of solved it
Leads Qualified leads
Calls
DemosPilots
MRR
Conversations
<40%60%8%30%??????
Product didn’t quite work – so we hacked it
Conversations -> Demos Pilots:kind of solved it
Leads Qualified leads
Calls
DemosPilots
MRR
Conversations
<40%60%8%30%??????
Pre-populating demo account with Shopify customers own site/products made this metric explode
GROWTH HACKER LESSON:Product (hacks) is the best way to optimise conversions
Conversations -> Demos Pilots:kind of solved it
Leads Qualified leads
Calls
DemosPilots
MRR
Conversations
<40%60%8%30%??????
No hack, just leadership
Conversations -> Demos Pilots:kind of solved it
Leads Qualified leads
Calls
DemosPilots
MRR
Conversations
<40%60%8%30%??????
This was where we were really wasting time and money
What our idiocy looked like
Segment• Small-to-medium webshops• Owner/manager OR• Marketing manager• In UK
Process• Buy D&B database• Manually find company
online• Try to figure out if they had
a webshop• Find telephone number• Call reception for name• Convince reception to
transfer call
New process
Segment(e.g. Fashion)
Brainstorm for 250 search
terms
2500+ search terms for fashion
Bot
New process
Segment(e.g. Fashion)
Brainstorm for 250 search
terms
2500+ search terms for fashion
Bot
Perform 1000’s of google searches
New process
Segment(e.g. Fashion)
Brainstorm for 250 search
terms
2500+ search terms for fashion
Bot
Perform 1000’s of google searches
Get list of 10,000’s leads
New process
Segment(e.g. Fashion)
Brainstorm for 250 search
terms
2500+ search terms for fashion
Bot
Perform 1000’s of google searches
Get list of 10,000’s leads
Get list of 10,000’s pre-
qualified leads
New process
Segment(e.g. Fashion)
Brainstorm for 250 search
terms
2500+ search terms for fashion
Bot
Perform 1000’s of google searches
Get list of 10,000’s leads
Get list of 10,000’s pre-
qualified leads
Get list of 10,000’s
qualified leads
New process
Segment(e.g. Fashion)
Brainstorm for 250 search
terms
2500+ search terms for fashion
Bot
Perform 1000’s of google searches
Get list of 10,000’s leads
Get list of 10,000’s pre-
qualified leads
Get list of 10,000’s
qualified leads
Handover to interns Call for info Handover to
sales Call to sell
RBITDAB(Results Before Interest, Taxes, Depreciations, Amortisations and
Bankrupcy)
Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09R&D
Jun/12 Aug/12 Oct/12 dec/12 Feb/12
May/12Jul/12 Sep/12 Nov/12 Jan/13 Mar/12
Apr/12
Hypothesis -> experiment -> data -> insight -> outcome
There are reasons why they test on guinea pigs before humans
Leverage others to hack your learning curve
Apply dev resources to sales and marketing
Love problem-solving, not specific solutions