how to find the big growth opportunities hiding in your data

Find the Big Growth Opportunities Hiding in

Your Data MORGAN BROWN, COO INMAN

@Kissmetrics

#KissWebinar

@thuelmadsen

Thue is the Kissmetrics Webinar Wizard and Marketing Ops Manager. Before joining forces with Kissmetrics, he was a Lyft driver in SF, which is also how he ended up as a KISSmetrics marketer. Whenever Thue is not trying to automate everything around him, you can find him hiking

in the Sierras.

THUE MADSEN Marketing Operations Manager, Kissmetrics

@ThueLMadsen

Morgan is the COO of Inman and the co-author of “Startup Growth Engines: How Today’s Most Successful Startups Unlock Extraordinary Growth” with Sean Ellis.

Morgan has led growth for a number of prominent startups including: GrowthHackers.com, Qualaroo,

TrueVault, ScoreBig, and Science.

MORGAN BROWN COO, Inman

@morganb

#KissWebinar

@morganb

1 Instrumenting for Growth

Figuring out what matters

Identifying opportunities

Creating hypotheses

2 Finding Growth in Data

3 Testing for Growth

TABLE OF CONTENTS

Launch lightweight tests

Double down on winners

Learn and keep moving

Upping your data game

Being able to answer questions

WATCH WEBINAR RECORDING NOW

We’re drowning in data SO MANY NUMBERS, SO LITTLE INSIGHT

http://static6.businessinsider.com/image/568c42d4c08a8037018b71cc/jack-dorsey-just-admitted-that-twitters-140-character-limit-could-go-away-with-a-super-long-tweet.jpg

“One of my greatest lessons in starting and running Twitter and Square is how important it is to instrument all usage.”

JACK DORSEY

MEASURE WHAT MATTERS TO YOU

What’s most important here isn’t necessarily what’s important to you.

BUILD YOUR GROWTH MODEL

You must understand how your business grows before you can start to find hidden growth opportunities.

http://firstround.com/review/indispensable-growth-frameworks-from-my-years-at-facebook-twitter-and-wealthfront/

BUILD YOUR GROWTH MODEL

Doesn’t have to be exact, but needs to account for the key levers that drive growth for the business.

http://firstround.com/review/indispensable-growth-frameworks-from-my-years-at-facebook-twitter-and-wealthfront/

Build (& implement) a tracking plan

http://bit.ly/1UaBd7V COURTESY OF SEGMENT.COM

SIGN UP NOW

Start Your Free Kissmetrics Trial

INSTRUMENT KEY FLOWS FIRST

Set up tracking for your core activation, engagement, retention, purchase and referral flows

Finding Growth in Data PROCESS AND EXAMPLES

DECIDE WHICH METRIC TO MOVE

What area of your business can give you the biggest wins if you improve it?

http://www.slideshare.net/polvallssoler/pirate-metrics-aarrrprofit-and-key-metrics-to-track

LOOKING FOR OPPORTUNITIES

ANALYZE

IDEATE

PRIORITIZE

TEST

Ask Questions

GenerateHypotheses

Focus &Prioritize

Rapidly Test Promising Ideas

ASK QUESTIONS

What are my best customers’ behaviors? What features do they use? What pages do they visit?

How often do they engage?

What are my best customers’ characteristics? What sources do they come from? What products do they purchase?

What devices do they use?

What events cause users to cancel/churn/abandon? What action didn’t they take? What behavior did they stop?

IDENTIFY BEST CUSTOMERS

Where are inflection points that lead to big wins? 2 session users nearly 4x more likely to convert

AVOID FEATURES THAT EVERYONE/NO ONE USES

Goal is to find overlapping product use and best customershttps://blog.modeanalytics.com/facebook-aha-moment-simpler-than-you-think/

AREAS TO EXPLORE

RETENTION How do I keep more users engaged?

ACTIVATION How do I improve conversion rates? How do I improve trial to paid rates?

MONETIZATION How do I grow transaction value?

How do I improve conversion rate?

GENERATE HYPOTHESES

Ha: By getting more users to make a second visit in 30 days, we can increase the rate at which they convert to new subscribers.

H0: By getting more users to make a second visit in 30 days, we will not increase the rate at which they convert to new subscribers.

PRIORITIZE HYPOTHESES

Growth lead owns focus (North Star, OKR, etc.) Hypotheses are scored and sized (ICE Score)

Growth team nominates experiments for testing

TWEET OF THE DAY

Work on something where if you make a difference, it makes a difference.

@NEILPATEL

@Kissmetrics @MorganB #KissWebinar #YourHashtag

Testing for Growth GENERAL GUIDELINES AND TOOLS

DESIGN SIMPLE TESTS FIRST

We sent simple text email to re-engage people who had only visited once in last 3 weeks.

Variant Sent Orders Conversion Rate Improvement

Original 13963 19 0.14% —

Variant #1 14356 22 0.15% 12.6%

Control 9365 9 0.10 -29.4%

DESIGN SIMPLE TESTS FIRST

Airbnb ads a small sign up bar below main experience to prove out “sign up” test before investing heavily in customizing UX

THEN, BUILD OUT WINNERS

Airbnb invests in polished design once hypothesis proven. Increases sign-up rate 40%.

DESIGN SIMPLE TESTS FIRST

Moved Email collector from bottom to top

Result: 700% Increase in collected emails

GrowthHackers tests email capture with simple change in location, then doubles down on success with further tests.

THEN, BUILD OUT WINNERS

Double down when you find signal to optimize and formalize feature.

+22.1% sign ups +44.5% sign ups

LOOKING FOR OPPORTUNITIES

ANALYZE

IDEATE

PRIORITIZE

TEST

Ask Questions

GenerateHypotheses

Focus &Prioritize

Rapidly Test Promising Ideas

COMPOUND WINS TO FIND GROWTH

PEEP LAJA CONVERSIONXL

A 5% monthly improvement is an 80% improvement over 12 months.

“

What to do next TAKEAWAYS AND ACTION PLAN

Get your data in order CAN YOU TRACK WHAT REALLY MATTERS?

Set your North Star WHAT ARE YOU AIMING FOR?

Image: http://starworlds.blogspot.com.es/2010/07/astro-weather-for-last-week-of-july.html

Identify key success behaviors

WHAT ARE MY BEST CUSTOMERS DOING THAT OTHERS AREN’T?

Image: https://www.theodysseyonline.com/quick-guide-redefining-success

Ideate like crazy CREATE HYPOTHESES TO TEST AND DISPROVE

Image:https://zapier.com/blog/visualize-to-do-list/

Launch lightweight tests MOVE FAST AND LEARN THINGS

Image:http://dailyalchemy.com/law-attraction-experiment-fail/

Double down on winners INVEST WHERE THERE IS SIGNAL

Image: http://www.vegas-aces.com/Root/players/players/pages/blackjack/how-to-play-blackjack/01-how-to-play-blackjack-the-basics.html

Learn and keep moving GROWTH IS NEVER DONE

Image: https://en.wikipedia.org/wiki/Portal:Sharks/Selected_articles

MORGAN BROWN COO, Inman

@morganb morganb@gmail.com

THUE MADSEN Marketing Operations Manager, Kissmetrics

@ThueLMadsen tmadsen@kissmetrics.com

Questions?