peter schlegel, ceo, admazely
TRANSCRIPT
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