rockaway academy #4 – growth hacking with radko sekerka (rockaway vct)
TRANSCRIPT
Rockaway Academy – Workshop #4 Growth
HackingRadko Sekerka
Agenda
1. Key personas, how to define them and why we should map customer flows
2. How to setup key metrics; define goals and KPIs3. Calibrate data – start measuring actuals and reforecast4. Optimize Free Trial Signup5. Improve monetization campaign, redo pricing, apply discounts
Map business story
Defining personaUser A (Sonia,35)
She is socially inert.
She spends her leisure time watching TV.
She loves cooking.
She googles up recipes and watches cookery shows on TV.
Her major medium of communication is phone call.
She is not very active in technology usage. However would love to explore its use and existence.
User B (Priya,32)
She is socially very active.
She is an active blogger.
She has a part-time job.
She loves experimenting with food and sharing the new recipes with others.She has an active friend circle which meets during regular gatherings.
She is a tech-saavy personality.Source: https://team5dblog.wordpress.com/
Flowmap
Source: http://smashinghub.com/9-easy-steps-towards-designing-an-iphone-app.htm
Prototypehttps://marvelapp.com/4590d7
Define key metrics, KPIs, dashboard
• Web & Product metrics• Cohorts - User Retention• Monitor customer journey• Overlaid Cohorts - Revenue Retention• A/B test
Web/product metrics
Page1 Page2 Page3Demo page 1
Demo page 2 SignUp
Welcome page
Welcome Email Opened
Welcome email clicked
Product page1
Product page 2
Product page 3 Added users
1 product defined
1-3 products defined
more than 3 products defined Comments Pricing page
Opened buy now email
Clicked buy now email Order Renewal
user_id_1 10 5 10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
user_id_2 5 45 3 54 45 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
user_id_3 33 5 15 3 3 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
user_id_4 45 7 88 6 5 1 1 1 1 3 3 2 0 0 0 0 0 0 0 0 0 0
user_id_5 3 44 3 7 8 1 1 1 1 7 5 8 3 2 3 0 0 0 0 0 0 0
user_id_6 4 5 6 7 8 1 1 1 1 5 6 4 4 4 1 2 1 3 1 1 0 0
user_id_7 5 6 9 7 8 1 1 1 1 3 7 0 5 6 1 4 2 6 2 2 0 0
user_id_8 6 12 12 7 8 1 1 1 1 1 8 4 6 8 3 6 3 9 3 3 1 0
user_id_9 7 6 15 7 8 1 1 1 1 1 9 0 7 10 5 8 4 12 4 4 1 1
Visitor Explorer Light User Heavy user Customer
KPI1 KPI2 KPI3
KPI4 = % conversion rate
KPI5 = revenue per visitor
High Level Dashboard
Source: http://techcrunch.com/2015/02/26/branch-metrics-raises-15-million-for-its-smarter-mobile-deep-linking-technology/
Focus on Key metrics
Visits and Source of traffic
Installs in trended view
Conversion funnel
Cohort analysis – product fit
Source: http://blog.usercycle.com/dau-driven-product-management/
Retention profilesThe charts below show three real products, and how many users from each daily cohort show up for the 11 days after sign up.
Product #1 is in trouble. Just about all users are gone by Day 2.
Product #2 is doing a little better. Users stick around to Day 6, but still zeros out. No product/market fit yet.
Product #3 has clear traction. A steady % of signups are still around 11 days in, and things level out from there (with a very slow decline from there. Some products like Evernote manage to reach zero slope, but it's rare.)
Monitor customer journeyCustomer success is proactively leading and monitoring your customers’ journey with your product
Know when and why to reach out to a customer. Keep track of every user. Deliver the results they expect. Make them happy.
Make opportunities happen
Source: http://www.totango.com/
Revenue RetentionKnowing your customer's LTV is critical to projecting growth (and, importantly, raising money)
Measure and analyze true LTV for each cohort and how this changes over time
Source: https://usercycle.com/recipes/overlaid-cohorts-revenue-retention
A/B test
Source: http://www.wplama.cz/wordpress-pluginy-na-ab-testovani/
! Make sure the test is running long enough to achieve significant statistical significance! Watch data in trended view to eliminate seasonal anomalies
Optimizing the Free Trial SignupLearn from: http://conversionxl.com/optimizing-the-free-trial-signup/
5.3% Refund
46.2 % Renew
17.1% unsubscribe from Annual billing
56% start in Annual billing
Total Expiring Licenses
1.2M licenses
538K start outside of AB
137K renewed (25.5%)
674K start in AB
559K remain in AB
62.5% AB Authorizations
28K refunded (7.1%)
63K manually renewed (11.2%)
116K unsubscribe
11k renewed (9.6%)
54%
13.9%
24.4% 66.2% 10.3% 13.2%
7.9% 1.4%1.4% 1.4%
H2 2014
46.4%
5.7%
33%
8.2%
25.6% 67.0% 16.2% 14.0%
5.8% 1.5%1.5% 1.5%
H2 2013
51.5%
5.0%
Retention – transaction flow
A
B
C
D
Installer First day First 15 days
[Geo][Acq.Camp] [Product data][license data] [Product data][Campaign data][License data]
Smarter targeting – event/lifecycle based
Smarter targeting – event/lifecycle based
Installer First day First 15 daysTrial Offer
Trial Offer
Trial Offer
[Geo][Acq.Camp] [Product data][LS data] [Product data][Campaign data][LS data]
Smarter targeting – event/lifecycle based
First day First 15 daysPCT OfferToolbar Offer
Mobile Offer
PCT Offer
Mobile Offer
PCT OfferMobile Offer
Mobile Offer
Installer
[Geo][Acq.Camp] [Product data][LS data] [Product data][Campaign data][LS data]
Smarter targeting – event/lifecycle based
First 15 daysInstaller First dayUpgrade Campaign
OTAP campaigns
Email Campaigns
Upgrade CampaignOTAP campaigns
Email Campaigns
Upgrade CampaignEmail Campaigns
Email Campaigns
Toolbar re-offer
[Geo][Acq.Camp] [Product data][LS data] [Product data][Campaign data][LS data]