startup marketing conference - stacking the odds for authentic, sustainable growth
DESCRIPTION
Startups require a very different marketing approach than established companies. This slide deck from the first marketer at Dropbox, LogMeIn, Lookout and others explains how you prioritize your marketing efforts in a startup. It starts by give you a way to determine startup’s growth potential or if it's even growable at all. It then explains why stacking the odds is critical for reaching your startup’s growth potential and tells you how to stack the odds for growth. Finally it shares a case study explaining how a startup overcame growth frustrations to become worth more than one billion dollars today.TRANSCRIPT
Stacking the OddsFor Authentic, Sustainable Growth
Sean EllisFounder & CEO
Qualaroo & GrowthHackers.com
Agenda
• How to determine startup’s growth potential
• Why stacking the odds is critical for reaching your startup’s growth potential
• How to stack the odds for growth
• Case study – How stacking the odds for growth was critical to building a $1B+ company
About Me
• Founder/CEO at Qualaroo & GrowthHackers.com
• Previously VP Marketing from customer zero to IPO filing at LogMeIn & Uproar.com
• Then 6-month marketing roles at Dropbox, Lookout, Eventbrite…
Marketer’s Role?
Marketer’s Role?Realize full growth potential of a product
• Tap into full potential for authentic growth
• Growing beyond potential is unsustainable
• Product/market fit defines potential
P/M Fit Foundation
P/M Fit FoundationFoundation of all sustainable growth
Product/Market Fit
Product/Market FitAuthentic growth requires product market fit• Large group wants or needs your product
Must Have Experience
Measuring P/M FitMeasuring your startup’s growth potentialMust Have QuestionHow would you feel if you could no longer user [Product]?
Usage• Length of visits• Repeat visits
Must Have Experience
Must Have Experience The key asset for a product/market fit startup
• How do “must have” customers use product?
• Ask: What is the main benefit you receive?
• Ask: Why is that benefit important to you?
P/M Fit Foundation
Stacking the OddsCritical for reaching your growth potential
Why Stack the Odds?
Stack the Odds for GrowthOptimize percentage that reach must have experience• Opens profitable marketing channels
• Makes all marketing more profitable
• Beat competition in channels
Stacking the Odds
How to Stack the OddsOptimize to reach your growth potential• Increase desire for must have experience
• Reduce friction to delivering MH experience
Desire – Friction = Conversion Rate
Increase Desire
Increase DesireUnderstand visitor intent
• Ask: What are you hoping [X] can do for you?
• Ask: Does this page make you want to sign up?
• User test for “aha moments”
Reduce Friction
Reduce FrictionFind friction preventing must have experience
• Study funnel analytics for drop offs
• Ask: Anything preventing you from signing up?
• Run usability tests (Usertesting.com)
Start testing variations
Start Testing VariationsTest to increase desire and reduce friction• Strong hooks based on intent research
• Fix issues (fear and confusion friction)
• Testing never stops…
Calibrate growth engine
Calibrate Growth EngineValue delivery machine• Hook and promise connect
• “Promise” about must have experience (authenticity over response)
Must-Have Must-Have experienceexperience
Hook Promise
Organic Growth
Organic GrowthStrong value delivery drives organic growth
• Retention/loyalty
• Word of mouth
• Up selling
P/M Fit Foundation
Scale GrowthJoin Free GrowthHackers.com Community
Case Study
Case StudyOptimization unlocks growth
• Growth before optimization was frustrating
• First 4 months of Optimization: 1000% visit-to-purchase rate improvement
• Growth channels now scaled
• Over $1B valuation today
Key Takeaways
Key TakeawaysOptimization unlocks growth
1. Marketer role is to reach potential
2. Product/market fit defines potential
3. Understand must have experience
4. Increase desire, reduce friction
5. Value machine drives organic growth
THANK YOU!
#startupmarketingconf