try a little growth hacking
DESCRIPTION
A simple introduction to the emerging mindset of Growth Hacking - A more creative and effectual way to do revenue driving, Web traffic generation.TRANSCRIPT
Assumptio� that will kill yo� business
• Growth isn’t important
• I have enough customers
• My product is done (perfected)
• Referrals will sustain any business
All businesses have a nat�al decay rate
Sustained growth is the only defe�ible competitive s�ategy.
Growth Hacking: Energizing your marketing with an insatiable intensity for growth--traffic, users, and revenue.
Objective: Create a sustainable business with sufficient users to confidently maintain product to market fit.
3 Growth Levers 1. Product 2. Traffic 3. User Intent
• Growth isn’t important
• I have enough customers
• My product is done (perfected)
• Referrals will sustain any business
The first numb� is probably ov�whelming
• No lead capture mechanism (don’t laugh - it’s the most common problem)
• No incentive or value proposition
• Asking for too much information
COMMON LEAD ACQUISITION
PROBLEMS
• Nothing to buy (don’t laugh - see #1 problem in lead acquisition)
• Forget to tell leads what to do next. Be VERY direct.
• Path to first Aha! is to complex or takes too long. Develop for instant Wow.
COMMON CUSTOMER ACQUISITION PROBLEMS
• Most Products Suck (especially at first)
• You’re not talking to users - ALL the time
• Product is missing viral loops - features that generate referral sign-ups
• Product is missing features that drive up DAU/MAU (Daily Active Users/Monthly Active Users) ratio
COMMON PRODUCT PROBLEMS
• Retention rate• DAU/MAU• Survey (do you deliver an Aha! moment?)
IS YOUR PRODUCT WORKING, FOR GROWTH?
TRAFFIC, LOTS OF TRAFFIC
Get (economically) efficient �affic...And lots of it!
SYSTEMATICALLY HARVEST CHANNELS ALREADY HOSTING YOUR TARGET CUSTOMERS
FacebookGoogle AdWordsHacker NewsYouTubeEmail
POPULAR CHANNELS FOR SPAWNING VIRAL TRAFFIC
What Do Co�um�s Want?
• Customer development...before the build• Follow a leader to learn. Build something that already works, with a distinct differentiator• Let customer data inform your product and marketing tactics
TALK TO USERS...ALL THE TIME
• Survey
• Beta test
• Loyalty groups
• Social media
• Face-to-face
FacebookGoogle AdWordsHacker NewsYouTubeEmail
VIRAL LOOPSUsers gain value by pulling others into the productLinkedin - closer to accessDropbox - more storage spaceFarmville - faster rewards
VIRAL LOOP STRATEGIES
Margin Viral Loop - User gives something to a friend that only cost the company a fraction of it’s face value. (e.g., Dropbox)Savings Viral Loop - User and friend both get a coupon. Only a fraction redeem - % breakage rate. (e.g., Zappos)Goal Viral Loop - User has a goal (friends participate together, a social cause) encouraging them to share. (e.g., Living Social, $1 goes to...)
Growth HackingProduct - MVP is good enough - maybe too much
Traffic - Tap into existing distribution networks
Customer - Always Be Talking to Users
Viral Loops - Build it into the product
Talk More About Growth Hacking
Bill [email protected]
@billrice
Kaleidicowww.Kaleidico.com
@kaleidico