Transcript
@DistroDom
WHO IS THIS GUY DOMINIC?● Co-Founded GarmentValet● Co-Founded Curebit / Talkable
Now I’m @DistroDom @500 Startups investing time and $ in promising startups #500STRONG
Power Funnels...
& How to Optimize Them
WE DON’T WANT A LEAKY FUNNEL
Don’t Ever Forget….
GROWTH FOR PIRATES… AARRR
@DistroDom
Acquisition • Attracting the right people
Activation • People signup and start using your product
Retention • People keep using your product.
Referral • People get their friends to start using your product
Revenue • Buying more
Credit: Dave McClure (@davemcclure)
What Should I Optimize??
… AND, How???
RULE 1: Optimization ≠ Testing
A/B Tests Don’t Matter If Too Small
< 250 Conversions (Per Variation) Means A/B Test Isn’t Valid and leads to false confidence.~ Peep Laja @WMD 500 Startups 2015
RULE 2: Optimize Shit That Matters
Look Familiar?
YAAASSS!!!
RULE 3: Define What A Win Is
Make sure your optimizations are tied to real business goals ● sales● signups● profit
RULE 4: It’s Not Magic - It’s Process
You Don’t Need to be MAGIC
Slide credit to Peep Laja: http://conversionxl.com/blog
RULE 5: Always Measure● Conversions are directly related to
optimizations ● Full Weeks (every day is different)
● Long enough periods of time
Now - the “WHAT” Part:
FOCUS ON PRINCIPLES @ EACH STAGE
not tactics from others
● Visual Heirarchy● Keeping everything simple● State value in the your customer’s language● Pay attention to FOGG (Behavioral Model)
Great Principles
Acquisition
● look at conversion from signups (not just signups)● look at CTR related to conversions, are your ads just getting a lot
of clicks from the wrong people● Expand your audience in a segmented way● Onboarding flow (too many questions, not enough)● Clear calls to action● Is the value stated clearly in the words of the user
Activation
● Immediate welcome emails● Content nurturing with valuable news ● Starting a conversation● Incentives to activate
Retention
● try to find when people normally leave/drop out and then lengthen the curve prevent it
● figure out the main reasons for leaving and optimize around that
Referral
● figure out if people like your product● put sharing call to actions in more places● make it easy for the friend to use the offer
Revenue
● what products are selling best● what products are profitable / loss leaders● what # of your revenue is coming from customers who buy● what else can you sell, is there a different way to package it, is
there a promotion that makes people spend more
What’s Next?
You’ve just beenexperimented on for HIPSLIDES.com
Get your own at HIPSLIDES.com
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