Growthhacking for startups

8/19/2019 Growthhacking for startups

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with Mattan Griffel, CEO of One Month / @mattangriffel

GROWTH HACKING:How Startups Grow From0 To Millions Of Users

Prepared for


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In 1996 co-workers Sabeer Bhatia and Jack Smithplanned to start a company called JavaSoft


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BUT THEY WERE AFRAID THEIRBOSS WOULD CATCH THEM


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AND SO HOTMAILWAS BORN


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THEYRAISED

300 000


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But Hotmail’s LaunchWas Unimpressive

July August


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Their growth strategy was to buybillboards and radio ads


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BUT SOMEONE

HAD A BETTER IDEA


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PUT ‘PS: I LOVE YOU. GETYOUR FREE E-MAIL ATHOTMAIL ’ AT THE BOTTOMOF EACH E-MAIL.


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Within Hours, Hotmail’s GrowthTook The Shape Of A Classic

Hockey Stick Curve

July August


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THEY STARTED AVERAGING3,000 NEW USERS A DAY

July August


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WITHIN 6 MONTHS, THEY WEREUP TO 1 MILLION USERS

July September November


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July September November January

FIVE WEEKS LATER, THEY HITTHE 2 MILLION USER MARK


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IN ONE CASE,BHATIA SENT ONE EMAIL TO

A FRIEND IN INDIA


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WITHIN 3 WEEKSHOTMAIL HAD300,000 USERS

IN INDIA


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July September November January March May July September

WHEN THEY SOLD TO MICROSOFT 1.5 YEARS AFTERLAUNCH, HOTMAIL HAD 8.5 MILLION USER


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July September November January March May July September

(There were only 70 million internet users at the time)

WHEN THEY SOLD TO MICROSOFT 1.5 YEARS AFTERLAUNCH, HOTMAIL HAD 8.5 MILLION USER


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THIS STORYIS NOT AN ANOMALY


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WHY DID THESE COMPANIESSUCCEED WHEN EVERYONEELSE FAILED?


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SO WHAT IS GROWTH HACKING?


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IN 2010, SEAN ELLIS COINEDTHE TERM “GROWTH HACKER”


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A GROWTH HACKER ISA PERSON WHOSE TRUENORTH IS GROWTH .

“– SEAN ELLIS, Startup Marketing Blog


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IN 2012 ANDREW CHEPUBLISHED THE BLOGPOST:

"GROWTH HACKER IS

THE NEW VP MARKET


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IN IT, HE REVERSE-ENGINEERSAN AIRBNB “POST TO CRAIGSLIST” FEATURE


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“– ANDREW CHEN, andrewchen.co

GROWTH HACKERS AREA HYBRID OF MARKETERAND CODER .

http://andrewchen.co/


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GROWTH HACKING IS ASET OF TACTICS AND BESTPRACTICES FOR DEALING

WITH USER GROWTH


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How do I ge


WITH USER GROWTH


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H o w d o I g e t m o r e o f m y us e

H o w d o I r e d u c e c h u r n ?

H o w d o I i n c r e a s e t h e l i f e t i m e v

a l u e o f a u s e r ?

H o w d o I m e a s u r e t h e e ff e c t i v e n e s s o f n e w f e a t u r e s ?

W h a t i s o u r A H A m o m e n t ?

How do I ge


WITH USER GROWTH


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Viral Growth


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Viral Growth

Viral Growth


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ANALYTICS

Landing Page Optimization Copywriting

SEO

Email Marketing

PR Behavioral Economics

Referral

Adverti

Viral Growth


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People want to see growth like this


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(This was One Month at Y Combinator Demo Day


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But in reality it looks more like this

h ll b k f


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Growth will be rocky at first

d b


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Over time, trends become more apparent

A d i bili bili i h l


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And variability stabilizes in the long-ru


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THE STARTUP CURVE

TechCrunchof Initiation

Wearing O ff of Novelty

Trough ofSorrow

Releases ofImprovement

Crash ofIneptitude

Wiggles ofFalse Hope

The PromisedLand!

#GODEEPER


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#GODEEPER


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MOST COMPANIESONLY TRACKTHREE THINGS

TRAFFIC

USERS

REVENUE


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? ?GET TRAFFIC GET USERS P

PHASE 1 PHASE 2 PHASE 3 PHASE 4


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THOSE METRICSAREN’T VERY HELPFUL!


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(The magic is what happens in between)

THOSE METRICSAREN’T VERY HELPFUL!


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THE KEY IS TO MAP OUT THE USLIFECYCLE FOR YOUR PRODUCT

S E O PRE M A I L

V I R A LB L O G S

COPARTNERSHIPS


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THE LEAN

MARKETINGFUNNEL

S E MC O N T E S T S

S E O PRE M A I L

V I R A LB L O G S

COPARTNERSHIPS


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1. ACQUISITIONUsers come to your sitefrom various channels

S E O PRE M A I L

V I R A LB L O G S

CONPARTNERSHIPS


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2. ACTIVATIONUsers enjoy their first visit


S E O PRE M A I L

V I R A LB L O G S

C ONPARTNERSHIPS


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3. RETENTIONUsers come back

S E MO N T E S T S

S E O PRE M A I L

V I R A LB L O G S

MC ONT

PARTNERSHIPS


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4. REFERRALUsers like the product

enough to refer friends

S E MO N T E S T S

S E O PRE M A I L

V I R A LB L O G S

S E MC O NT

PARTNERSHIPS


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5. REVENUEUsers do something thatleads you to make money

S E MN T E S T S

S E O PRE M A I L

V I R A LB L O G S

S E MC O NTE

PARTNERSHIPS


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THE LEAN

MARKETINGFUNNEL

S E MN T E S T S

S E O PRE M A I L

V I R A LB L O G S

S E MC O N TES

PARTNERSHIPS


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AKA

“PIRATEMETRICS” A

A

R

R

S E MT E S T S


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LET’S SEE ITIN ACTION

YOU HEAR ABOUT QUORYOUR FRIEND POSTS A Q


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YOUR FRIEND POSTS A QFROM QUORA ON TWACQUISITION

AFTER READING THE P


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DECIDE TO CREATE AN AACQUISITION

ACTIVATION


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… A FEW DAYS G

ACQUISITION

ACTIVATION

YOU GET A WEEKLY EMAIL WITH QUESTIO


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QLINKS BACK TO THACQUISITION

ACTIVATION

RETENTION

ONCE YOU’RE BACK, ENCOURAGES YOU TO

ACQUISITION


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RELATED QUESTIACQUISITION

ACTIVATION

RETENTION

AND SHARE INTEREQUESTIONS THROUGH T

ACQUISITION


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FACEBOOKACQUISITION

ACTIVATION

RETENTION

REFERRAL

QUORA DOESNCURRENTLY MAKEACQUISITION


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CURRENTLY MAKE ACQUISITION

ACTIVATION

REVENUE

RETENTION

REFERRAL


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EACH STEP OF THE LMF CORRESPONDSTO A USER STATE

’


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To figure out how to move users from one state to the next.

GROWTH HACKER’S JOB:

CREATES AN ACCOUNT VISITS AGAIN LATER

???


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CONVERSION RATE:

# OF PEOPLE WHO DOSOMETHING

# OF PEOPWHO COULD HAV

YOU NEED TO MEASURE


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CONVERSIONS AT EACH STEP

Acquisition Activation Retention Revenue

1000

10030 9

10%

30%

30%


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IDENTIFYING THE BOTTLENECK


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IDENTIFYING THE BOTTLENECK At first your numbers will be really bad


1000

102 0

1%

18%

0%

BOTTLENECK



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1000

1002 0

10%

18%

0%



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GROWTH HACKERS IDENTIFY TACTICS &BEST PRACTICES


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MINIMAL LANDING PAGES TO CONVERT BETTER

IDENTIFY COMPANIES THAT FOCUS ON OPTIMIZINGAND TRY TO LEARN FROM THEM


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AND TRY TO LEARN FROM THEM


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NOT EVERY GROWTHHACK WILL WORK FOR

YOUR COMPANY


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GROWTH HACKERS EXPERIMENT A LOT


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DIVIDE USERS INTO


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CONTROL AND TEST GROUPS

DIVIDE USERS INTO


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CONTROL AND TEST GROUPS


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CONTROL TEST


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Run your change on the test group and measurethe difference between the two groups

CONTROL TEST


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THIS IS CALLED ANA/B TEST


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SUCCESSFULA/B TESTING


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LET’S SEE ITIN ACTION


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Original Desi

#1 ORIGINALHighrise wanted to test out differenthomepages to see if they couldincrease account signups


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SO THEY RAN AN A/B TEST


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Long-form Design

vs.

Original Design

CAN YOU GUESS THE RESULTS?


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Long-form Design

vs.

Original Design

WINNER!


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Long-form Design

vs.

Original Design


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THE LONG-FORM DESIGNSAW A 37.5% INCREASE IACCOUNT SIGN-UPS


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Then they created a personaltestimonial page

#3 PERSONAL

Person Design

AND RAN ANOTHER A/B TEST


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Person Design

vs.

Original Design

CAN YOU GUESS THE RESULTS?


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Person Design

vs.

Original Design

WINNER!


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Person Design

vs.

Original Design


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THE PERSON-TESTIMONIALDESIGN HAD A 102.5% INCREAIN ACCOUNT SIGN-UPS

BUT THE PERSON DESIGN WAS SHORTERAND HAD MUCH LESS INFORMATION


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Person Design

vs.

Long-form Design


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So they added moreinformation to the bottom

LONG-FORM+ PERSON

Long-form +Person Design

AND RAN ANOTHER A/B TEST


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Long-form + Person

Design

vs.

Person Design

WHAT DO YOU THINK?


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Long-form + Person

Design

vs.

Person Design


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Long-form + Person

Design

vs.

Person Design


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THE COMBINATION PERFORMED22.7% WORSE THAN THEORIGINAL HOMEPAGE


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THE COMBINATION PERFORMED22.7% WORSE THAN THEORIGINAL HOMEPAGE


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BUT THAT’SNOT WHERETHE TESTINGENDS…


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From Dave McClure’s Startup Metrics for Pirates

UNBOUNCE AND OPTIMIZELY ARE AMAZING TOOLS FOREASILY CREATING AND TESTING LANDING PAGES


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UNBOUNCE IS GREAT FORCREATING NEW SITES


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OPTIMIZELY IS GREAT IF YOUALREADY HAVE A SITE


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YOU OFTEN NEED TOPERFORM 15-20 TESTS IORDER TO FIND 1-2 MAJOIMPROVEMENTS


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NOTABLE GROWTH HACKS


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BrandYourself kept their Mashablearticle trending for 2 days bypromoting it on StumbleUpon

ACQUISITION


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OKCupid has a “tour guide” thatinteracts with you during the signupprocess

ACTIVATION


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Groupon has two different pagesfor Google vs. Direct traffic

ACTIVATION

* Footers are good for SEO but reduce conversions


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Path texts the app to your phoneACTIVATION


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Dropbox sends an email when auser signs up but never installs thesoftware

ACTIVATION


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Eventbrite sends emails if you’vebeen inactive for too long

RETENTION


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Path has your friends do it instead!RETENTION


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Facebook integration makes it reallyeasy to get people to share

REFERRAL


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Dropbox, LivingSocial, and Appsumoknow incentivization works well too

REFERRAL


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GROWTH HACKINGRESOURCES

http://vimeo.com/26277733


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WATCH DAVE MCCLURE’SSTARTUP METRICS FORPIRATES

QUORA HAS A BOARD ON GROWTH HACKING

http://vimeo.com/26277733


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SEAN ELLIS CREATED A SITE CALLEDGROWTHHACKERS.COM

http://growthhackers.com/


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http://www.slideshare.net/mattangriffel/29-growth-hacking-quick-wins


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CHECK OUT MY 29 GROWTHHACKING QUICK WINS ONSLIDESHARE

FINALLY

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