Thinking About Growth: Lessons (and mistakes) learned along the way

Thinking About Growth: Lessons (and mistakes) learned along the way

Jared Fliesler | @JaredSF

About Me***

0 2

Growth Tactics Thinking***

0 3

Basic Growth Funnel***

0 4

Get Users Activations/Sign-ups

Keep Users Engagement & Retention

Reactivate Prevent Attrition

Initial vs. On-Going Growth***

0 5

All previous tactics that survived initial stage

Iterate (coarse): Gain insight on what concepts move the needle. Reprioritize. Expand tests.

!Optimize (granular): Gain insight on which tactics work. 80/20. Next tactic or next concept?

INITIAL: Directional ON-GOING: Approach & DeliveryAll new initiatives, products, and services

• Analyze product loops

• Define core growth metric

• Build list of concepts (areas of focus) + an initial set of tactics in each

• Prioritize tactics based on expected impact. Execute, test and measure.

Initial GrowthProduct - Metric - Concept - Test & Measure*

Product: Analyze Core Product***

0 7

CORE PRODUCT LOOP (ex. Square) Do nothing

Sign-up

Tell a friend / share

Another transaction

Transaction Signature Receipt

GROWTH = FUEL FIRE ≠ BUILD COMMUNITY

Metric: Define Core Growth Metric***

0 8

QUANTITY + QUALITY

GOOD USERS KEY DRIVERS

SUCCESS

Metric: Define Core Growth Metric***

0 9

Metric: Define Core Growth Metric***

1 0

SELECTING A CORE METRIC: USER VALUE

MONEY VIEWS OTHER USERSCONTENT

Metric: Define Core Growth Metric***

1 1

MONEY VIEWS OTHER USERS

SELECTING A CORE METRIC: USER VALUE

• Processed $A

• Transaction $B • C Transactions

• D Receipts• E Sign-Ups Post Payment

• F Direct Referrals

Concept: Categories + Tactics***

1 2

How have products like mine grown in the past? !!How are products like mine growing today? !!How are the most popular products with my audience growing today?

Concept: Categories + Tactics***

1 3

Similar AudienceSimilar Product• Credit card processing

• Point of sale

• Loyalty programs

• Low cost hardware

• Phone accessories

• Other financial services offerings

• Daily Deals: Groupon and LivingSocial

• Yelp

• OpenTable

• QuickBooks

• SMB credit card terminals

• Local advertising

Concept: Categories + Tactics***

1 4

+

Concept: Categories + Tactics***

1 6

+XX%+

Test & Measure***

1 7

Use Tools

A/B Test• Single variable vs. multiple variables

• Quantity + quality (growth metric)

• Monitor the surrounding metrics

• You don’t need to build everything

• A/B testing, in-app testing, events, etc.

• Start here, build only when you have to

On-Going GrowthIterate - Optimize.*

On-Going Growth***

1 9

Optimization (granular)Iteration (coarse)

• Start with breadth over depth

• Take away lessons from every test

• Expand your areas for testing

• Remember your core growth metric

• Expand your tactics for areas that move the needle

• 80/20 - new areas vs. new tactics

• Don’t forget the greater context

MiscellaneousGrowth Teams - LTVs - Design & Data - Growth Edge*

Miscellaneous***

2 1

• Growth Teams: Think twice about creating a separate growth team.

!

• LTVs: Keep your metrics honest by rolling in all costs and don’t forget virality.

!

• Design & Data. Both are important. Define the primary and secondary objectives. Set guidelines ahead of time vs. micromanaging after. After running your tests, consider both the data and the overall brand

!

• Growth Edge: Unique channels and/or performance in a given channel are key. What can you do better than anyone else?

Q & A*