Growth Hacking Fundamentals
Agenda ● What is growth hacking and why should you care? ● 5 steps to understanding growth success. ■ Understanding the funnel ■ Setting up tracking and analytics ■ The Relationship Pyramid ■ Leveraging customers and existing users ■ Testing ideas ■ Generating an audience ● Creating an incentive strategy ● Case Study: Facebook, Linkedin, Groupon, Airbnb, Uber, & Snapchat
What is Growth Hacking (Sean Ellis)? • • • • •
A process of Rapid experimentation Across all marketing channels Effective ways Efficient ways To grow a business
Growth Hacking Explained Growth hacking is a marketing technique developed by technology startups which uses creativity, analytical thinking, and social metrics to sell products and gain exposure.
Continued ` â€œGrowth hacking is where marketing tactics meets product development. Its goal is to get the product to market itself.â€?
Who is a growth Hacker? Growth hackers are a hybrid of marketer and coder, one who looks at the traditional question of â€œHow do I get customers for my product?â€? and answers with A/B tests, landing pages, viral factor, email deliverability, and Open Graph.
8 Personality Traits of a Growth Hacker
Growth Types • Top-Line Growth (New users) ■ Traffic engine/Viral Loop • Activated ■ First User experience ■ OR On-boarding • Retained: ■ Retention loop ● Push notifications ● Drop emails
• Monetized: ■ Monetization tactics
A simple process of Growth Hacking
Why should we care? ● ● ● ● ● ● ●
Rise in Customer base Rise in business audience Business Virality Generating a repeat business A continuous product development phase High Customer-Business interaction Low cost (as growth hacking is usually executed for a shorter period of time)
● High Reach, High Engagement, High Retaining
Steps to understanding growth success
Understanding the Funnel ● This is the act of getting anyone to visit your website or app for the first time. They are called visitors at this stage because they don’t belong to you yet. ● A user gives an email, creates an account or make a purchase. Now you have activated them.
● A user uses your product regularly. This is someone that you’ve retained. You’ve kept them around for a period of time.
What is Google Analytics? â€œGoogle Analytics is a freemium web analytics service offered by Google that tracks and reports website traffic.â€?
FEATURES of Google Analytics? ● Data visualization Tools (dashboards, scorecards, motion charts) show changes in data overtime. ● Segmentation for analysis ● Custom Reports ● Email Based sharing and communication ● Integration with other Google products, such as AdWords, Public Data Explorer and Website Optimizer.
Setting up Tracking & Analytics 1. Sign-up at: https://analytics.google.com 2. Follow the steps that google tells. 3. Install the tracking code. 4. Install it on every page of your website to get a clearer view of the entire data. 5. Now use the data to leverage, segment and correlate.
Problems ● You made a change to your website’s page design and suddenly the traffic started dropping dramatically. In order to look for where the problem is, you use Analytics. ● You roll-out a new landing page and start seeing conversions from this specific page or you saw a sudden spike in the traffic of the website. In order to look for the reason you can trace out the specific source through analytics.
In what ways Analytics Data can be used? ● Improve experience ● Listen for the untapped opportunities ● Pulling the plug on any failing ideas
Relationship Pyramid (Customers and Existing Users)
â€œA growth hacker must be able to funnel new customers into the relationship pyramid, in order to reduce or totally eliminate the objections that would keep them from buying again and again.â€?
Testing Ideas (Relentless process of experimentation)
â€œThere is no one thing to do to achieve growthâ€? Try a lot of ideas, ruthlessly optimizing successes and quickly discarding dead ends.
The Pull Tactics of Generating an Audience? “The first way to get visitors to your site is to pull them in. This is where you give them a reason to come to you. You entice them, incentivize them, and draw them to you.”
● ● ● ● ● ● ● ●
Blogging or Guest Blogging eBooks, Guides and WhitePapers Infographics Webinars Conference Presentation SEO Social Media Contests
The Push Tactics of Generating an Audience? Someone may be wanting to watch a YouTube video, but not until they see your Ad. They may want to do a Google search, but not until they see your paid result.” ● ● ● ● ● ● ●
Purchase Ads Affiliates Swap tweets Swap Facebook Posts Giveaway swap Sponsored email swap Direct sales
7 Essential Growth Hacking Tools 1. Quora -- research-tested growth-hacking ideas www.Quora.com Free 2. Google Analytics -- analyze data to identify opportunities Free - or Kissmetrics 200 USD per month 3. Qualaroo -- Survey your users https://qualaroo.com/ 4. Optimizely -- Test out ideas - www.optimizely.com
7 Essential Growth Hacking Tools 5.Usertesting -- Get video feedback of your product from target users - https://www.usertesting.com/ 6.ListBuilder -- Collect Emails from site visitors http://www.appsumo.com/list-builder/ 7.Yesware or Mailchimp -- track emails sent http://mailchimp.com/ or http://www.yesware.com/
Creating an Incentive Strategy 1. Make sure that you create a product people actually want 2. Target only a small niche market 3. Go viral through incentivizing the sharing of your product and for existing customers, with integrations, embeds and badges 4. Keep improving your product by: ● Constantly iterating and releasing updates ● Testing every detail ● Optimizing the on-boarding process
Facebook 1. Instead of hiring experts, Facebook hired quite smart people who saw the problem from a different angle. 2. First hack was giving away embeddable badges and widgets that users could post on their websites and blogs, linking back to their Facebook page. 3. Another hack was to buy service providers in developing countries for their technaology in getting email addresses.
LinkedIn 1. They used a growth hacking technique that allowed users to create public profiles which later appeared in the search results organically. 2. Instead of showing several irrelavant pages, the search engines showed specific personal profiles of the person searched. 3. LinkedIn grew from 2 Million users to 200 Million users.
Groupon 1. They wrote one growth hack after another, employing social sharing, customer referral bonuses and gifting. 2. They focused so heavily on the virality that they ignored their retention problem. Only retains a small percentage of its customers. 3. Both the brands sharing the deals and the customers buying the deals were leaving faster than they were coming in. That left them with a stock crash of 43% in 2014.
You'll need to dig into why your users are leaving, and run tests to determine what improves your retention rate.
The idea was: â€œRefer a friend, get $10 in creditâ€?.
Airbnb 1. This site facilitates vacation rentals between peers and has grown into a billion-dollar business. 2. It initially used a powerful email campaign in the first growth-hacking stage which boosted the site to the next level.
3. But the next brilliant move on Airbnbâ€™s part involved Craigslist spam. 4. Airbnb used Craigslist to find listings of houses for rent and reached out to the renters to ask them to place their ads on Airbnb instead. 5. The power of tapping into another already-existing network earned them thousands of users and it completely went viral.
Uber The Opportunity: ● Finding and using taxi service was an effort and time consuming
Intense City by city launches
Experiential Word of Mouth
● No alternative What did they do? ● They introduced a smartphone app integrated with Google maps ● Uber drivers call or text to confirm that they’re on the way.
Snapchat The Opportunity: ● A Brand new way to communicate with friends that is fun and interactive, while creating a sense of privacy through disappearing a nature of the content. ● It lets user express their creativity by adding texts and drawing on the photos. ● Disappearing photo means less space on the phone. What did they do? ● Targeted Teenagers
Word of Mouth
Strong User engagement
Expansion in new addressable market
Common Things in these Companies ● A need of a product or service in the market. ● Excellent User Experience and hence grew by word of mouth. It multiples. ● All faced problems initially. ● Identify problems and solved it. ● Strong user Engagement.
Exercise ● Three different customers and name them. ● Describe each person at a broad level. ● How old are they? What is their gender? And what type of education do they have? ● What is their profession? How long have they been working there? And is their career motivating them to use your product? ● What technology do they use daily? How do they access the web? How much time are they dedicating to the Internet?
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Published on Mar 13, 2018
Published on Mar 13, 2018
Growth hacking is a marketing technique developed by technology startups which uses creativity, analytical thinking, and social metrics to s...