Growth Hacking Master Class
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This document summarizes a presentation on growth hacking. It discusses what growth hacking is, focusing on cross-functional teams that use qualitative and quantitative research to rapidly test ideas. The key elements of growth hacking are identifying the north star metric, developing a growth model and objectives, and using a testing process to discover and optimize growth drivers through iterative experimentation. The growth process involves analyzing customer behaviors, ideating potential tests, prioritizing tests, implementing tests to measure hypotheses, and repeating the process in weekly meetings to continually learn and improve growth.
Growth Hacking Master Class
- 1. GCS CREDIT COMMUNITY CONFERENCE OCTOBER 16 2017 Growth Hacking Master Class Dani Hart @dahartattack GrowthHackers, Inc.
- 2. Today’s Agenda ● Today’s landscape ● What is Growth Hacking? ● The North Star Metric ● Growth Process ● Q&A
- 3. Background
- 10. Growth Hacking Taking a product that provides real value to customers and using a highly iterative experimentation process working across the full customer journey to identify the biggest opportunities for improvement.
- 11. Growth Hacking Core Elements ● Cross-functional teams across marketing & product ● Use of qualitative research & quantitative data analysis ● Rapid generation and testing of ideas
- 12. Growth Mindset
- 13. Goal: To become the world’s favourite way to buy. Analyzed current state of the market Asked “what are the fundamental truths?” Tested hypothesis Result: A new way for consumers to purchase, mitigating risk to buyer and seller
- 14. Growth Hacking Principles ● Product Market Fit - must-have product ● North Star Metric - value creation & expansion ● Growth Model - variables that move NSM ● Leverage - best opportunities for impact ● Testing - discovery & optimization of growth drivers
- 15. North Star Metric ● Quantification of the value customers receive ● Focal point of fast growing companies ● All important metrics stem off the NSM ● Measures sustainable growth ● Aligns teams across the company in shared mission
- 16. Growth Model
- 17. Setting Growth Objectives ● Support North Star Metric growth ● Identify leverage in growth model ● Set baseline & target ● Set timeframe for achieving ● Empower the team to test
- 18. Impact of the right objective ● Objective: Decrease abandonment rate for approved customers ● Cross-functional team approach ● Results: ○ Doubled approved > funded ratio ○ Cut acquisition cost in half
- 19. Growth Process
- 20. Step 1: Analyze 1. What are you best customers’ behaviors? 2. What are the characteristics of your best customers? 3. What events cause users to abandon the product?
- 21. Step 2: Ideate ● Name ● Description ● Hypothesis ● Metrics to be measured ● ICE Score ○ Impact ○ Confidence ○ Ease
- 22. Step 3: Prioritize ● Current objective ● ICE score ● Available resources ● Minimal viable tests
- 23. Step 4: Test ● Implement tests with clear hypothesis ● Ensure measurement is in place ● Assign a test owner ● Communicate to team
- 24. REPEAT
- 25. Weekly Growth Meeting ● Monitor North Star Metric ● Track progress on key objectives ● Status on new tests ● Discuss learnings from tests ● Determine next tests to implement ● Improve testing throughput
- 26. More Tests = More Learning
- 27. Chase Debt Collections Why was the Tampa team so successful? ● Highest performance debt collection ● Highest employee satisfaction Objective: Get people to pay their debt ● Team proposed new ideas ● Tested theories - 1 variable at a time ● Daily analysis of results ● Repeat
- 28. Applying the Process ● Identify a North Star Metric ● Determine growth variables ● Set first growth objective ● Invite others to add ideas ● Make testing habitual ● Create a culture of learning
- 29. GCS CREDIT COMMUNITY CONFERENCE OCTOBER 16 2017 Q&A