Growth Hacking - Pirate Metrics
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The document discusses growth strategies using 'pirate metrics' to optimize customer acquisition, activation, retention, monetization, and referrals. It emphasizes the importance of measuring both quantitative and qualitative data to understand user behavior and improve conversion rates. Additionally, it outlines various marketing channels, tactics for different business models, and the need for ongoing testing and improvements in the growth process.
Growth Hacking - Pirate Metrics
- 1. Pirate Metrics - What can pirates teach you about growth?
- 2. Last time: ◉ What is Growth Management? ◉ Growth Mindset ◉ Product Market Fit ◉ Customer Centric Development ◉ Word of Mouth ◉ Why need to measure everything
- 3. Next meetings will focus on: ◉ Growth Process ◉ Pirate Metrics Workshop ◉ Tests and Experiments ◉ B2B
- 4. How long will it take today?
- 5. Ok, so what about today?
- 6. In order to grow - you must know in which direction
- 7. How about a framework?
- 8. Like a list of things you want to do
- 9. And a list of how you want to do them
- 10. And a final list of what value will they bring as a result
- 11. Now what to do with these lists?
- 12. How can you segment these ideas?
- 13. All this and more - in the next episode!
- 14. Just kidding.
- 17. Dave McClure
- 19. What did the marketing normally do?? Lead acquisition
- 20. What are Pirate Metrics?
- 21. Users come to your site/product from various sources
- 22. Examples of Acquisition Tactics ● SEO ● SEM ● PR ● Social ● Content Marketing ● Biz Dev ● Webinar ● Referrals ● Free trial ● Newsletter ● Guest post ● Outreach ● Q&A
- 23. Disclaimer: You don’t need huge volumes to acquire customers. If you have a few hundred of very targeted visitors every month - its fine!
- 24. Users come to your site/product from various sources Users enjoy 1st visit: ‘happy’ user experience and leave contact info
- 25. Examples of Activation Tactics ● Social ● Content Marketing ● Newsletter ● Lead nurturing ● On-boarding ● Screencasts
- 26. Difference between B2B & B2C Example of a B2B Activation ● Website form ● RFP Examples of B2C Activations ● Create account ● Buy something ● Leave email
- 27. Users come to your site/product from various sources Users enjoy 1st visit: ‘happy’ user experience Users come back, visit the site multiple times
- 28. Examples of Retention Tactics ● Social ● Content Marketing ● Newsletter ● Lead nurturing ● On-boarding ● Screencasts
- 29. Users come to your site/product from various sources Users enjoy 1st visit: ‘happy’ user experience Users come back, visit the site multiple times Users conduct some monetization behavior
- 30. Examples of Revenue Tactics ● Scarcity ● Discount ● Annual plan ● Up-sells ● Cross-sells ● Evangelism ● Guarantees ● Support
- 31. Users come to your site/product from various sources Users enjoy 1st visit: ‘happy’ user experience Users come back, visit the site multiple times Users like the product so much they refer it to others Users conduct some monetization behavior
- 32. What should be the job of marketing?
- 33. Examples of Referral Tactics ● Incentive ● Loyalty program ● Easy to share ● Embeds ● Hyperlinks
- 45. Types of metrics & measurement
- 46. First Quantitative analysis (see that there's a problem somewhere in the funnel, numbers don’t lie) - then - Qualitative (try to understand why the problem exist)
- 47. Qualitative: Usability Testing / Session Monitoring
- 48. Watch what users do, figure out problems & solutions from small # of users
- 49. Quantitative: Traffic analysis / User engagement
- 50. Report what users do, track usage & conversion %’s for all or empirical sample # of users
- 52. Compare what users do in one scenario vs another, see which copy/graphics/UI is most effective
- 54. Track competitor activity & compare against yours; if possible compare channels, keyword traffic, demographic targeting, user satisfaction etc.
- 57. Largest volume (#) channels/campaigns/copy Best performing (%) channels/campaigns/copy
- 58. Lowest cost ($) channels/campaigns/copy Largest volume (#) channels/campaigns/copy Best performing (%) channels/campaigns/copy
- 60. Audience Segment (middle- aged men, city center inhabitants, young couples)
- 61. Channel source (social network, search engine, email, referral)
- 62. Campaign theme / Brand promise (find love, learn marketing, get in shape, read great books on your smartphone)
- 63. Landing Page & CTA
- 64. Copy & graphics
- 72. Example 50 (5%) 100 (10%) 1000 (100%)
- 73. Example 20 (2%) 50 (5%) 100 (10%) 1000 (100%)
- 74. 5 (0,5%) Example 20 (2%) 50 (5%) 100 (10%) 1000 (100%)
- 75. Marketing What channels? Who do you market to?
- 76. Design & Test multiple marketing channels
- 77. Select & Focus on Channels with: ◉High Volume ◉High Conversion ◉Low Cost
- 78. Measure deeper into the funnel not just into the website / landing page
- 79. Segment & select channels & customers by conversion at the deepest possible level (ideally $$$)
- 80. Product How to choose what to build?
- 81. Choose features for conversion improvement ◉80% on existing features ◉20% on new feature development
- 82. Keep guessing, build a backlog of ideas and carry them out A/B test a lot A LOT!
- 84. Rinse & repeat
- 85. CEO / Founder What metrics do you choose to watch?
- 86. Hypothesize Customer Lifecycle & Refine ◉Choose 5-10 conversion steps ◉Less, not more, is better
- 89. Delegate each metric to someone to OWN IT
- 90. A few Examples
- 91. Friends, press, school, SEO, referral Facebook
- 92. Add 5 or more friends Facebook Friends, press, school
- 93. You come back to see what are your friends doing Facebook Add 5 or more friends Friends, press, school
- 94. You click on ads in your news feed Facebook You come back to see what are your friends doing Add 5 or more friends Friends, press, school
- 95. You ask your friends to join because you want to follow what they’re doing Facebook You click on ads in your news feed You come back to see what are your friends doing Add 5 or more friends Friends, press, school
- 96. Friends, press, SEO, referral Dropbox
- 97. Set up your account to store and share files Dropbox Friends, press, SEO, referral
- 98. You want to upload more files or use the ones you’ve uploaded Dropbox Set up your account to store and share files Friends, press, SEO, referral
- 99. You need more space, so you buy it Dropbox You want to upload more files or use the ones you’ve uploaded Set up your account to store and share files Friends, press, SEO, referral
- 100. You need more space so you invite your friends - invites give you both more space Dropbox You need more space, so you buy it You want to upload more files or use the ones you’ve uploaded Set up your account to store and share files Friends, press, SEO, referral
- 101. Friends, press, SEO, referral Uber
- 102. Your first ride (most likely for free) Uber Friends, press, SEO, referral
- 103. You want to use your remaining free rides / You never want to go back to regular taxi services Uber Friends, press, SEO, referral Your first ride (most likely for free)
- 104. You start paying for rides because your free codes are gone Uber You want to use your remaining free rides / You never want to go back to regular taxi services Friends, press, SEO, referral Your first ride (most likely for free)
- 105. You and your friend both get free codes for the referral Uber You start paying for rides because your free codes are gone You want to use your remaining free rides / You never want to go back to regular taxi services Friends, press, SEO, referral Your first ride (most likely for free)
- 106. SEO, Social Media, Referral, Influencers eStore with socks
- 107. Unique sock patterns & great delivery terms eStore with socks SEO, Social Media, Referral, Influencers
- 108. Remarketing kept stalking you until you really wanted these socks eStore with socks Unique sock patterns & great delivery terms SEO, Social Media, Referral, Influencers
- 109. You bought the socks you liked so much….and 3 other pairs eStore with socks Remarketing kept stalking you until you really wanted these socks Unique sock patterns & great delivery terms SEO, Social Media, Referral, Influencers
- 110. The newsletter said that if your friend bought 4 pairs, the you’d get one for free so you talked your friend into it eStore with socks You bought the socks you liked so much….and 3 other pairs Remarketing kept stalking you until you really wanted these socks Unique sock patterns & great delivery terms SEO, Social Media, Referral, Influencers
- 111. SEO, Social Media, Referral, Blog CRM
- 112. Great features, many integrations, good pricing CRM SEO, Social Media, Referral, Blog
- 113. You left your email and the nurturing campaign together with remarketing CRM Great features, many integrations, good pricing SEO, Social Media, Referral, Blog
- 114. You decided to give it a go and after 30 days it was all you ever needed, so you started to pay CRM You left your email and the nurturing campaign together with remarketing Great features, many integrations, good pricing SEO, Social Media, Referral, Blog
- 115. You were so happy with the features, customer support and UI that when a friend was looking for a CRM - you recommended this one CRM You decided to give it a go and after 30 days it was all you ever needed, so you started to pay You left your email and the nurturing campaign together with remarketing Great features, many integrations, good pricing SEO, Social Media, Referral, Blog
- 116. SEO, Social Media, Referral, Blog, Ads Apple Equipment Fixing Service
- 117. Good reputation, they can fix my problem, pricing is within my range Apple Equipment Fixing Service SEO, Social Media, Referral, Blog, Ads
- 118. I keep seeing their ads everywhere (remarketing) or I signed up to their newsletter and I need to fix my iPad Apple Equipment Fixing Service Good reputation, they can fix my problem, pricing is within my range SEO, Social Media, Referral, Blog, Ads
- 119. You send/give them your device to fix Apple Equipment Fixing Service I keep seeing their ads everywhere (remarketing) or I signed up to their newsletter and I need to fix my iPad Good reputation, they can fix my problem, pricing is within my range SEO, Social Media, Referral, Blog, Ads
- 120. They did it really quick, the courier was free, they ask you to refer 5 friends and they will get you your next fix on the house while your 5 friends get a 15% discount - win win! Apple Equipment Fixing Service You send/give them your device to fix I keep seeing their ads everywhere (remarketing) or I signed up to their newsletter and I need to fix my iPad Good reputation, they can fix my problem, pricing is within my range SEO, Social Media, Referral, Blog, Ads
- 121. ? LiveChat ? ? ? ?
- 123. What’s LiveChat?
- 126. What type of content do the SEO?
- 128. Support and CRO also goes here*. *As acquisition (for us) is getting user to sign up for a trial (that happens on subdomain with webapp, not on main domain), therefore all actions leading to creating a trial account are considered as acquisition by me (in this case).
- 132. Ok, what about Retention?
- 133. It’s the product itself* that works for it. *Product as an entire customer experience it can deliver. It includes its features, UI, access to support, knowledge base, the fulfillment of needs, being robust, etc.
- 135. People love to brag.
- 136. What boosts referral too?
- 137. NPS
- 139. NPS Individual “WOW” experience Partners Program pitch
- 140. NPS Individual “WOW” experience Partners Program pitch “Powered by LiveChat”
- 141. NPS Individual “WOW” experience Partners Program pitch “Powered by LiveChat” LiveChat support experience
- 142. NPS Individual “WOW” experience Partners Program pitch “Powered by LiveChat” LiveChat support experience Shares generated by content
- 143. Q&A
- 144. Trick question – on which part of the funnel should we focus?
- 145. It depends…
- 146. Acquisition is everything but retention is 4ever” B.Balfour
- 147. Every funnel is different
- 148. Build a model with KPIs to be met that are reasonable
- 149. Look at your actual funnel statistics and see where are the biggest leaks
- 150. Just like with the product - focus on fixing what you already have instead of building a shit-ton of tactics
- 151. But don’t abandon new tactics altogether Remember: 80 - 20
- 152. 80% - fixing existing tactics 20% - developing new ones
- 153. 5 most important points of today’s presentation
- 156. Q&A
- 157. Thanks for coming! Let’s have a beer together now!
- 158. Any questions ? You can find me at ◉ tomzduda@gmail.com Thanks!
Editor's Notes
- #4: We will begin by speaking on the overall growth mindset After that we will focus on specific channels and topics
- #5: Approximately 2 hours today, This is an experiment - just like in the lean methodology If the feedback from you will be positive, then we will continue with this
- #7: Adam Arek Tomek
- #8: Adam Arek Tomek
- #9: Adam Arek Tomek
- #10: Adam Arek Tomek
- #11: Adam Arek Tomek
- #12: Adam Arek Tomek
- #13: Adam Arek Tomek
- #14: Adam Arek Tomek
- #15: Adam Arek Tomek
- #16: Adam Arek Tomek
- #18: Dave McClure is an entrepreneur and angel investor based in the San Francisco Bay Area, He was the Marketing Director of PayPal from 2001 to 2004 Launched and ran marketing in Simply Hired from 2005 to 2006 who founded and runs the business accelerator 500 Startups. He is often described as one of the super angel investors.
- #37: Use different channels but remember to mark them - what are high volume, low cost and best performing High volume channels are great but low volume channels are good if they are low cost
- #39: 30 seocnds on the page? 3 pages visited? 5 clicks? You have to know it where is the line of a happy first visit Dont be too smart, do lots of A/B tests and landing pages
- #41: Email - automate it from the moment they come, onboard them/nurture them to the point where they come back Remarketing are the simples ways
- #43: Do not encourage people to refer your product until it does not suck! If you do - they will tell others that it sucks Test for the grading of your product by users, if between 8 and 10, then ask them to refer
- #45: Figure out how to make money with your product - that’s your job
- #66: People bounce off your site, its normal
- #67: Figure out your percentages
- #68: Measure how people return, what was the source, scale on what works Figure out how many visits in the first X days would really mean retention to you
- #69: Find the people who are referring other people to your site and if you can - measure what do people do when they refer (for example I refer Uber to my friends because it was a much better experience than using a taxi service)
- #76: Brainstorm, where does your target audience live online? Who is your target audience? For whom are you fixing a pain point with your product?
- #77: Don’t be affraid of failure Keep on testing and comparing
- #78: Figure out at least 3 channels for your product
- #79: Focus on the entire funnel Not just the acquisition part Go deeper and find out for example how did you acquire the users that are paying, how did they behave on the website, when did they activate, how did their retention schedule look like, did they refer anyone to you? Talk to them if you have to Use tools like Quaraloo or HotJar for that
- #80: When you measure the paying customers, get as much data as possible, check their behavior at each step of the funnel and learn from it, see where do your strenghts lie and build up on them - dont keep building on areas you’re weak in, that sucks, it won’t bring you any money because you suck at it - simple
- #81: Dont just build a shit lot of features
- #82: Look at your conversion channels Look at your existing customers and see how they behave within the product See where do they struggle, where is your bucket leaky? Fix those places!
- #83: Thats the best way for you to learn what works best for your customers
- #84: You changed your colors and conversion improved? Great - build on that! You did a test and it proved to increase conversions? Awesome, build on what you learned. Always think - what did this experiment teach you? How am I smarter now? What new understanding did I get of my users?
- #85: This is a constant battle for higher conversions Keep on going and dont give up It is perfectly normal to fail, think about how many times did you fall off a bike before you learned how to ride well
- #87: This is not about measuring everything Get a clear focus - no more than 10 Guess what people are going to do and measure against that Example - I have a service for fixing apple equipment, I assume that people will click on the equipment they want to fix as soon as they see it on my site - check if that’s correct, if not - what else are they doing?
- #124: How would you explain LiveChat service to your grandma? When a user want to use LiveChat, there’s a certain path he/she needs to follow: sign up for a trial -> install code -> pay
- #125: And that’s the most important metrics we care about. How many trials, QLs and customers we get. More specifically, it’s the CRs that lead to them. Of course, we look on others too, but those are our beloved ones. Now going further to the first pirate metric - acquisition.
- #126: Describe it Fiechu No PPC (only campaigns in Marketplaces)
- #127: Describe it Fiechu
- #128: Describe it Fiechu
- #129: As acquisition (for us) is getting user to sign up for a trial (that happens on subdomain with webapp, not on main domain), therefore all actions leading to creating a trial account are considered as acquisition by me (in this case).
- #130: Describe it Fiechu
- #131: Describe it Fiechu
- #132: Also, it’s knowledge base, customer support and all types of content: webinars, reports, updates
- #135: Again: support and kb, Annaul discounts Other types of discounts Giving trial in team plan
- #154: Pirate Metrics - odgłos, który robią piraci ;)
- #155: Pirate Metrics - odgłos, który robią piraci ;)
- #156: Pirate Metrics - odgłos, który robią piraci ;)
- #157: Pirate Metrics - odgłos, który robią piraci ;)
- #158: Pirate Metrics - odgłos, który robią piraci ;)
- #159: What did we miss? What else can we do? Does anything require clarification?