Growth Hacking: Runway
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The document discusses growth hacking strategies for maximizing customer growth, emphasizing the importance of starting in a niche market and scaling thereafter. Key points include understanding product uniqueness, achieving product/market fit, utilizing word of mouth for user acquisition, and leveraging customer personas along with journey maps. Additionally, it highlights metrics such as net promoter score and retention rates to gauge product performance and growth potential.
Growth Hacking: Runway
- 1. Growth Hacking: Runway Maximize the Growth of Your Most Valuable Customers Mark Andersen May 4, 2015
- 2. • Start in your smallest segment possible, monopolize it & then expand ("competition is for losers":Thiel) • How is your product unique & better? • Do things that don't scale: build out an awesome experience before coding it • Live user testing/customer support: quantitative & qualitative; focus on finding the big problem Growth Strategy
- 3. • "Product/market fit means being in a good market with a product that can satisfy that market": Marc Andreessen • "Make something people want": Paul Graham (Y Combinator) • "Make insanely great products": Steve Jobs • "A great brand is a promise of benefit that's persuasive and unique": David Ogilvy How do you know if you have it? • Would at least 40% of your customers say they'd be "very disappointed" without your product (Survey.io) • Clearing Net Promoter Score (NPS), retention and lifetime net value hurdles • Word of mouth is one of your biggest acquisition channels; virality (K value > 1) Product/Market Fit
- 4. • How are you measuring your product/market fit? • Are you clearly communicating your unique, compelling value proposition? • Who are your most valuable customers? • What early behavior are your most valuable customers doing that's most predictive of success? • How quickly are you getting your users to their aha! moment? • How can you build virality inherently into your product? Product & Marketing Questions
- 5. Marketing: Personas & Customer Journey Maps, WOM, User Groups • Create personas & then a customer journey map (storyboards) for every key persona showing their key experiences • Word of mouth (WOM), PR & invite flows are excellent forms of acquisition. WOM is always the easiest & cheapest growth. • AirBnB turns their users into their own distribution networks: through the click of a button you can post your listing to Facebook, Twitter, LinkedIn...
- 6. Content Marketing & Social Media Online petitions: CREDO Mobile's 275,000 Likes on FB
- 7. Marketing: Content Marketing & SEO Identify your most valuable customers & create content they crave: Credo Mobile example, Salesforce, HubSpot, KISS Metrics.. •Inbound links from high authority sites, page rank •Site architecture: title & description tags, anchor text, descriptive URLs, "Mobilegeddon" •Link-rich, transactional keyword-focused content pages: setup persona-based keyword groups targeting your most valuable users •Keyword research is key: (1) What do people search for that's related to your site; (2) How many people search for it; (3) How many other people are ranking for it; (4) How valuable is it for you?
- 8. Analytics • Net Promoter Score • Retention • Lifetime net value Growth Metrics (ignore total registrations) • active users • activity levels • cohort retention • revenue