Ross Chayka. Growth Hacking.
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This document outlines a growth hacking masterclass presented by Ross Chayka. The masterclass will cover why focusing solely on customer acquisition cost (CAC) versus customer lifetime value (CLV) is not productive for growth. It will teach attendees how to leverage their product's value to achieve virality and growth. The agenda includes identifying a product's main value, determining additional value for customers, and helping customers obtain more value through techniques like removing bottlenecks, multi-level value chaining, business model experiments, virality, and gamification. Case studies of Facebook and Airbnb's growth models will also be presented.
Ross Chayka. Growth Hacking.
- 2. Audience ● Startup founders ● Product managers ● Entrepreneurs
- 3. About me ● Ross Chayka ● Lviv Startup Club - Founder & CEO ● Lemberg Tech Business School - Founder & CEO ● Associated Coach Practitioner by RCG
- 4. About you ● City ● Startup / Product / Service ● Growth challenge
- 5. Agenda ● Why 3CAC < CLV game is not productive? ● What is your product power? ● How to use your product power to grow? ● How to achieve virality? ● Growth vs Marketing vs Brand vs PR ● 5 steps to your growth model ● Q&A
- 6. Online master-class code of conduct ● Duration - 2 hours ● Video ON, Audio OFF ● Registration with NAME ● One person speaking ● Question in chat or raise your hand or show sign
- 7. TOP reasons for growth hacking ● User base flattered or decrease (Retention <= Acquisition) ● Marketing budget growth (CAC *3 > CLV) ● You lose your most valuable customers (CLV decline) ● You spend most of your time & focus on acquisition (CMO/Sale >= CEO) ● You can not stop marketing / sales
- 8. Growth Hacking NOT working ● You do not know your customers (personas, numbers) ● You do not know their problems (pains, motivation) ● You do not have users to experiments ● You do not want to change your product ● You do not want experiments with you business model
- 9. Product Growth Mantra ● Know your customers ● Know your value for them ● Build great product that people love ● Use your strength ● Experiment with your features, business models, communications channels, onboarding ● Buy virality among your customers and pay with your value
- 10. Famous Growth Models ● Hotmail ● Facebook ● Airbnb
- 11. Hotmail ● Sent with hotmail, create your own account ● Value: Convenient email client
- 12. Facebook ● Exclusivity ● Invite Loop ● Optimization & Measurement ● Reducing Friction ● Engage early, engage often ● Value: Recognition, Connections
- 13. Airbnb ● Post it on CraigList feature ● Airbnb Social Connections ● Value: cheap price, social interactions, make money
- 14. How to create growth model ● Identify product main value ● Identify what is more for customer in this value ● Help users get more value and achieve deep goals
- 15. Identify product main value ● What type of people are your customers? ● Why are they using/buying your product ?
- 16. What is more in your product value ● Deep goals your customers are looking for ? ● How could you close these goals with your product ?
- 17. Help customers get more value ● Remove bottlenecks ● Multi-level value chanking ● Business Models Experiments ● Virality ● Gamification ● Marketing cashback
- 18. #0. Remove bottlenecks ● UI / UX ● Missing information ● Usability
- 19. #1. Multi-level value chanking ● Content ● Lead Magnets ● Trials ● Freemium ● Test drives
- 20. #2. Business Model Experiments ● 2-side business models - customers do not understand problem-solution ● Revenue share - customers do not understand why invest ● Freemium - value for customers not clear ● Trial - customer understand value only with time
- 21. #3. Virality ● k = i * c ○ i = number of invites ○ C = conversion rate ● k > 1
- 22. #4. Gamification ● How could you catch your user attention ? ● Game as greatest value
- 23. #5. Marketing cashback ● Sell dollars with discounts ● Marketing price ● Time price
- 24. Metrics ● Retention ○ Social Media: 80% returning visitors every month ○ eCommerce: 20%-30% returning visitors every month ● North Star Metric ○ Fb: monthly active users ○ WhatsApp: Send button clicks ○ Airbnb: nights booked ● Virality
- 26. Case studies ● Facebook ● Airbnb
- 27. Facebook ● December 2006: 12m ● April 2007: 20m ● July 2007: 30m ● October 2007: 50m
- 29. Questions ?
- 30. Feedback ● What do you understand? ● What would you like to get more ? ● Public feedback: ○ Name, Position ○ 3-4 sentences feedback ○ link to photo
- 31. Next masterclass: Startup Fundraising ● Bring 2 friend to next master class ● What do you want to get: ○ Full list of active UA angel investors ○ Pitch deck templates ○ SAFE template ○ Full list of startup incubators