The Art and Science of Selling and Growth Hacking
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The document discusses the concept of growth hacking as an innovative marketing technique utilized by tech startups to achieve rapid growth through creative and analytical strategies. It introduces the 'startup growth pyramid,' detailing essential steps toward achieving product/market fit, optimizing customer acquisition, and scaling operations. Various acquisition sources and tactics, including SEO, SEM, and influencer marketing, are explored along with key performance indicators crucial for measuring growth hacking success.
The Art and Science of Selling and Growth Hacking
- 1. The Art and Science of Selling and Growth Hacking
- 2. @yellif
- 3. Hacker
- 4. “A hacker is someone who seeks and exploits weaknesses in a computer system or computer network.” Wikipedia
- 8. “The hacker culture is a subculture of individuals who enjoy the intellectual challenge of creatively overcoming and circumventing limitations of software systems to achieve novel and clever outcomes.” Wikipedia
- 9. “The hacker culture is a subculture of individuals who enjoy the intellectual challenge of creatively overcoming and circumventing limitations of software systems to achieve novel and clever outcomes.” Wikipedia
- 10. Hack = To cut or chop with repeated and irregular blows Wikipedia
- 12. Life Hacking Culture Hacking Flow Hacking Social Hacking Growth Hacking
- 13. Life Hacking Culture Hacking Flow Hacking Social Hacking Growth Hacking
- 16. Life Hacking Culture Hacking Flow Hacking Social Hacking Growth Hacking
- 21. Life Hacking Culture Hacking Flow Hacking Social Hacking Growth Hacking
- 23. Life Hacking Culture Hacking Flow Hacking Social Hacking Growth Hacking
- 25. Hacking = A State Mind
- 26. Always looking for ways to make thing better Openness to new ideas Curiosity to learn and teach Not being afraid to fail Collaborative mindset
- 27. Life Hacking Culture Hacking Flow Hacking Social Hacking Growth Hacking
- 28. “Growth hacking is a marketing technique developed by technology startups which uses creativity, analytical thinking, and social metrics to sell products and gain exposure.” Wikipedia
- 29. “What growth hackers do is focus on the “who” and “where more scientifically, in a more measurable way. Whereas marketing was once brand based, with growth hacking it becomes metric and ROI driven.” Ryan Holiday Author
- 30. “The goal of every growth hacker is to build a self perpetuating marketing machine that reaches millions by itself” Aaron Ginn Silicon Valley Technologist
- 31. According to Sean Ellis you need to be: A problem Solver Empathetic Analytical Data-driven thinker Basic coder Obessed learner
- 33. “Could you put a message on the bottom of everyone’s screen?” Tim Draper American Venture Capital Investor
- 42. “Let’s be honest, a traditional marketer would not even be close to imagining this integration - there’s too many technical details needed for it to happen. As a result, it could only come out of the mind f an engineer tasked with the problem of acquiring more users on Craigslist” Andrew Chen Author
- 44. The process of growth Hacking
- 46. The Startup Growth Pyramid Inventor of Growth Hacking Sean Ellis created this pyramid. 1. Product/Market Fit • How do you know if people really want your product • Ask them this question with the following rating scale: • At least 40% of existing users saying „very disappointed“
- 47. The Startup Growth Pyramid: Product/Market Fit How do you reach a Product/Market fit? 1. Do I have a problem worth solving? 2. Who are my (early) adopters? 3. What is my unfair advantage/solution? 4. Build an MVP, test your main assumptions 5. Qualitative learning + metric analysis
- 48. “When you are Before Product fit, focus obsessively on getting to product/market fit. Do whatever is required to get to product/market fit. Including changing out people, rewriting your product, moving into a different market, telling customers no when you don’t want to, telling customers yes when you don’t want to… whatever is required” Marc Andreessen Entrepreneur & Software engineer
- 49. The Startup Growth Pyramid: Growth Preparation 1. Promise: Highlight the benefits described by your “must have” users (those that say they would be very disappointed without your product). 2. Economics: Implement the business model that allows you to profitably acquire the most users. 3. Optimize: Streamline a repeatable, scalable customer acquisition process by testing multiple approaches and tracking to improve the right metrics.
- 50. The Startup Growth Pyramid: Growth 3. Growth • Optimize your conversion rate • Improve scalable customer acquisition • Business model is validated If all these are achieved, it is time to scale and invest! Don‘t forget: Still go and test, test, test & track the right metrics!
- 52. Or Ask Your Customers: What is it that brought you to this product? What is holding you back from referring others? What’s missing? What’s Golden?
- 53. WORKSHOP Spend 8 minutes working through your own business and working out what your customers would say
- 56. Analysis of 56 milllion website visits: 70% of traffic comes from Google (50 times more traffic than Facebook is generating) Desktop computer largest revenue driver (74% of revenues) Tablet and mobile market growing -> your website needs to be responsive Analysis of Website Traffic
- 57. • SEO (Search Engine Optimization) • SEM (Google Ads) • Facebook Marketing & Open Graph • Virality • Youtube • Blog & Podcasts • Content (ebooks, webinars etc.) • Influencers/Bloggers • Partnerships • Affiliate marketing • PR (Press Relation) • Startup Contests • Events • Deal sites • Online Contests • Deal Sites • Web Scraping • Email Marketing Acquisition Sources Overview
- 58. Acquisition Sources: Search Engine Marketing (SEM) • In KeyWord Planner, select keywords depending on competition and bid • Create your campaigns and ads • Set your budget, taking into account your margin by product/service • Analyze the data • Optimize your campaign • Be careful! You can loose a lot of money on Adwords – pay an expert or invest in yourself to become one • SEM will probably represent 30% of your traffic
- 60. Acquisition Sources: Facebook Marketing • Check out: www.facebook.com/ads • You can create an Ad to send people to your website & track conversions • Integrate the SEO Facebook Open graph meta tags to all of your pages! • Facebook marketing is very efficient as it is targeted at people with a very specific demographic and personal profile
- 61. Acquisition Sources: Content (ebooks, webinars etc) • A perfect way to build your authority • Could be a call-to-action on your website. Example: • „Sign up to receive 5% off“ • A good way to have some qualitative backlinks • Backlinks are good for Search Engine Optimization
- 62. 75 890 2 486 8 Influencers Influencer Marketing 1,892,213 Outcome: *** Reached #1 in Swedish App store *** *** CPD reduced by 50% *** + Social shopping app Influencer marketing platform =
- 64. Exclusivity
- 65. Social Sharing
- 66. Refer a friend
- 68. Bring unique aspects of brand to life
- 70. Newsletters are the new blogs
- 72. Growth Hacking The Cash Addiction Model 10.000 people reached 100 clicks to your website 2 conversions Margin = 120$ Click-through rate. Example: 1% Conversion rate. Example 2% Margin per conversion. Example: $120*50% = 60$ You make money if Cost per click (CPC) Is below $ 1.20 • Simple calculation model to show how much can be spent for generating leads and converting customers
- 73. Growth Hacking Key Performance Indicators (KPIs) CAC – Customer Acquisition Cost Conversion Rates Repeat visitor Ratio (RVR) CLV – Customer Lifetime Value K-factor (virality factor) CAC = Marketing Costs / Number of Customers acquired CR = Number of conversions / number of visitors RVR = % of users with X + visits in Y days after first visit CLV = MR * GMR * Lifespan MR – Avrg. Monthly Revenue per Customer GMR – Avrg. Growth Margin Rate per Customer Lifespan – months customers on avrg stay K = i * conversion percentage I = avrg. Number of invites sent by one customer
- 75. Example of using these tools Create a landing page about a product or an opportunity that you may have discovered • Google Analytics – analyzes how users find you, where they are from etc. etc. • Unbounce – offers great abilities to test several versions of a website/app simultaneously • Survey Monkey – Use Forms or questionnaires to find out more critical data about your customers • Colibri - shows you where your customers are engaging online so that you can insert yourself into relevant conversations.
- 77. WORKSHOP Where do you think the growth hacking opportunities are in your business?
- 85. WORKSHOP Plotting your customer journeys
- 86. HOMEWORK
- 88. What can we learn from the way that kickstarter works?
- 89. Present a growth hack for your business What? Why? How are you going to measure it?
- 91. Search “Creative Super Powers Unbound” Pledge for our new book and use SUPERPOWERS for 10% discount