Try a Little Growth Hacking
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The document discusses critical misconceptions that can hinder business growth, emphasizing the necessity of sustained growth as a competitive strategy. It identifies common issues in lead acquisition, customer retention, and product development, while advocating for growth hacking techniques that include leveraging viral loops and actively engaging with users. The overarching goal is to create a sustainable business through a focus on user intent, effective traffic generation, and continuous product improvement.
Try a Little Growth Hacking
- 2. Assumptions that will kill your business • Growth isn’t important • I have enough customers • My product is done (perfected) • Referrals will sustain any business
- 3. All businesses have a natural decay rate
- 4. Sustained growth is the only defensible competitive strategy.
- 5. Growth Hacking: Energizing your marketing with an insatiable intensity for growth--traffic, users, and revenue.
- 6. Objective: Create a sustainable business with sufficient users to confidently maintain product to market fit.
- 7. 3 Growth Levers 1. Product 2. Traffic 3. User Intent
- 11. The first number is probably overwhelming
- 13. • No lead capture mechanism (don’t laugh - it’s the most common problem) • No incentive or value proposition • Asking for too much information COMMON LEAD ACQUISITION PROBLEMS
- 14. • Nothing to buy (don’t laugh - see #1 problem in lead acquisition) • Forget to tell leads what to do next. Be VERY direct. • Path to first Aha! is to complex or takes too long. Develop for instant Wow. COMMON CUSTOMER ACQUISITION PROBLEMS
- 15. • Most Products Suck (especially at first) • You’re not talking to users - ALL the time • Product is missing viral loops - features that generate referral sign-ups • Product is missing features that drive up DAU/MAU (Daily Active Users/Monthly Active Users) ratio COMMON PRODUCT PROBLEMS
- 16. • Retention rate • DAU/MAU • Survey (do you deliver an Aha! moment?) IS YOUR PRODUCT WORKING, FOR GROWTH?
- 17. TRAFFIC, LOTS OF TRAFFIC
- 18. Get (economically) efficient traffic... And lots of it!
- 19. SYSTEMATICALLY HARVEST CHANNELS ALREADY HOSTING YOUR TARGET CUSTOMERS
- 20. Facebook Google AdWords Hacker News YouTube Email POPULAR CHANNELS FOR SPAWNING VIRAL TRAFFIC
- 21. What Do Consumers Want?
- 23. • Customer development...before the build • Follow a leader to learn. Build something that already works, with a distinct differentiator • Let customer data inform your product and marketing tactics
- 24. TALK TO USERS... ALL THE TIME • Survey • Beta test • Loyalty groups • Social media • Face-to-face
- 27. VIRAL LOOPS Users gain value by pulling others into the product Linkedin - closer to access Dropbox - more storage space Farmville - faster rewards
- 28. VIRAL LOOP STRATEGIES Margin Viral Loop - User gives something to a friend that only cost the company a fraction of it’s face value. (e.g., Dropbox) Savings Viral Loop - User and friend both get a coupon. Only a fraction redeem - % breakage rate. (e.g., Zappos) Goal Viral Loop - User has a goal (friends participate together, a social cause) encouraging them to share. (e.g., Living Social, $1 goes to...)
- 29. Growth Hacking Product - MVP is good enough - maybe too much Traffic - Tap into existing distribution networks Customer - Always Be Talking to Users Viral Loops - Build it into the product
- 30. Talk More About Growth Hacking Bill Rice bill.rice@kaleidico.com @billrice Kaleidico www.Kaleidico.com @kaleidico