VergeNC - Growth Hacking with Shoeboxed
- 1. Hacking Growth John Hathorn Michael Hourigan
- 2. Agenda • Quick intro to growth hacking • Looking at your business as a Funnel • Visualizing Bottlenecks • Hacking in Action • Tools We Use • Questions
- 3. What is Growth Hacking? • The term was first used by Sean Ellis • Core focuses: • Scalability • Innovation • User Connectivity
- 5. What are the Pirate Metrics? • Pirate Metrics is a metrics model for startups devised by Dave McClure of 500 Startups AARRR!
- 6. Step 2 Step 3 4 5 Activation Retention Referral Revenue 100% 90% 80% 70% 60% Macro Funnel Step 1 Acquisition
- 7. Acquisition • Someone visits your website • Lead • Someone walks into your store
- 8. Activation • Turning a lead into a user • Listing your first item on a FSBO site • Creating a profile
- 9. Activation
- 10. Retention • Coming back to your site 3x • Listing a second item on a FSBO site • Opening your company’s iPhone app one week after downloading • Submitting a receipt after two weeks of creating an account
- 11. Revenue
- 12. Referral • Word of Mouth • Incentivized Referrals • Reviews
- 14. Visualizing Bottlenecks Step 1 Step 2 3 4 100% 90% 80% 90%40% Acquisition Activation Retention Revenue Referral
- 15. Where do we start?
- 16. Split Testing Never call a test before statistical significance has been reached!
- 17. One Step vs. Multi-step Optimization Step 1 2 3 4 5 100% 90% 45% 70% 90% 25% 10,000 9000 4050 2835 2551 638
- 18. One Step Optimization Step 1 2 3 4 5 100% 90% 55% 70% 90% 25% 10,000 9000 4950 3465 3118 780 22% INCREASE (Relative)
- 19. Compounding Gains Step 1 2 3 4 5 100% 90% 55% 80% 90% 50% 10,000 9000 4950 3960 3564 1782 279% INCREASE! (Relative)
- 20. Size of Funnel Step 1 2 100% 90% 10,000 9000 80% 70% 3 7200 5040 More or less successful?
- 21. Let’s Look at Two Shoeboxed Examples • 1. Mobile App • 2. Web Registration Pathway
- 23. Mobile App Step 2 Step 3 80% 40% 80% 25% Download App Create Account Clicked Upgrade Banner Upgraded 4 5 Made it to App-Store Listing Step 1 c (iAd) PPC (Affordable) $0.15 100%
- 24. Mobile App; Attacking the Bottlenecks 40% 25%Clicked Upgrade Banner Upgraded4 5 50% 35% Delta +25% Delta +40%
- 25. Mobile App Step 2 Step 3 80% 50% 80% 35% Download App Create Account Clicked Upgrade Banner Upgraded 4 5 App-Store Listing Step 1 +75% PPC (Affordable) 75% higher c (iAd) 100%
- 26. Example 2: Hacking the Registration Path Visit Homepage Step 1 Step 2 60% 20%80% 30% Enter Email Name & Address Start Subscription Enter Credit Card 100% Select Plans 3 4 5 80% Used to be 40%!
- 27. Hacking the Reg Path Step 1 Step 2 60% 20%80% 30%100% 3 4 5 80% 1000 600 480 384 77 23 Visit Email Address Plans Secure Subscription
- 31. Hacking the Registration Path Visit Homepage Step 1 Step 2 60% 37.6%80% 30% Enter Email Name & Address Start Subscription Enter Credit Card 100% Select Plans 3 4 5 80%
- 32. Hacking the Registration Path Step 1 Step 2 60% 37.6%80% 30%100% 3 4 5 80% 1000 600 480 384 144 43 +67 +20
- 33. Next Step: Iterating on the Gains
- 35. Hacking the Registration Path (Compounding Gains) Visit Homepage Step 1 Step 2 80% 37.6%80% 30% Enter Email Name & Address Start Subscription Enter Credit Card 100% Select Plans 3 4 5 80%
- 36. Step 1 Step 2 80% 37.6%80% 30%100% 3 4 5 80% 1000 800 640 512 193 58 +115 +35+200 +160 +128 Hacking the Registration Path (Compounding Gains)
- 37. Hacking the Registration Path (Compounding Gains)
- 38. Where do you get ideas? • Case Studies • Competitors • UI/UX Designers • Conversion Optimization Blogs (VWO, Optimizely) • Analyzing Customers
- 39. Other Tests We’ve Run • Upgrade Ad Creatives • Different Email Drip Campaigns • Calls to Action • Different Business Models (Pricing, Trial Types) • Incentives • Coupons • Push Notifications • App Store Optimization
- 40. Tools We Use
- 41. Take Aways • Use Pirate Metrics • Think of business in terms of funnels and multi-step systems • Optimize everything, starting with bottlenecks • A/B Test • Repeat
- 42. Questions?