Growth hacking: the growth hacker guide to analytics: how to get to data-driven growth in 8 steps
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This presentation will introduce anyone with a growth hacking mindset in using analytics to grow their business. I will address setting up actionable goals, choosing the OMTM, the conversion funnel, reporting and experimenting.
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Growth hacking: the growth hacker guide to analytics: how to get to data-driven growth in 8 steps
- 1. THE GROWTH HACKER’S GUIDE TO ANALYTICS How to get to data driven growth in 8 steps? growthagency.co
- 5. THE GROWTH HACKER’S GUIDE TO ANALYTICS How to get to data driven growth in 8 steps?
- 6. Clients
- 8. Who checks their analytics on a regular base? Q
- 9. Who knows their CAC, CLV and conversion rate by heart? Q
- 10. My goal: Making you guys more data-driven!
- 11. I will be showing a lot of frameworks today
- 12. But first..Why do you need analytics?
- 13. Growth hackers are a bit evil..
- 14. Analytics keep a growth hacker honest
- 15. infinitescroll
- 16. After months of development, the Etsy team launched a great new feature!
- 18. Time on site: Shopping cart size:
- 19. Analytics shift the focus of growth hackers
- 22. We have a CPC of 2€, is that good?
- 23. World’s first banner vs Coolblue banner
- 24. World’s first banner vs Coolblue banner 0€ IN REVENUE 32.900€ IN REVENUE
- 25. Forget about CTR, Sales matter!
- 26. Find your focus based on your data
- 27. Analytics predict the future for growth hackers
- 28. Mobile vs desktop visits
- 30. Make a business case, then repeat
- 32. The growth hacker’s guide to analytics How to get to data driven growth in 8 steps?
- 34. MORE SALES MORE IPAD SALES IN BELGIUM MORE ENGAGEMENT 15% MORE ENGAGEMENT DOUBLE THE SALES INCREASE SALES BY 10% MORE FACEBOOK FANS 5% MORE LEADS VIA SOCIAL MORE INBOUND LEADS INCREASE INBOUND LEADS BY 25% BY 2017
- 36. Marketing goals = business goals GROWTHAGENCY.CO
- 37. BY INCREASING RETENTION BY INCREASING DAILY ACTIVE USERS GROW MY COMPANY Example actionable goals INCREASE CONTENT CREATION BY MEMBERS BY 15% BY END 2016 EDUCATE MEMBERS ABOUT CONTENT CREATION VIA MAIL SHOW CONTENT FEATURES ON THE HOMEPAGE INCLUDE CONTENT CREATION IN ONBOARDING EXPERIENCE
- 39. 5 things to consider Qualitative vs quantitative metrics Vanity vs actionable metrics Exploratory vs reporting metrics Leading vs lagging metrics Correlated vs causal metrics
- 41. BewareOf vanity metrics! They will make you feel good, but they will not change the way you act.
- 43. Email marketing Social media Paid search Display advertising VANITY METRICS VS ACTIONABLE METRICS OPEN RATE LEADS GENERATED # FANS REFERRAL RATE AD POSITION COST PER ACQUISITION IMPRESSIONS COST PER LEAD
- 44. Trying to find interesting insights and unexpected learnings Keeping you up to date with predictable, managerial insights Do ads with pictures of cats work better? How many clicks will our ad budget get us? EXPLORATORY REPORTING
- 45. Leading vs lagging metrics makes the news Metric today that shows prediction of tomorrow We have 15% more leads this month. If we close half, we will increase sales reports the news Historical metric that shows how you’re doing We had a 15% increase in sales last month REPORTS THE NEWS MAKES THE NEWS
- 46. Correlated vs causal metrics
- 48. Most growing job category! Oh wait, it’s June..
- 49. Twitter case: causation between # people followed & returning users GROWTHAGENCY.CO
- 50. Twitter focuses on making sure beginning Tweeps start following users
- 51. Some good metrics for growth % net adds conversion rate % daily active users engagement rate referral rate LTV to CAC rate
- 54. Growth hacking in each stage of the funnel
- 55. KPI’s per stage of the funnel
- 56. Conversion funnel online shopping site
- 57. Conversion funnel online shopping site
- 58. COST PER ACQUISITION = 25 LIFETIME REVENUE PER USER = 75 LIFETIME VALUE = 100 First, get the basics right
- 59. Optimise for each stage in the funnel Channel testing
- 60. No e-commerce? No problem TRACK INCOMING ENQUIRIES TRACK NEWSLETTER OPT-INS TRACK NUMBER OF CALLS TRACK NEW SUBSCRIBERS
- 61. Choose your one metric that matters -OMTM- 4
- 62. Data overload
- 63. A wealth of information creates a poverty of attention
- 64. Your OMTM is your true north GROWTHAGENCY.CO
- 65. IT CREATES FOCUS FOR THE ENTIRE COMPANY IT INSPIRES AN INTERNAL CULTURE OF EXPERIMENTATION IT ANSWERS THE MOST IMPORTANT QUESTIONS FOR YOUR BUSINESS Why do you choose OMTM?
- 66. Do you know your OMTM? CUSTOMER LIFETIME VALUE DAILY ACTIVE USERS COST PER ENGAGEMENT CUSTOMER ACQUISITION COST
- 67. INTERVIEWS (QUANTITATIVE) & SURVEYS (QUALITATIVE)empathy stickiness virality revenue scale e-com merce 2 sided market SAAS Mobile app User gen content Media LOYALTY CONVERSION INVENTORY LISTINGS ENGAGEMENT CHURN DOWNLOADS CHURN VIRALITY CONTENT SPAM TRAFFIC VISITS RETURNS CAC SHARES REACTIVATION CAC SHARING INHERENT VIRALITY CAC WOM APP RATINGS CAC INVITES SHARING CONTENT VIRALITY TRANSACTION CLV CONVERSION % TRANSACTION COMMISSION UPSELLING CAC CLV CLV ARPDAU ADS DONATIONS CPE AFFILIATE % EYEBALLS AFFILIATES WHITE LABEL OTHER VERTICALS API MARKETPLACE SPINOFFS PUBLISHERS ANALYTICS USER DATA SYNDICATION LICENSES BUSINESSSTAGES BUSINESS MODEL TYPES
- 68. examples
- 70. Net adds = growth
- 72. Paid churn = loss GROWTHAGENCY.CO
- 73. PICK ONE METRIC YOU WANT TO GROW WHICH ACTIONS DRIVE TODAY’S GROWTH? WHICH STAGE IS YOUR BUSINESS IN? Exercise // discussion
- 75. And analytics get a looooot less boring!
- 77. assumption: hosts gets more bookings if listing has better pictures
- 78. MVP ASSUMPTION AirBnB case TESTING RESULTS DECISION NICER PHOTOGRAPHY HELPS AIRBNB’S BUSINESS = CAUSATION 20 PHOTOGRAPHERS IN THE FIELD COMPARE LISTINGS WITH A CONTROL GROUP 2 TO 3 TIMES MORE BOOKINGS WITH PROFESSIONAL PICTURES LAUNCH PHOTOGRAPHY AS AN OPTIONAL FEATURE FOR HOSTS
- 79. AirBnB case
- 80. Use your insights to test causation & find your growth hacks 6
- 81. FIND CORRELATION CORRELATION LETS YOU PREDICT THE FUTURE CAUSATION LETS YOU CHANGE THE FUTURE I WILL HAVE MORE THAN 3000 VISITS AND 50 PAYING CUSTOMERS NEXT MONTH IF I CAN MAKE SURE FIRST TIME VISITORS SIGN UP FOR THE NEWSLETTER, I WILL INCREASE SALES WITH 10% IN THE NEXT 3 MONTHS Find correlation & causation TEST CAUSALITY OPTIMISE THE CAUSAL FACTOR
- 82. A leading causal connection is the analytics superpower
- 83. Work in short cycles 7
- 85. infinitescroll
- 86. Test new features before implementing them GROWTHAGENCY.CO
- 87. The lean analytics cycle
- 88. Find ways to repeatable growth = scale 8
- 89. comes from understanding your best user and how to find & acquire more of them Repeatable growth
- 90. Why is Nigerian spam so badly written?
- 91. BAD LANGUAGE 1000 EMAILS SENT 1000 EMAILS SENT 10% CONVERSION = 100 RESPONSES 0,1% CONVERSION = 1 OR 2 RESPONSES 1 FOOL & THEIR MONEY1 FOOL & THEIR MONEY PROPER ENGLISH SCALABLE NOT SCALABLE
- 92. Nigerian spammers have learned to understand their target market & their customers
- 93. TRACK THE RIGHT METRICS UNDERSTAND YOUR CONVERSION FUNNEL SET ACTIONABLE GOALS 8 steps to growth: checklist CHOOSE YOUR OMTM TEST CAUSATION & FIND YOUR GROWTH HACKS WORK IN SHORT CYCLES FIND WAYS TO REPEATABLE GROWTH STOP REPORTING, START EXPERIMENTING