Build The Right Funnel and Grow Your Business Fast
Build The Right Funnel and Grow Your Business Fast What is Activation? Your SaaS funnel Not only do people need to create an account, they need to start using your product. Are people using your product? Activation is the critical step people need to take in order to get value from your product Facebook Activation = 10+ Friends Evernote Activation = First note written Instagram Activation = Filter used on an image Basecamp Activation = Project created Make sure to track activation It’s the most important part of your funnel and everyone forgets it. What’s a lever? A change to the funnel that helps you maximize results. Free Trials People love free More people will try your product Trial Funnel Funnel Levers Visited Site Upgraded Trial Sign Up Activated Basecamp Free trial On-ramp program is critical You have a limited number of days to make the sale. Don’t waste them. What’s your on-ramp program? The new user experience (NUX) should be completely different than your regular program. Shopify NUX 14, 30, or 45 day trial? You need to find out what works best for your company Replacing the free trial Try replacing your free trial with a 30- day money back guarantee. Freemium Again people love free Can be hard to convert free into paid Looking for user growth? Freemium is where you want to be. What do you limit? There’s a balance between offering enough so people sign up but not offering too much so they never upgrade. 1 Dropbox = 2 GB of Storage 2 Evernote = 60 MB of Uploads 3 MailChimp = 2,000 Email Subscribers Common Freemium Limits MailChimp Freemium Freemium users take forever to upgrade Very difficult to track changing behavior over time with a long-term funnel. Cohort reports help a lot with freemium Up-front Credit Cards? When do you collect credit card info? At account creation or at upgrade? Credit cards up front Fewer people will create an account but a LOT more will upgrade (especially if the upgrade is opt-out). Credit cards at upgrade Much easier to get people to create an account, much harder to get them to upgrade. AWeber $1 Trial Maximizing users or revenue? • If users, try no credit card • If revenue, try up-front credit cards. Monthly or Annual Billing Is the focus on users or revenue? Monthly gets more users, annual gets more revenue. CrazyEgg used to be monthly KISSmetrics offers both but with a discount for annual Test different levers to achieve the highest growth Look for bottlenecks in your funnel What step is a serious roadblock for people? Very few people go from Activation to Upgrade Use levers to fix bottlenecks Are You Only Testing the Funnel? Should We Test Randomly? Why did you get your results? If you just start testing without first understanding user behavior, you won’t be learning. Do you have qualitative data? Once we understand our users, then we can work the levers for the best fit. Where do we get qualitative data? Talk to your customers.
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Build The Right Funnel and Grow Your Business Fast
- 1. Dan McGaw, Director of Marketing at KISSmetrics Build The Right Funnel and Grow Your Business Fast April 2014
- 2. @DanielMcGaw #KISSwebinar Join me on Twi er
- 3. 1 What is activation? 2 4 levers for industry domination 3 Common pitfalls of testing Table of Contents
- 4. WATCH THIS WEBINAR RECORDING NOW
- 6. Your SaaS funnel What is Activation?
- 7. Not only do people need to create an account, they need to start using your product. Are people using your product?
- 8. No value = No sale
- 9. How to define activation Activation is the critical step people need to take in order to get value from your product
- 10. Facebook Activation = 10+ Friends What is Activation?
- 11. Evernote Activation = First note wri en What is Activation?
- 12. Instagram Activation = Filter used on an image What is Activation?
- 13. Basecamp Activation = Project created What is Activation?
- 14. Make sure to track activation It’s the most important part of your funnel and everyone forgets it.
- 15. Funnel Levers 2
- 16. What’s a lever? A change to the funnel that helps you maximize results.
- 17. Lever #1: Free Trials People love free More people will try your product
- 18. Trial Funnel Funnel Levers Visited Site Upgraded Trial Sign Up Activated
- 19. Basecamp Free trial Funnels Levers
- 20. On-ramp program is critical You have a limited number of days to make the sale. Don’t waste them.
- 21. What’s your on-ramp program? The new user experience (NUX) should be completely different than your regular program.
- 23. 14, 30, or 45 day trial? You need to find out what works best for your company Funnel Levers
- 24. Replacing the free trial Try replacing your free trial with a 30- day money back guarantee.
- 25. Lever #2: Freemium Again people love free Can be hard to convert free into paid
- 26. Looking for user growth? Freemium is where you want to be.
- 27. What do you limit? There’s a balance between offering enough so people sign up but not offering too much so they never upgrade.
- 28. 1 Dropbox = 2 GB of Storage 2 Evernote = 60 MB of Uploads 3 MailChimp = 2,000 Email Subscribers Common Freemium Limits
- 30. Freemium users take forever to upgrade Very difficult to track changing behavior over time with a long-term funnel.
- 31. Cohort reports help a lot with freemium Funnel Levers
- 32. LOG IN WITH GOOGLE Start Your Free KISSmetrics Trial
- 33. Lever #3 Up-front Credit Cards? Funnel Levers
- 34. When do you collect credit card info? At account creation or at upgrade? ?
- 35. Credit cards up front Fewer people will create an account but a LOT more will upgrade (especially if the upgrade is opt-out).
- 36. Credit cards at upgrade Much easier to get people to create an account, much harder to get them to upgrade.
- 37. AWeber $1 Trial Funnel Levers
- 38. Maximizing users or revenue? • If users, try no credit card • If revenue, try up-front credit cards.
- 39. Lever #4 Monthly or Annual Billing Funnel Levers
- 40. Is the focus on users or revenue? Monthly gets more users, annual gets more revenue.
- 41. CrazyEgg used to be monthly Funnel Levers
- 42. KISSmetrics offers both but with a discount for annual Funnel Levers
- 43. Your funnel levers 1 Free Trials 2 Freemium 3 Credit Cards Up-front 4 Monthly or Annual Billing
- 44. Test different levers to achieve the highest growth Funnel Levers
- 46. What Should You Focus on First?
- 47. Look for bo lenecks in your funnel What step is a serious roadblock for people?
- 48. Very few people go from Activation to Upgrade Common Pitfalls
- 49. Use levers to fix bo lenecks Common Pitfalls
- 50. Are You Only Testing the Funnel?
- 51. Variation B performs the best in this funnel Common Pitfalls
- 52. Variation A gives the most revenue Common Pitfalls
- 54. Why did you get your results? If you just start testing without first understanding user behavior, you won’t be learning.
- 55. Do you have qualitative data? Once we understand our users, then we can work the levers for the best fit.
- 56. Where do we get qualitative data? Talk to your customers.
- 57. Questions? We will do our best to answer