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EIA2017Portugal - Shira Abel - Increasing Market Traction: Understanding Your User

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EIA2017Portugal - Shira Abel - Increasing Market Traction: Understanding Your User

  1. 1. Increasing Market Traction Understanding Your User
  2. 2. • CEO & Lead Strategist, Hunter & Bard • Award Winning Marketing & Branding Agency • Previously Professor of Marketing for Startups at Tel Aviv/ Jaffa Academic College • Mentor at: 500 Startups, • Founding Mentor at: Google Campus TLV, Microsoft Ventures Accelerator TLV • MBA, Kellogg School of Management Shira Abel
  3. 3. I’m writing a book! Signup to be notified here: http://www.shiraabel.com/book
  4. 4. “A true unfair advantage is something that cannot be easily copied or bought.”
  5. 5. Agenda @shiraabel Traction - Why I'm Focusing on Behavior Why It Works Action Triggers It Works Even When We Know Form Follows Function Small Things Matter Real Life Examples
  6. 6. TRACTION You might have traction now, you probably don’t. Here’s how you understand your customer so you can build it.
  7. 7. STRATEGY COMES FIRST A Quick Point
  8. 8. @shiraabel Numbers – in General § Right now you probably don’t have enough traffic on your site to test much § Product Market Fit = 40% of your customers would be devastated if your product disappeared tomorrow § Watch your churn rate (keep it below 2% if you’re SaaS – preferably negative churn) § 10% MoM growth is what’s expected in most accelerators in Silicon Valley (depending on product)
  9. 9. WHY IT WORKS THE BASICS – the chemicals in our body are biologically programmed to react to certain things in a specific way
  10. 10. Endorphins § Runners high § Masks physical pain § The root of endurance § The reason laughing feels good § Games @shiraabel
  11. 11. @shiraabel Dopamine § The good feeling of progress and accomplishment § Crossing things off lists § Need to be able to see your goal (e.g. Corporate Vision) § The reason why we become “hooked” on notifications from our phone § Triggered through variable unexpected rewards § Highly addictive
  12. 12. Serotonin § Leadership, pride, status § Branding § Leader boards § Social proof § Raises confidence of the winner and the supporters § “Mefargen”ß hebrew word § Trust + security = confidence = innovation § Corporate Culture
  13. 13. Oxytocin § Love, friendship, mommy-hood § Hugging, shaking hands – the touch matters § Giving time & energy to help for free (money doesn’t count – more on that later) § Witnessing acts of human generosity releases oxytocin § Brand – Corporate Social Responsibility
  14. 14. Norepinephrine § Fight or flight response § Mobilize brain and body for action § Helps us be alert / at attention § Increases blood being pumped @shiraabel
  15. 15. Cortisol § Stress hormone § Impairs cognitive performance § Toxic situations destroy our ability to create § Paranoid (layoffs does this) § High stress environments § Inhibits Oxytocin @shiraabel
  16. 16. ACTION TRIGGERS You can’t force anyone to do something they don’t want to, but if they do want to – this will help you get them there
  17. 17. @shiraabel T-Shirt Economy § Reputation based § Incentives are about doing something for the love of it NOT financial reward § Easier to get someone to do something for free than for less money (e.g. lawyers would rather do pro bono than get paid less per hour for the same work) § Changes the way we perceive the work we do § When we already have our basic needs met, we’re more likely to do something for our own joy § This is where the evangelists should be – that’s why not paying them is a good thing
  18. 18. @shiraabel Financial Economy § People judge if something is “worth” their time § Become less enthusiastic if the work is not paid according to expectations § Make sure incentives are aligned with goals § Proven to be a bad way to build incentives to get people to work harder § Studies have shown that for cognitive work, a larger reward results in worse results § Loss aversion, however, brings better results § This will affect the affiliates the most
  19. 19. First Choice Brand Effect “…when the favorite brand was included… the choice was made instantly… this… occurs only for the respondent’s number one brand…” *Decoded, by Phil Barden
  20. 20. “Simplicity changes behavior.” - B.J. Fogg
  21. 21. The Hook
  22. 22. Reward Status Achievement Self Expression Competition Altruism Points • • • • • Levels • • • Challenges • • • • • • Virtual Goods • • • • • Leaderboards • • • • Gifting & Charity • • • •
  23. 23. • Points • Badges(Achievement Symbols) • Fixed Action Rewards • Leaderboard • Progress bar • Quest Lists • Win Prize • High-Five • Crowning • Level Up Symphony • Aura Effect • Sep-by- Step Tutorial • Boss Fights • Virtual Goods • Build from Scratch • Collection Set • Avatar • Earned Lunch • Learning Curve • Protection • Recruitment • Monitoring • Appointment Dynamics • Fixed Intervals • Dangling • Prize Pacing • Options Pacing • Patient Feedback • Count Down • Throttles • Moats • Narrative • Elitism • Humanity Hero • Higher Meaning • Beginners Luck • Free Lunch • Destiny Child • Co Creator • Milestone Unlock • Evergreen Mechanics • Real-Time Control • Chain Combos • Instant feedback • Boosters • Blank Fills • Voluntary Autonomy • Choice Perception • Friending • Social Treasure/Gifting • SeeSaw Bump • Group Quest • Touting • Bragging • Water Cooler • Thank you Economy • Mentorship • Social Prod • Glowing Choice • MiniQuests • Visual Storytelling • Easter Eggs • Random Rewards • Obvious Wonder • Rolling Rewards • Mischief • Sudden Effect • Oracle Effect • Sunk-Cost Tragedy • Progress Loss • FOMO • Evanescence Opportunity • Status Quo Sloth • Scarlet Letter • Visual Grave • Weep Tune MEANING ACCOMPLISHMENT EMPOWERMENT UNPREDICTABILITY AVOIDANCE SCARCITY Octalysis SOCIAL INFLUENCEOWNERSHIP http://yukaichou.com/ Engagement Tools
  24. 24. FORM FOLLOWS FUNCTION Building the marketing into the product. Think about what you want people to do, now reverse engineer it.
  25. 25. @shiraabel
  26. 26. Watch the Funnel Acquisition – Learns About Product Conversion – Signs Up Buys Retention – Uses Product WOM (Sharing) @shiraabel
  27. 27. Engineering Social Proof
  28. 28. Engineering Social Proof Ask for reviews in update notes
  29. 29. Engineering the Path to OK The user must do a set of actions, before permission is requested.
  30. 30. Engineering the Path to OK User-triggered requests showed the highest conversion rates
  31. 31. Engineering the Path to OK Marking optional fields only encourages ‘voluntary over- disclosure’
  32. 32. THESE WORK EVEN WHEN WE KNOW Even when we know we’re being manipulated, we’re susceptible to certain things.
  33. 33. Priming
  34. 34. DOUBLED VIEWS & REVENUE Before After Reciprocity
  35. 35. Anchoring
  36. 36. @shiraabel Framing How you say and do things matters
  37. 37. Loss Aversion
  38. 38. Inclusion – e.g. Easter Egg
  39. 39. Achievement
  40. 40. Ask for a small sign in the window, first Foot in the Door
  41. 41. Mere Exposure Ear worms work
  42. 42. @shiraabel Social Identity Theory Us vs. Them
  43. 43. https://kiralynblue.files .wordpress.com/ 2014/02/thinking--conf- -bias.png @shiraabel Confirmation Bias
  44. 44. Don’t make me think @shiraabel Analysis Paralysis
  45. 45. SMALL THINGS MATTER Get down to the details
  46. 46. How You Say Things Matters Researchers found that placing the following statement at the end of an ad… caused their trust scores to jump as much as 33 percent!’ “You can trust us to do the job for you.”
  47. 47. Emotions Vs. Logic § When numbers are even, e.g. $100 – we rely on our feelings § When numbers are exact, e.g. $17.86 we rely on our logic § It affects negotiation as well…
  48. 48. § Fear – Insurance § Guilt – Mother’s Day § Trust – Financial institutions § Value – Matching prices § Belonging – Part of our community § Competition – Doing better than the Jones’s § Instant Gratification – I want it now § Leadership – Early adopter & evangelist § Trendsetting – What are the leaders doing? § Time – Save time Get Emotional @shiraabel
  49. 49. Point being – When is your customer using your product? What’s their cognitive level? Cognitive Resources § Behavior depends on time of day – we’re more likely to have no patience at the end of the day, when we’re hungry or tired § Place – if we’re being interrupted every 30 seconds, our cognitive resources will be spent – decision making goes down § How much we’ve had to concentrate – again, using up cognitive resources We can’t decipher truth from fiction when we’re cognitively spent Our mood can change simply by putting a pencil between our teeth and forcing ourselves to smile
  50. 50. @shiraabel Do. Do not. Try. Your options according to Yoda
  51. 51. Connect! @shiraabel http://www.linkedin.com/in/shiraabel http://www.facebook.com/shiraabel https://plus.google.com/u/0/+ShiraAbel/ posts http://www.instagram.com/shiraabel http://www.pinterest.com/shira_abel
  52. 52. Thank you!
  53. 53. All of the stock photos are taken fromhttps://stocksnap.io https://www.youtube.com/watch?v=ReRcHdeUG9Y http://stress.about.com/od/stresshealth/a/cortisol.htm THANK YOU’S: Dan-ya Shwartz Bar-El & Ze'ev Rosenstein https://www.psychologytoday.com/basics/dopamine http://uxmovement.com/forms/why-users-fill-out-less-if-you-mark- required-fields/ http://dancounsell.com/articles/prompting-for-app-reviews http://agevik.se/post/72876032312/20-lessons-about-making-viral- apps-i-learned-the-hard http://contentmarketinginstitute.com/2011/09/web-content- conversions/ http://www.slideshare.net/startuplessonslearned/eric-ries-the-lean- startup-google-tech-talk http://www.slideshare.net/gzicherm/nir-eyal-hookedatgsummit http://www.businessmodelgeneration.com/canvas http://www.briansolis.com/2008/08/socialization-of-your-personal- brand_28/ http://www.avc.com/a_vc/2004/03/its_a_small_wor.html http://www.quora.com/Udemy/How-did-Udemy-get-11-000- courses-online-so-quickly http://www.amazon.com/Mountain-Three-Wolf-Short-Sleeve/ product-reviews/B002HJ377A http://lifehacker.com/the-psychology-of-a-fanboy-why-you-keep- buying-the-sam-1300451596 http://www.amazon.com/BIC-Cristal-1-0mm-Black-MSLP16-Blk/ dp/B004F9QBE6 http://www.youtube.com/watch?v=7QmCUDHpNzE http://www.youtube.com/watch?v=ZUG9qYTJMsI http://www.macadamia-apps.com/app-launch-7-mistakes-to- learn-from/ http://flowingdata.com/2011/09/18/yoda-pie-chart/ http://blog.bitly.com/post/9887686919/you-just-shared-a-link- how-long-will- people-pay http://www.briansolis.com/2011/09/whats-the-r-o-i-a-framework- for-social- analytics/ http://www.slideshare.net/setlinger/altimeter-social- analytics081011final Breakthrough Marketing Plans http://www.seomoz.org/blog/tracking-the-roi- of-social-media http://ideas.deloitte.ca/blog/2011/09/social-media-going- beyond-roi/ http://www.jeffbullas.com/2011/09/20/the-10-key-mistakes- many-bloggers- and-writers-make/ http://www.jeffbullas.com/2011/03/01/the-10-best-facebook- campaigns/ http://www.facebook-studio.com/ http://www.seomoz.org/blog/tracking- the-roi-of-social-media http://marketingfortomorrow.com/tag/marketing- tone/ http://www.theatlantic.com/business/archive/2015/01/the- psychological-difference-between-1200-and-1167/384993/ References & Reads

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