Growth hacking panel hosted by Kellogg MBA
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Slides that go with the Growth Hacking Roadmap infographic, which summarizes how startups can maximize the growth of their most valuable customers. It also summarizes the actionable analytics growth hackers should be using including cohort analysis, user testing and key performance indicators. Panel presentation by Mark Andersen, Prasanna Vinjamuri and Lauren Anderson.
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Growth hacking panel hosted by Kellogg MBA
- 1. Growth Hacking Roadmap Maximize the Growth of Your Most Valuable Customers Kellogg School of Management Mark Andersen Prasanna Vinjamuri Lauren Anderson June 26, 2014
- 3. Create Your Business Model Product / Market Fit Most Valuable Customers Early Behavior of Most Valuable Customers Aha! Moment Virality Optimize Content Funnel Content Marketing & Social Media User & Social Networks / App Stores Online / Mobile Advertising Growth Hacking Roadmap
- 4. Create your business model Business Model Canvas Step 1 What customer segments does your organization serve? Establish and maintain customer relationships What are the key value propositions to customers in each segment? 12 Communication, Delivery, Sales Channels How you do it Assets to create and deliver value Activities outside your organization Convert customer value to revenueYour cost structure Your Business Model 5 4 36 78 9
- 5. Create your business model Business Model Canvas Step 1
- 6. Product / Market Fit "How to lose $170 million in VC funding" • AllAdvantage after 18 months: 13 million members, Top 20 site, $170 million from VCs, 3 weeks from IPO • "Biggest whale on the dotcom beach" • Why did it fail? Too much focus on acquisition, never achieved p/m fit Step 2
- 7. Product / Market Fit Step 2 • Circle of Friends launched on Facebook--returned $ to the VCs • Completed sale within 3 years to Sugar Inc
- 8. Most Valuable Customers Using Lifetime Net Value Across Acquisition Channels Step 3 0 25 50 75 100 Email Blog Retarg SEO Blog FB eBooks SEM Affiliate
- 9. Most Valuable Customers Step 3 HireRight
- 10. Early Behavior of Most Valuable Customers Location Labs Step 4 Early Behavior Persons who check for location at least once within the first week after signup have LTV > 4x those who don’t. ! Action Reminder email to check location for those who hadn’t done so yet. ! Results Significant increase in LTV.
- 11. Aha! Moment WhatsApp's 10 step Onboarding process + 16 minutes to my Aha! Moment Step 5 App Store download Permission to get contacts Permission to send push notifications Enter phone number Connecting my number Receive the verification code and enter it Validate the code Prompted to fill out my profile. Approve the Facebook permission. Automatically shows favorites
- 12. Virality Location Labs Step 6 DriveSmart: "hey, I'm driving, DriveSmart is keeping me safe..."
- 13. Optimize Conversion Funnel Your fastest way to increase Lifetime Net Value • Start by improving existing opportunities, not new traffic • Learn about people who don't visit key conversion pages • Find the points where people abandon your site: ask them via exit survey: "Is there something preventing you from checking out?" • Test & measure pages, flows & cohorts • Testing speed is critical. A/B only tells us "what." We have to do user testing to figure out "why." Step 7
- 14. Optimize Conversion Funnel Tools to increase conversion rates, retention & LTV • Analytics: Google Analytics, KISSMetrics, Mixpanel • A/B testing tools: Optimizely, Visual Website Optimizer • Testing a lot of landing pages: Unbounce • Identify the "why" in friction points: Qualaroo, UserTesting.com Step 7
- 15. Content Marketing & Social Media Online petitions: CREDO Mobile's 275,000 Likes on FB Step 8 ! • Clif Bar & Mint: 170,000 Likes
- 16. Content Marketing & Social Media Blogs: Salesforce, Whole Foods. Webinars: KISSMetrics, Qualaroo Step 8
- 17. Content Marketing & Social Media Video content that drives results Step 8 ! • Wren's "First Kiss" (clothing label in LA): 80 million views, sales in their online store increased13,600% vs week before First Kiss was released: youtube.com/watch?v=IpbDHxCV29A • Red Bull's jump from space: 35 million views, youtube.com/ watch?v=FHtvDA0W34I • GoPro's "Pelican learns to fly": 3 million views: youtube.com/ watch?v=_YEyzvtMx3s
- 18. User & Social Networks / App Stores API integrations enable invitations, notifications & sharing of activity • B2B open APIs: LinkedIn, AppExchange, Yammer Step 9
- 19. Online / Mobile Advertising Find the right channels for your Most Valuable Customers Step 10 Total Customer Value source: marketo.com
- 20. Actionable Analytics & Research New Customer Cohort April May June July Month ofAcquisition [2013] 0K 2K 4K 6K 8K CountofNewCustomers 0 1 2 3 4 5 AverageNumberofOrders $0.00 $20.00 $40.00 $60.00 $80.00 $100.00 AverageOrderSize 3,978 6,962 8,951 4,973 5 5 4 1 $91.50 $102.17 $87.50 $105.00 New Customer Cohort The trendsof Countof New Customers,Average Numberof Ordersand Average OrderSize forAcquisition Month.
- 21. Actionable Analytics & Research KPIs 4/7/2014 4/14/2014 First Time Visitors Total Visitors Conversion Rate % New Customers Retention Rate Num Orders Average Order Size Total Sales $20,000 $125 160 3.35% 18.06% 3.92% 3,955 1,986 $26,040 $210 124 2.89% 15.32% 3.01% 4,123 1,822 Apr 2 Apr 4 Apr 6 Apr 8 Apr 10 Apr 12 Apr 14 14 Day Trend
- 22. Summary If you takeaway nothing else... • Product/market fit is paramount • Don't accelerate your acquisition spend until you've achieved p/m fit, optimized your funnel & positive Lifetime NetValue • Setup your analytics asap • Cohorting & most valuable customers critical • Common mistake is focusing too much on acquisition & virality and not enough on retention