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Organic Growth, Global Mindset! (Colin Hodge, MOX Taipei, 11 Apr 2020)

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Learn the basics on how to grow your startup organically, using lessons from around the world, from "The Global Growth Expert," Colin Hodge.

These slides show the simple SMILE framework that Colin developed during his time as Chief Growth Officer @ M17 Entertainment & later as a traveling Growth Expert.

As discussed on live video with MOX Taipei and Taiwan Tech Arena.

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Organic Growth, Global Mindset! (Colin Hodge, MOX Taipei, 11 Apr 2020)

  1. 1. 1 "SUCCESS SEEMS TO BE CONNECTED WITH ACTION. SUCCESSFUL PEOPLE KEEP MOVING. THEY MAKE MISTAKES, BUT THEY DON'T QUIT.” —CONRAD HILTON Organic Growth, Global Mindset!
  2. 2. 2 Colin Hodge ● Specializes in Organic Growth with a Global Mindset ● Board Member for a Silicon Valley social company with over $200M in annual revenue ● Served as Chief Growth Officer at M17 Entertainment, which includes the #1 livestreaming video company in Developed Asia, 17 Live, overseeing global expansion and helping to launch the biggest markets, as well as leading the marketing team at headquarters in Taiwan ● Served as CEO of 17 Live USA and launched the highly-rated PG video streaming app, LiveAF, in Los Angeles, California ● Grew revenue and users of new or acquired social apps as Head of Paktor Labs, including 20x growth for one app that is now a top-grossing social app in Taiwan ● As CEO & Founder, created and grew viral app DOWN to 6M+ users organically, exiting in successful acquisition ● Studied Computer Science (major) and Business Management (minor) at Cornell University (B.S. 2007)
  3. 3. 3 GLOBAL GROWTH 41%
  4. 4. 4 METRIC IDEAS Choose your North Star METRIC and discuss what affects it Brainstorm IDEAS to improve the metric FRAMEWORK FOR GROWING YOUR STARTUP SUCCESS Define what SUCCESS looks like & what you need to improve to reach it! S I LAY OUT Select promising ideas and LAY OUT how to try them EXPERIMENT L E M EXPERIMENT with your best ideas, iterate, and repeat!
  5. 5. 5 SUCCESS Define what SUCCESS looks like & what you need to improve to reach it! Ask yourself, "If we vastly improve any area, which would have the biggest effect for us?" Alternatively, what aspect of the company is holding your progress back the most?
  6. 6. 6 METRIC Choose your North Star METRIC and discuss what affects it ● Measures how well you are doing with your current definition of SUCCESS ● What aspects of your product/service can affect this metric? ● What's currently running to improve this metric?
  7. 7. 7 IDEAS Brainstorm IDEAS to improve the metric Tactics: 1. Psychology: get into the customers' mindset 2. Examples: think how others, like competitors or similar biz in other regions, have attacked this problem 3. Think Big: If you want to increase this metric 10x and money nor time are an issue, what would you do? Rules: 1. There are no bad ideas - be supportive and positive! 2. Use "and" NOT "but" 3. Let people finish expressing themselves without interruptions 4. Record the session: notes, audio, etc.
  8. 8. 8 LAY OUT Select promising ideas and LAY OUT how to try them Choose the the top ideas, balancing estimated impact and implementation ability. Plan how you would try the idea to see if it improves the metric. This should be an MVP version at first!
  9. 9. 9 EXPERIMENT EXPERIMENT with your best ideas, iterate, and repeat! ● Run A/B tests with acceptable level of risk (e.g. if you don't want to risk revenue too much, set your baseline variant at 80% and the new variant at 20%). ● Ensure results are statistically significant (95% confidence interval). ● Look for 🎇 sparks 🎇 of potential growth - results where a key metric moves significantly - and then pour gasoline on by focusing experiments in that area. ● Iterate on many different variations of tests, if possible, to ensure that you find the best way to communicate it to your customers. ● Repeat the LAY OUT & EXPERIMENT steps with promising ideas until you find a spark to focus on.
  10. 10. 10 METRIC IDEAS Choose your North Star METRIC and discuss what affects it Brainstorm IDEAS to improve the metric REMEMBER TO SMILE! SUCCESS Define what SUCCESS looks like & what you need to improve to reach it! S I LAY OUT Select promising ideas and LAY OUT how to try them EXPERIMENT L E M EXPERIMENT with your best ideas, iterate, and repeat!
  11. 11. 11 PREP YOUR QUESTIONS! 1. Your first name 2.Your 1 sentence startup pitch / description 3.What growth challenge are you currently facing? 11
  12. 12. 12 Case Study
  13. 13. 13 Background ❏ Voice call social matching app based in Taiwan ❏ Before I started consulting with them: ❏ ~ 2k DAU and $0 Revenue ❏ Grew only through word-of-mouth and forum posts ❏ Team of ~ 3 13
  14. 14. 14 Initial Focus We decided to focus initially on critical mass in the market (Taiwan), to boost usefulness and enable greater network effects. Our first North Star Metric: Monthly Downloads Through experimenting with App Store Optimizations, formalizing the process and expanding effort on forum posts, and garnering news coverage, we were able to increase downloads by 500% in the first 3 months. 14
  15. 15. 15 Second Focus After jumpstarting their Monthly Downloads, we updated the focus. Our second North Star Metric: Week 1 Retention We set up measurements for onboarding funnels, match success rates, push notifications, etc. We were able to increase week 1 retention by 200%+ in the next 2 months. 15
  16. 16. 16 Third Focus With the active user base growing rapidly, we started to focus on revenue. Our third North Star Metric: Conversion to paid users We rolled out multiple pricing experiments for the core feature, testing a subscription with and without a trial, for example. As we landed on an optimal payment structure, we expanded the revenue sources to another feature as well. Within 6 months, we increased monthly revenue from $0 to $100,000s per month. 16
  17. 17. 17 Overall Results Within 18 months, we: - Increased DAU by ~ 30x - Grew the userbase ~ 25x - Grew annually recurring revenue (ARR) to $MILLIONS 17
  18. 18. 18 www.ColinHodge.com

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