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Startup Analytics and Figuring out Your Engine for Growth

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Startup Analytics and Figuring out Your Engine for Growth

  1. Growth Hacking Startup analytics and figuring out your engine for growth
  2. Because here’s what usually happens..
  3. You spend months and months building a great product.
  4. Anticipate a huge launch..
  5. But, when you actually do, nothing happens.
  6. Let’s say you end up with a feature in TechCrunch.
  7. Which gets you 10,000 new signups. day 1 day 2 5 users 10,000 users
  8. Awesome right?
  9. Not if no one comes back.. day 1 day 2 5 users day 30 10 users 10,000 users
  10. What happened?
  11. I’m Conrad Wadowski, a Partner at GrowHack which works with venture backed companies. I also run an online school which brings together leading practitioners and resources to teach your team user growth. Some background
  12. So, what the heck is GROWTH HACKING?
  13. A “growth hack” is a meaningful spike to a metric. day 1 day 2 5 users 10,000 users
  14. 50,000 users What really matters is making it repeatable. day 1 day 2 day 30 5 users 10,000 users
  15. Growth hacking is the tactics and best practices for growth.
  16. Think of it like you’re assembling an engine.
  17. ..but you’re missing the instruction manual. ? the manual
  18. How do you put together the pieces? Email Marketing UX SEO Behavioral Psychology PPC PR
  19. Try a bunch of stuff?
  20. Try a bunch of stuff? Ask other people?!
  21. Try a bunch of stuff? Ask other people?! The interwebs?!?
  22. Try a bunch of stuff? Ask other people?! The interwebs?!? Build more features?!?!
  23. All places to find ideas but..
  24. SEO Behavioral Psychology Email Marketing PPC UX Analytics Analytics brings things together PR
  25. It’s a skillset many companies don’t start with.
  26. And helps you be systematic about learning what’s happening.
  27. There are actually are a few engines to build and tune. #1Product Engine #2 Growth Engine +
  28. Without a “product engine” to create value, it’s hard to grow.
  29. For more here see Eric Reis, Steve Blank and Lean Startup Machine. #1Product Engine
  30. Let’s take HubSpot as an example #1Product Engine #2 Growth Engine + Marketing Automation Tools Inbound Marketing and Sales
  31. Sometimes you build within a distribution channel #1Product Engine #2 Growth Engine iOS App Apple App Store =
  32. Each approach carries its own risks and rewards.
  33. A practical framework for growth. (adapted from Dave McClure’s AARRR metrics)
  34. Pick one of these areas to focus on at a time.
  35. Acquisition source person comes from Search, Social,WOM,Viral
  36. Acquisition source person comes from Search, Social,WOM,Viral Activation getting someone quickly to a “must have experience” Your happy event
  37. Acquisition source person comes from Search, Social,WOM,Viral Activation getting someone to a “must have experience” Your happy event Retention Getting someone back to the experience Email, push notifs, messaging, user generating content
  38. Discover your one point of highest leverage.
  39. It looks like this..
  40. Free channels Acquisition source a person comes from Let’s say one of your friends told you absolutely had to download SnapChat. Acquisition Source: Word of Mouth
  41. Free channels Activation getting someone to an “must have experience” After you downloaded SnapChat you got to see the stupid video they sent you. Activation Event: Watching a video
  42. Free channels Retention Getting someone back to the core experience You then get a SnapChat push notification and the cycles continues. Retention Event: Push Notification
  43. Retention is important otherwise you’ll get
  44. A growth engine without a product engine is hard to sustain.
  45. Other user states to consider are revenue and referral.
  46. Free channels Referral getting one of your users to refer another user After you’ve starting using SnapChat you then feel comfortable inviting a friend. Referral Event: Messaging a friend
  47. Free channels Revenue monetizing people SnapChat currently doesn’t make money. They’re optimizing for user growth, which a monetization step would slow down. If SnapChat started sending disappearing ads, advertisers would pay. Revenue Event: N/A
  48. Say your product was a simple quiz website.
  49. But only 1 out of 118 completed it.
  50. One approach could be to acquire more users.
  51. You’d probably have to bring in another 118 to get only 1 more user to activate.
  52. That’s really hard.
  53. More likely your bottleneck is a landing page. image credit: iacquire Clear headline Short copy, graphic or visual Call to action
  54. And can lead to a much better result if you focused there..
  55. In this case your bottleneck was activation.
  56. Insight To build your engine, focus on your point of highest leverage.
  57. Choosing a metric you’d like to move may be the hardest thing. It’s changes and is tough to prescribe.
  58. ” Metrics are merely a reflection of the product strategy that you already have in place and are limited because they’re based on what you’ve already built, which is based on your current audience and how your current product behaves. Andrew Chen “
  59. It helps you prioritize, which may be the hardest thing to do. Text
  60. Start with an in depth study of your users.
  61. Be them.
  62. Talk to them.
  63. Where do your most engaged users come from or hang out?
  64. I say, take as many angles as you can to figure this out.
  65. In person interviews
  66. Craiglist to find people in your target market
  67. Meetups
  68. Surveys
  69. Usertesting.com
  70. “If you were to recommend [product name] to a friend, how would you convince them to use it?” Great question after someone’s first tried your product
  71. Net Promoter Score
  72. “I ask existing users of a product how they would feel if they could no longer use the product. In my experience, achieving product/market fit requires at least 40% of users saying they would be “very disappointed” without your product.” - Sean Ellis Question to assess Product/Market Fit
  73. Challenges: Bias and Speed
  74. Solution Measure what they actually do.
  75. Measure from Day One Philosophy.
  76. Get users into groups.
  77. Predict how your people react to changes you make.
  78. Being savvy with analytics applies to large and smaller user bases.
  79. For larger sets of users it’s helpful to segment people and find patterns.
  80. For smaller sets, you’ll get to see patterns develop.
  81. Even without much data, you’re getting into the habit of learning.
  82. Are people doing what you expect? Who and why are they behaving that way?
  83. Some characteristics of good metrics Answer an important question in your user lifecycle. Are actionable.
  84. How well are we retaining users? We look into the % of first time users who login the next day. If we weren’t retaining users, maybe they think our product isn’t valuable. Easy and quick to measure.
  85. What’s the most efficient use of marketing resources? To answer this question, we could look into sources of traffic, and analyze what % of users from a particular source ended up converting into being engaged with our product or paying, and how much would it cost to acquire this particular user. Helps you focus your resources on the channel with the most impact.
  86. An easy way to make your metrics more actionable would be to try to make it a %. Divide an important number you have over a period of time to give you a growth rate, or over an earlier step in your funnel to give you a conversion rate.
  87. What’s not actionable? Anything topline - like pageviews, revenue or users.We want to increase your total users, but this number will go up no matter what you do. Time on Site - can help measure engagement, but maybe your users are just confused?
  88. Benchmarking isn’t exact but can be a place to start if you’re having trouble identifying a weak metric.
  89. Is your sign up rate way below 8 to 30%?
  90. Is your email open rate way below 30% or click through consistently below 3%? Email marketing benchmarks 2013 - Mailchimp
  91. Drawing board Weak Average Okay Strong <12% 12-16% 20% 25% 50%+ Day One (D1) Mobile Gaming Retention Benchmarks Credit: Nabeel Hyatt
  92. More Mobile Retention Benchmarks App engagement benchmarks 2012 - Flurry
  93. Ideally you can find a leading indicator to tell you when activation happens.
  94. How do you know users reached the “aha moment?”
  95. A user is engaged if they reach 7 friends in 10 days. -Chamath Palihapitiya
  96. An active user has visited 7 times in the last month. -Josh Elman
  97. If someone came back the day after they signed up for a game, they were likely to become an engaged user. -Nabeel Hyatt
  98. Once you feel comfortable with focusing on a metric.
  99. Hypothesize improvement to that metric.
  100. Make valid, quick tests to improve it.
  101. Without your left brain, you wouldn’t know which of your ideas are good.
  102. Without your right brain, you wouldn’t have any good ideas.
  103. Some places to find good ideas about a bottleneck include other great products.
  104. Lot’s of tools available to identify your bottleneck
  105. Help you figure out who your valuable users are and why others are getting stuck.
  106. MixPanel
  107. Caution First chose what question you’d like to answer, then focus on measuring it.
  108. More information isn’t necessarily better.
  109. Retention Report Create a definition for retention, such as those who sign up and log back in.
  110. Weekly Cohorts
  111. Define Properties Answer more specific questions comparing groups such as returning vs. new visitors or those acquired through facebook vs. twitter.
  112. You can do the same in the funnel and revenue reports
  113. Learn about valuable users
  114. Message based on activity
  115. Segment.io
  116. Easily switch between services
  117. Optimizely.com
  118. Easy a/b testing
  119. Intercom.io
  120. Targeted messaging Bill Murray Kid Rock Brittany Spears Brad Pitt Aaron Arnold Juliana James John Johnson Bobby Boulder Nick Newman Sandy Sue Carly Charleston Paul Porter 350k 1 78 253k 87 27.2M 93 344 25 576 333 - 988 3 30 24 31 51 44 - - 0
  121. Targeted messaging Bill Murray Kid Rock Brittany Spears Brad Pitt Aaron Arnold Juliana James John Johnson Bobby Boulder Nick Newman Sandy Sue Carly Charleston Paul Porter 350k 1 78 253k 87 27.2M 93 344 25 576 333 - 988 3 30 24 31 51 44 - - 0 You might want to say hello
  122. Google Analytics
  123. Database + SQL + Excel Collect Data Query Analyze
  124. OKR Framework Stands for “Objectives” and “Key Results” and used by a lot of folks like Google and Zynga.
  125. Objective: Improve Engagement Key Result: Get 30% of students to post weekly progress updates by the end of the week. Experiment(s) this week: Set up class segments in intercom.io and email students on with link to Lecture. Create a Facebook group for the class. OKR Framework
  126. What’s your metric?
  127. click here to learn more about our online school Thanks! or find me @conradwa