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Growth Hacking
Startup analytics and figuring
out your engine for growth
Because here’s what
usually happens..
You spend months
and months building
a great product.
Anticipate a huge
launch..
But, when you
actually do,
nothing happens.
Let’s say you end up
with a feature in
TechCrunch.
Which gets you 10,000
new signups.
day 1 day 2
5 users
10,000
users
Awesome right?
Not if no one comes
back..
day 1 day 2
5 users
day 30
10
users
10,000
users
What happened?
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
So, what the heck is
GROWTH
HACKING?
A “growth hack” is a
meaningful spike to a
metric.
day 1 day 2
5 users
10,000
users
50,000
users
What really
matters is making
it repeatable.
day 1 day 2 day 30
5 users
10,000
users
Growth hacking is
the tactics and best
practices for growth.
Think of it like you’re
assembling an engine.
..but you’re missing the
instruction manual.
?
the manual
How do you put together the pieces?
Email Marketing
UX
SEO
Behavioral
Psychology
PPC
PR
Try a bunch of stuff?
Try a bunch of stuff?
Ask other people?!
Try a bunch of stuff?
Ask other people?!
The interwebs?!?
Try a bunch of stuff?
Ask other people?!
The interwebs?!?
Build more features?!?!
All places to find ideas
but..
SEO
Behavioral
Psychology
Email Marketing PPC
UX
Analytics
Analytics brings things
together
PR
It’s a skillset many
companies don’t start
with.
And helps you be
systematic about
learning what’s
happening.
There are actually are a few engines to
build and tune.
#1Product Engine #2 Growth Engine
+
Without a “product
engine” to create
value, it’s hard to
grow.
For more here
see Eric Reis,
Steve Blank and
Lean Startup
Machine.
#1Product Engine
Let’s take HubSpot as an example
#1Product Engine #2 Growth Engine
+
Marketing Automation Tools Inbound Marketing and Sales
Sometimes you build within a distribution channel
#1Product Engine #2 Growth Engine
iOS App Apple App Store
=
Each approach carries its
own risks and rewards.
A practical framework
for growth.
(adapted from Dave McClure’s AARRR metrics)
Pick one of these areas
to focus on at a time.
Acquisition
source person comes from Search, Social,WOM,Viral
Acquisition
source person comes from
Search, Social,WOM,Viral
Activation
getting someone quickly to a
“must have experience” Your happy event
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
Discover your one point of highest leverage.
It looks like this..
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
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
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
Retention is important
otherwise
you’ll get
A growth engine
without a product
engine is hard to
sustain.
Other user states to
consider are revenue
and referral.
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
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
Say your product was a
simple quiz website.
But only 1 out of 118
completed it.
One approach could be
to acquire more users.
You’d probably have to
bring in another 118 to
get only 1 more user to
activate.
That’s really hard.
More likely your bottleneck is a
landing page.
image credit: iacquire
Clear headline
Short copy,
graphic or
visual
Call to action
And can lead to a much better
result if you focused there..
In this case your
bottleneck was
activation.
Insight
To build your engine, focus on
your point of highest leverage.
Choosing a metric you’d
like to move may be the
hardest thing. It’s changes
and is tough to prescribe.
”
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
“
It helps you
prioritize, which
may be the hardest
thing to do.
Text
Start with an
in depth
study of your
users.
Be them.
Talk to them.
Where do your most
engaged users come
from or hang out?
I say, take as many
angles as you can to
figure this out.
In person interviews
Craiglist to find people
in your target market
Meetups
Surveys
Usertesting.com
“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
Net Promoter Score
“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
Challenges: Bias and
Speed
Solution
Measure what they
actually do.
Measure
from Day One
Philosophy.
Get users
into groups.
Predict how your people react
to changes you make.
Being savvy with
analytics applies to
large and smaller user
bases.
For larger sets of
users it’s helpful to
segment people and
find patterns.
For smaller sets, you’ll get to
see patterns develop.
Even without much
data, you’re getting
into the habit of
learning.
Are people doing what
you expect? Who and
why are they behaving
that way?
Some characteristics of good
metrics
Answer an important question in your user lifecycle.
Are actionable.
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.
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.
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.
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?
Benchmarking isn’t exact but
can be a place to start if you’re
having trouble identifying a
weak metric.
Is your sign up rate way
below 8 to 30%?
Is your email open rate
way below 30% or click
through consistently below
3%?
Email marketing benchmarks 2013 - Mailchimp
Drawing
board
Weak Average Okay Strong
<12% 12-16% 20% 25% 50%+
Day One (D1) Mobile Gaming
Retention Benchmarks
Credit: Nabeel Hyatt
More Mobile
Retention
Benchmarks
App engagement benchmarks 2012 - Flurry
Ideally you can find a
leading indicator to tell
you when activation
happens.
How do you
know users
reached the
“aha
moment?”
A user is engaged if they reach
7 friends in 10 days.
-Chamath Palihapitiya
An active user has visited 7
times in the last month.
-Josh Elman
If someone came back the day after
they signed up for a game, they were
likely to become an engaged user.
-Nabeel Hyatt
Once you feel
comfortable with
focusing on a metric.
Hypothesize
improvement
to that metric.
Make valid,
quick tests
to improve
it.
Without your
left brain, you
wouldn’t know
which of your
ideas are good.
Without your
right brain, you
wouldn’t have
any good ideas.
Some places to find good ideas
about a bottleneck include
other great products.
Lot’s of tools available
to identify your
bottleneck
Help you figure out
who your valuable
users are and why
others are getting
stuck.
MixPanel
Caution
First chose what question you’d like
to answer, then focus on measuring
it.
More information
isn’t necessarily
better.
Retention Report
Create a definition for retention, such as those who sign
up and log back in.
Weekly Cohorts
Define Properties
Answer more specific questions comparing groups
such as returning vs. new visitors or those acquired
through facebook vs. twitter.
You can do the same in the
funnel and revenue reports
Learn about valuable users
Message based on activity
Segment.io
Easily switch between services
Optimizely.com
Easy a/b testing
Intercom.io
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
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
Google Analytics
Database + SQL +
Excel
Collect Data Query Analyze
OKR Framework
Stands for “Objectives” and “Key Results” and
used by a lot of folks like Google and Zynga.
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
What’s your metric?
click here to learn more
about our online school
Thanks!
or find me @conradwa

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Startup Analytics and Figuring out Your Engine for Growth