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How to Find the Big Growth Opportunities Hiding in Your Data

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Ask any CEO what they want from their marketing team and they'll all say the same thing: growth. But with so many different things you could do, how do you know what you should do to unlock new growth?

The answers you're looking for are hiding in your data. In this presentation we'll cover exactly how you can analyze your data to uncover new growth opportunities and achieve your goals.

You'll learn how to:

Slice your data to find new growth opportunities
Validate ideas with simple tests before committing to expensive initiatives
Use data to drive product changes that maximize growth
You'll see real-world examples of how the growth teams at Airbnb, GrowthHackers and Facebook use this same process to unlock new growth from smart data insights.

Publié dans : Marketing
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How to Find the Big Growth Opportunities Hiding in Your Data

  1. 1. Find the Big Growth Opportunities Hiding in Your Data MORGAN BROWN, COO INMAN
  2. 2. @Kissmetrics #KissWebinar @thuelmadsen
  3. 3. Thue is the Kissmetrics Webinar Wizard and Marketing Ops Manager. Before joining forces with Kissmetrics, he was a Lyft driver in SF, which is also how he ended up as a KISSmetrics marketer. Whenever Thue is not trying to automate everything around him, you can find him hiking in the Sierras. THUE MADSEN Marketing Operations Manager, Kissmetrics @ThueLMadsen Morgan is the COO of Inman and the co-author of “Startup Growth Engines: How Today’s Most Successful Startups Unlock Extraordinary Growth” with Sean Ellis. Morgan has led growth for a number of prominent startups including: GrowthHackers.com, Qualaroo, TrueVault, ScoreBig, and Science. MORGAN BROWN COO, Inman @morganb
  4. 4. #KissWebinar @morganb
  5. 5. 1 Instrumenting for Growth Figuring out what matters Identifying opportunities Creating hypotheses 2 Finding Growth in Data 3 Testing for Growth TABLE OF CONTENTS Launch lightweight tests Double down on winners Learn and keep moving Upping your data game Being able to answer questions
  7. 7. We’re drowning in data SO MANY NUMBERS, SO LITTLE INSIGHT
  8. 8. http://static6.businessinsider.com/image/568c42d4c08a8037018b71cc/jack-dorsey-just-admitted-that-twitters-140-character-limit-could-go-away-with-a-super-long-tweet.jpg “One of my greatest lessons in starting and running Twitter and Square is how important it is to instrument all usage.” JACK DORSEY
  9. 9. MEASURE WHAT MATTERS TO YOU What’s most important here isn’t necessarily what’s important to you.
  10. 10. BUILD YOUR GROWTH MODEL You must understand how your business grows before you can start to find hidden growth opportunities. http://firstround.com/review/indispensable-growth-frameworks-from-my-years-at-facebook-twitter-and-wealthfront/
  11. 11. BUILD YOUR GROWTH MODEL Doesn’t have to be exact, but needs to account for the key levers that drive growth for the business. http://firstround.com/review/indispensable-growth-frameworks-from-my-years-at-facebook-twitter-and-wealthfront/
  12. 12. Build (& implement) a tracking plan http://bit.ly/1UaBd7V COURTESY OF SEGMENT.COM
  13. 13. SIGN UP NOW Start Your Free Kissmetrics Trial
  14. 14. INSTRUMENT KEY FLOWS FIRST Set up tracking for your core activation, engagement, retention, purchase and referral flows
  15. 15. Finding Growth in Data PROCESS AND EXAMPLES
  16. 16. DECIDE WHICH METRIC TO MOVE What area of your business can give you the biggest wins if you improve it? http://www.slideshare.net/polvallssoler/pirate-metrics-aarrrprofit-and-key-metrics-to-track
 Hypotheses Focus &
 Prioritize Rapidly Test Promising Ideas
  18. 18. ASK QUESTIONS What are my best customers’ behaviors? What features do they use? What pages do they visit? How often do they engage? What are my best customers’ characteristics? What sources do they come from? What products do they purchase? What devices do they use? What events cause users to cancel/churn/abandon? What action didn’t they take? What behavior did they stop?
  19. 19. IDENTIFY BEST CUSTOMERS Where are inflection points that lead to big wins? 2 session users nearly 4x more likely to convert
  20. 20. AVOID FEATURES THAT EVERYONE/NO ONE USES Goal is to find overlapping product use and best customers https://blog.modeanalytics.com/facebook-aha-moment-simpler-than-you-think/
  21. 21. AREAS TO EXPLORE RETENTION How do I keep more users engaged? ACTIVATION How do I improve conversion rates? How do I improve trial to paid rates? MONETIZATION How do I grow transaction value? How do I improve conversion rate?
  22. 22. GENERATE HYPOTHESES Ha: By getting more users to make a second visit in 30 days, we can increase the rate at which they convert to new subscribers.
 H0: By getting more users to make a second visit in 30 days, we will not increase the rate at which they convert to new subscribers.
  23. 23. PRIORITIZE HYPOTHESES Growth lead owns focus (North Star, OKR, etc.) Hypotheses are scored and sized (ICE Score) Growth team nominates experiments for testing
  24. 24. TWEET OF THE DAY Work on something where if you make a difference, it makes a difference. @NEILPATEL @Kissmetrics @MorganB #KissWebinar #YourHashtag
  25. 25. Testing for Growth GENERAL GUIDELINES AND TOOLS
  26. 26. DESIGN SIMPLE TESTS FIRST We sent simple text email to re-engage people who had only visited once in last 3 weeks. Variant Sent Orders Conversion Rate Improvement Original 13963 19 0.14% — Variant #1 14356 22 0.15% 12.6% Control 9365 9 0.10 -29.4%
  27. 27. DESIGN SIMPLE TESTS FIRST Airbnb ads a small sign up bar below main experience to prove out “sign up” test before investing heavily in customizing UX
  28. 28. THEN, BUILD OUT WINNERS Airbnb invests in polished design once hypothesis proven. 
 Increases sign-up rate 40%.
  29. 29. DESIGN SIMPLE TESTS FIRST Moved Email collector from bottom to top Result: 700% Increase in collected emails GrowthHackers tests email capture with simple change in location, then doubles down on success with further tests.
  30. 30. THEN, BUILD OUT WINNERS Double down when you find signal to optimize and formalize feature. +22.1% sign ups +44.5% sign ups
 Hypotheses Focus &
 Prioritize Rapidly Test Promising Ideas
  32. 32. COMPOUND WINS TO FIND GROWTH PEEP LAJA CONVERSIONXL A 5% monthly improvement is an 80% improvement over 12 months. “
  33. 33. What to do next TAKEAWAYS AND ACTION PLAN
  34. 34. Get your data in order CAN YOU TRACK WHAT REALLY MATTERS?
  35. 35. Set your North Star WHAT ARE YOU AIMING FOR? Image: http://starworlds.blogspot.com.es/2010/07/astro-weather-for-last-week-of-july.html
  36. 36. Identify key success behaviors WHAT ARE MY BEST CUSTOMERS DOING THAT OTHERS AREN’T? Image: https://www.theodysseyonline.com/quick-guide-redefining-success
  37. 37. Ideate like crazy CREATE HYPOTHESES TO TEST AND DISPROVE Image:https://zapier.com/blog/visualize-to-do-list/
  38. 38. Launch lightweight tests MOVE FAST AND LEARN THINGS Image:http://dailyalchemy.com/law-attraction-experiment-fail/
  39. 39. Double down on winners INVEST WHERE THERE IS SIGNAL Image: http://www.vegas-aces.com/Root/players/players/pages/blackjack/how-to-play-blackjack/01-how-to-play-blackjack-the-basics.html
  40. 40. Learn and keep moving GROWTH IS NEVER DONE Image: https://en.wikipedia.org/wiki/Portal:Sharks/Selected_articles
  41. 41. MORGAN BROWN COO, Inman @morganb morganb@gmail.com THUE MADSEN Marketing Operations Manager, Kissmetrics @ThueLMadsen tmadsen@kissmetrics.com Questions?