growth hacking - pirate metrics
Post on 19-Mar-2017
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Pirate Metrics-What can pirates teach you about growth?
Last time:◉ What is Growth Management?◉ Growth Mindset◉ Product Market Fit◉ Customer Centric Development◉ Word of Mouth◉ Why need to measure everything
Next meetings will focus on:◉ Growth Process◉ Pirate Metrics Workshop◉ Tests and Experiments◉ B2B
How long will it take today?
Ok, so what about today?
In order to grow - you must know in which direction
How about a framework?
Like a list of things you want to do
And a list of how you want to do them
And a final list of what value will they bring as a result
Now what to do with these lists?
How can you segment these ideas?
All this and more - in the next episode!
Just kidding.
Let’s get started!
Dave McClure
Old School funnel
What did the marketing normally do??
Lead acquisition
What are Pirate Metrics?
Users come to your site/product from various sources
Examples of Acquisition Tactics
● SEO● SEM● PR● Social● Content
Marketing● Biz Dev● Webinar
● Referrals● Free trial● Newsletter● Guest post● Outreach● Q&A
Disclaimer:You don’t need huge volumes to acquire customers. If you have a few hundred of very targeted visitors every month - its fine!
Users come to your site/product from various sources
Users enjoy 1st visit: ‘happy’ user experience and leave contact info
Examples of Activation Tactics
● Social● Content
Marketing● Newsletter
● Lead nurturing● On-boarding● Screencasts
Difference between B2B & B2C
Example of a B2B Activation● Website form● RFP
Examples of B2C Activations● Create account● Buy something● Leave email
Users come to your site/product from various sources
Users enjoy 1st visit: ‘happy’ user experience
Users come back, visit the site multiple times
Examples of Retention Tactics
● Social● Content
Marketing● Newsletter
● Lead nurturing● On-boarding● Screencasts
Users come to your site/product from various sources
Users enjoy 1st visit: ‘happy’ user experience
Users come back, visit the site multiple times
Users conduct some monetization behavior
Examples of Revenue Tactics
● Scarcity● Discount● Annual plan● Up-sells
● Cross-sells● Evangelism● Guarantees● Support
Users come to your site/product from various sources
Users enjoy 1st visit: ‘happy’ user experience
Users come back, visit the site multiple times
Users like the product so much they refer it to others
Users conduct some monetization behavior
What should be the job of marketing?
Examples of Referral Tactics
● Incentive● Loyalty program● Easy to share
● Embeds● Hyperlinks
Types of metrics & measurement
First Quantitative analysis (see that there's a problem somewhere in the funnel, numbers don’t lie) - then - Qualitative (try to understand why the problem exist)
Qualitative:Usability Testing / Session Monitoring
Watch what users do, figure out problems & solutions from small # of users
Quantitative:Traffic analysis / User engagement
Report what users do, track usage & conversion %’s for all or empirical sample # of users
Comparative:A/B, Multivariate testing
Compare what users do in one scenario vs another, see which copy/graphics/UI is most effective
Competitive:Monitoring & tracking competitors
Track competitor activity & compare against yours; if possible compare channels, keyword traffic, demographic targeting, user satisfaction etc.
Channel conversion criteria
Best performing (%) channels/campaigns/copy
Largest volume (#) channels/campaigns/copy
Best performing (%) channels/campaigns/copy
Lowest cost ($) channels/campaigns/copy
Largest volume (#) channels/campaigns/copy
Best performing (%) channels/campaigns/copy
Measurement components:
Audience Segment (middle-aged men, city center inhabitants, young couples)
Channel source (social network, search engine, email, referral)
Campaign theme / Brand promise (find love, learn marketing, get in shape, read great books on your smartphone)
Landing Page & CTA
Copy & graphics
Example1000 (100%)
Example
100 (10%)
1000 (100%)
Example
50 (5%)100 (10%)
1000 (100%)
Example
20 (2%)
50 (5%)100 (10%)
1000 (100%)
5 (0,5%)
Example
20 (2%)
50 (5%)100 (10%)
1000 (100%)
MarketingWhat channels? Who do you market to?
Design & Test multiple marketing channels
Select & Focus on Channels with:◉High Volume◉High Conversion◉Low Cost
Measure deeper into the funnel not just into the website / landing page
Segment & select channels & customers by conversion at the deepest possible level (ideally $$$)
ProductHow to choose what to build?
Choose features for conversion improvement◉80% on existing
features◉20% on new feature
development
Keep guessing, build a backlog of ideas and carry them outA/B test a lotA LOT!
Measure conversion improvement
Rinse & repeat
CEO / FounderWhat metrics do you choose to watch?
Hypothesize Customer Lifecycle & Refine◉Choose 5-10
conversion steps◉Less, not more, is
better
Measure & iterate
Focus on conversion improvement
Delegate each metric to someone to OWN IT
A few Examples
Friends, press, school, SEO, referral
Add 5 or more friends
FacebookFriends, press, school
You come back to see what are your friends doing
Add 5 or more friends
Friends, press, school
You click on ads in your news feed
You come back to see what are your friends doing
Add 5 or more friends
Friends, press, school
You ask your friends to join because you want to follow what they’re doing
You click on ads in your news feed
You come back to see what are your friends doing
Add 5 or more friends
Friends, press, school
Friends, press, SEO, referral
Dropbox
Set up your account to store and share files
DropboxFriends, press, SEO, referral
You want to upload more files or use the ones you’ve uploaded
Dropbox
Set up your account to store and share files
Friends, press, SEO, referral
You need more space, so you buy it
Dropbox
You want to upload more files or use the ones you’ve uploaded
Set up your account to store and share files
Friends, press, SEO, referral
You need more space so you invite your friends - invites give you both more space
Dropbox
You need more space, so you buy it
You want to upload more files or use the ones you’ve uploaded
Set up your account to store and share files
Friends, press, SEO, referral
Friends, press, SEO, referral
Uber
Your first ride (most likely for free)
UberFriends, press, SEO, referral
You want to use your remaining free rides / You never want to go back to regular taxi services
UberFriends, press, SEO, referral
Your first ride (most likely for free)
You start paying for rides because your free codes are gone
Uber
You want to use your remaining free rides / You never want to go back to regular taxi services
Friends, press, SEO, referral
Your first ride (most likely for free)
You and your friend both get free codes for the referral
Uber
You start paying for rides because your free codes are gone
You want to use your remaining free rides / You never want to go back to regular taxi services
Friends, press, SEO, referral
Your first ride (most likely for free)
SEO, Social Media, Referral, Influencers
eStore with socks
Unique sock patterns & great delivery terms
eStore with socksSEO, Social Media, Referral, Influencers
Remarketing kept stalking you until you really wanted these socks
eStore with socks
Unique sock patterns & great delivery terms
SEO, Social Media, Referral, Influencers
You bought the socks you liked so much….and 3 other pairs
eStore with socks
Remarketing kept stalking you until you really wanted these socks
Unique sock patterns & great delivery terms
SEO, Social Media, Referral, Influencers
The newsletter said that if your friend bought 4 pairs, the you’d get one for free so you talked your friend into it
eStore with socks
You bought the socks you liked so much….and 3 other pairs
Remarketing kept stalking you until you really wanted these socks
Unique sock patterns & great delivery terms
SEO, Social Media, Referral, Influencers
SEO, Social Media, Referral, Blog
CRM
Great features, many integrations, good pricing
CRMSEO, Social Media, Referral, Blog
You left your email and the nurturing campaign together with remarketing
CRM
Great features, many integrations, good pricing
SEO, Social Media, Referral, Blog
You decided to give it a go and after 30 days it was all you ever needed, so you started to pay
CRM
You left your email and the nurturing campaign together with remarketing
Great features, many integrations, good pricing
SEO, Social Media, Referral, Blog
You were so happy with the features, customer support and UI that when a friend was looking for a CRM - you recommended this one
CRM
You decided to give it a go and after 30 days it was all you ever needed, so you started to pay
You left your email and the nurturing campaign together with remarketing
Great features, many integrations, good pricing
SEO, Social Media, Referral, Blog
SEO, Social Media, Referral, Blog, Ads
Apple Equipment Fixing Service
Good reputation, they can fix my problem, pricing is within my range
Apple Equipment Fixing ServiceSEO, Social Media, Referral, Blog, Ads
I keep seeing their ads everywhere (remarketing) or I signed up to their newsletter and I need to fix my iPad
Apple Equipment Fixing Service
Good reputation, they can fix my problem, pricing is within my range
SEO, Social Media, Referral, Blog, Ads
You send/give them your device to fix
Apple Equipment Fixing Service
I keep seeing their ads everywhere (remarketing) or I signed up to their newsletter and I need to fix my iPad
Good reputation, they can fix my problem, pricing is within my range
SEO, Social Media, Referral, Blog, Ads
They did it really quick, the courier was free, they ask you to refer 5 friends and they will get you your next fix on the house while your 5 friends get a 15% discount - win win!
Apple Equipment Fixing Service
You send/give them your device to fix
I keep seeing their ads everywhere (remarketing) or I signed up to their newsletter and I need to fix my iPad
Good reputation, they can fix my problem, pricing is within my range
SEO, Social Media, Referral, Blog, Ads
?
LiveChat
?
?
?
?
What’s LiveChat?
What type of content do the SEO?
Support and CRO also goes here*.
*As acquisition (for us) is getting user to sign up for a trial (that happens on subdomain with webapp, not on main domain), therefore all actions leading to creating a trial account are considered as acquisition by me (in this case).
Ok, what about Retention?
It’s the product itself*that works for it.
*Product as an entire customer experience it can deliver. It includes its features, UI, access to support, knowledge base, the fulfillment of needs, being robust, etc.
People love to brag.
What boosts referral too?
NPS
NPS
Individual “WOW” experience
NPS
Individual “WOW” experience
Partners Program pitch
NPS
Individual “WOW” experience
Partners Program pitch
“Powered by LiveChat”
NPS
Individual “WOW” experience
Partners Program pitch
“Powered by LiveChat”
LiveChat support experience
NPS
Individual “WOW” experience
Partners Program pitch
“Powered by LiveChat”
LiveChat support experience
Shares generated by content
Q&A
Trick question – on which part of the funnel should we focus?
It depends…
Acquisition is everything but retention is 4ever” B.Balfour
Every funnel is different
Build a model with KPIs to be met that are reasonable
Look at your actual funnel statistics and see where are the biggest leaks
Just like with the product - focus on fixing what you already have instead of building a shit-ton of tactics
But don’t abandon new tactics altogetherRemember: 80 - 20
80% - fixing existing tactics20% - developing new ones
5 most important points of today’s presentation
Next timeGrowth Process
Q&A
Thanks for coming!Let’s have a beer together now!
Any questions ?You can find me at◉ tomzduda@gmail.com
Thanks!
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