Implementing a High-Tempo Experimentation Process at Truly
Learnings, challenges & results
World Forum Disrupt | Dec 7 2016Johannes Radig, Head of Growth Marketing at Truly Experiences
@joradig1
Agenda š¤
1. What is a high-tempo experimentation process?
2. Why should I care?
3. How do I implement it? [6 step process]
4. 4 Biggest Challenges & Learnings2
Head of Growth Marketing @TrulyEx-PayPal SEO, Display & Paid Social
Startup consultant & 500 Startups Mentor
The destination for people who want memories, not stuff.
UKās leading marketplace for unique, premium gift experiences, growing 2.4x this year.
web: trulyexperiences.comtwitter: @givetrulyfacebook: @trulyexperiences
WHAT IS HIGH TEMPO EXPERIMENTATION? š¤
āGrowth hacking isnāt about a specific tactic, but rather
itās about a process of discovering which tactics will be effective for growing your
business.ā 4
Sean Ellis (GrowthHackers.com, Ex-
Dropbox, Ex-Lookout)
7Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16
Trulyās Overall Conversion Rate
Ecommerce Conversion Rate
Conversion rate Jan > Nov +100%
HOW? š¤
āStop looking for tactics first, and start focusing on
establishing a growth processā
9
Brain Balfour, Founder/CEO @ Reforge, Previously VP Growth @ HubSpot etc.
The process š
10
1 ā¢ā¢Identify Growth Levers
2 ā¢ā¢Gather Ideas
3 ā¢ā¢Formalise & Prioritise Experiments
4 ā¢ā¢Implement Experiments
5 ā¢ā¢Analyse & Learn
6 ā¢ā¢Document & Share Experiments
Rinse, repeat every 1-2 weeks
Revise quarterly
#1 Identify Growth Levers
Generate 2.4x total Revenue YOY šŖ= OUTPUT ā Growth Lever!
Levers = Inputsā¢ Monthly Revenue = # of Transactions x Average Order Value (AOV)ā¢ # of Transactions = Website Traffic x Conversion Rate + Offline
Transactionsā¢ Conversion Rate = Category > % Product > > % Add to Cart >
Checkout %ā¦
11
Market average: 80%
Market average: 20%
Market average: 65%
Experiment Focus
Get to 40% = Ā£80k monthly
revenue
Get to 15% = Ā£50k monthly
revenue
Process: #2 Gather ideas
ā¢ Internal teams: Customer Service, sales teamā¦
ā¢ Existing Customers
ā¢ Prospects
ā¢ Competition
ā¢ Best practices & Case Studies: GrowthHackers.com, Hackernews etc.13
20
IMPACT CONFIDENCE EASE
How big is the potential impact of this idea on the KPI?
1-3 š
How certain are we itās going to work?
1-3 š²
How difficult is it to implement?
1-3 ā
ICE SCORE (SUM OF SCORES) 3-9
21
KPI
Specific goal of the experiment
Impact calculation & rating
Confidence
Ease
Calculate GMV / Revenue