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EIA2017Italy - Shira Abel - Increasing Market Traction


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EIA2017Italy - Shira Abel - Increasing Market Traction

  1. 1. Increasing Market Traction Understanding Your User
  2. 2. • CEO & Lead Strategist, Hunter & Bard • Award Winning Marketing & Branding Agency • Previously Professor of Marketing for Startups at Tel Aviv/ Jaffa Academic College • Mentor at: 500 Startups, • Founding Mentor at: Google Campus TLV, Microsoft Ventures Accelerator TLV • MBA, Kellogg School of Management Shira Abel
  3. 3. “A true unfair advantage is something that cannot be easily copied or bought.”
  4. 4. Agenda @shiraabel Traction - Why I'm Focusing on Behavior Why It Works Action Triggers It Works Even When We Know Form Follows Function Small Things Matter Real Life Examples
  5. 5. TRACTION You might have traction now, you probably don’t. Here’s how you understand your customer so you can build it.
  6. 6. STRATEGY COMES FIRST A Quick Point
  7. 7. @shiraabel Numbers – in General  Right now you probably don’t have enough traffic on your site to test much  Product Market Fit = 40% of your customers would be devastated if your product disappeared tomorrow  Watch your churn rate (keep it below 2% if you’re SaaS – preferably negative churn)  10% MoM growth is what’s expected in most accelerators in Silicon Valley (depending on product)
  8. 8. WHY IT WORKS THE BASICS – the chemicals in our body are biologically programmed to react to certain things in a specific way
  9. 9. Endorphins  Runners high  Masks physical pain  The root of endurance  The reason laughing feels good  Games @shiraabel
  10. 10. @shiraabel Dopamine  The good feeling of progress and accomplishment  Crossing things off lists  Need to be able to see your goal (e.g. Corporate Vision)  The reason why we become “hooked” on notifications from our phone  Triggered through variable unexpected rewards  Highly addictive
  11. 11. Serotonin  Leadership, pride, status  Branding  Leader boards  Social proof  Raises confidence of the winner and the supporters  “Mefargen” hebrew word  Trust + security = confidence = innovation  Corporate Culture
  12. 12. Oxytocin  Love, friendship, mommy-hood  Hugging, shaking hands – the touch matters  Giving time & energy to help for free (money doesn’t count – more on that later)  Witnessing acts of human generosity releases oxytocin  Brand – Corporate Social Responsibility
  13. 13. Norepinephrine  Fight or flight response  Mobilize brain and body for action  Helps us be alert / at attention  Increases blood being pumped @shiraabel
  14. 14. Cortisol  Stress hormone  Impairs cognitive performance  Toxic situations destroy our ability to create  Paranoid (layoffs does this)  High stress environments  Inhibits Oxytocin @shiraabel
  15. 15. ACTION TRIGGERS You can’t force anyone to do something they don’t want to, but if they do want to – this will help you get them there
  16. 16. @shiraabel T-Shirt Economy  Reputation based  Incentives are about doing something for the love of it NOT financial reward  Easier to get someone to do something for free than for less money (e.g. lawyers would rather do pro bono than get paid less per hour for the same work)  Changes the way we perceive the work we do  When we already have our basic needs met, we’re more likely to do something for our own joy  This is where the evangelists should be – that’s why not paying them is a good thing
  17. 17. @shiraabel Financial Economy  People judge if something is “worth” their time  Become less enthusiastic if the work is not paid according to expectations  Make sure incentives are aligned with goals  Proven to be a bad way to build incentives to get people to work harder  Studies have shown that for cognitive work, a larger reward results in worse results  Loss aversion, however, brings better results  This will affect the affiliates the most
  18. 18. First Choice Brand Effect “…when the favorite brand was included… the choice was made instantly… this… occurs only for the respondent’s number one brand…” *Decoded, by Phil Barden
  19. 19. “Simplicity changes behavior.” - B.J. Fogg
  20. 20. The Hook
  21. 21. Reward Status Achievement Self Expression Competition Altruism Points • • • • • Levels • • • Challenges • • • • • • Virtual Goods • • • • • Leaderboards • • • • Gifting & Charity • • • •
  22. 22. • Points • Badges(Achievement Symbols) • Fixed Action Rewards • Leaderboard • Progress bar • Quest Lists • Win Prize • High-Five • Crowning • Level Up Symphony • Aura Effect • Sep-by- Step Tutorial • Boss Fights • Virtual Goods • Build from Scratch • Collection Set • Avatar • Earned Lunch • Learning Curve • Protection • Recruitment • Monitoring • Appointment Dynamics • Fixed Intervals • Dangling • Prize Pacing • Options Pacing • Patient Feedback • Count Down • Throttles • Moats • Narrative • Elitism • Humanity Hero • Higher Meaning • Beginners Luck • Free Lunch • Destiny Child • Co Creator • Milestone Unlock • Evergreen Mechanics • Real-Time Control • Chain Combos • Instant feedback • Boosters • Blank Fills • Voluntary Autonomy • Choice Perception • Friending • Social Treasure/Gifting • SeeSaw Bump • Group Quest • Touting • Bragging • Water Cooler • Thank you Economy • Mentorship • Social Prod • Glowing Choice • MiniQuests • Visual Storytelling • Easter Eggs • Random Rewards • Obvious Wonder • Rolling Rewards • Mischief • Sudden Effect • Oracle Effect • Sunk-Cost Tragedy • Progress Loss • FOMO • Evanescence Opportunity • Status Quo Sloth • Scarlet Letter • Visual Grave • Weep Tune MEANING ACCOMPLISHMENT EMPOWERMENT UNPREDICTABILITY AVOIDANCE SCARCITY Octalysis SOCIAL INFLUENCEOWNERSHIP Engagement Tools
  23. 23. FORM FOLLOWS FUNCTION Building the marketing into the product. Think about what you want people to do, now reverse engineer it.
  24. 24. @shiraabel
  25. 25. Watch the Funnel Acquisition – Learns About Product Conversion – Signs Up Buys Retention – Uses Product WOM (Sharing) @shiraabel
  26. 26. Engineering Social Proof
  27. 27. Engineering Social Proof Ask for reviews in update notes
  28. 28. Engineering the Path to OK The user must do a set of actions, before permission is requested.
  29. 29. Engineering the Path to OK User-triggered requests showed the highest conversion rates
  30. 30. Engineering the Path to OK Marking optional fields only encourages ‘voluntary over- disclosure’
  31. 31. THESE WORK EVEN WHEN WE KNOW Even when we know we’re being manipulated, we’re susceptible to certain things.
  32. 32. Priming
  33. 33. DOUBLED VIEWS & REVENUE Before After Reciprocity
  34. 34. Anchoring
  35. 35. @shiraabel Framing How you say and do things matters
  36. 36. Loss Aversion
  37. 37. Inclusion – e.g. Easter Egg
  38. 38. Achievement
  39. 39. Ask for a small sign in the window, first Foot in the Door
  40. 40. Mere Exposure Ear worms work
  41. 41. @shiraabel Social Identity Theory Us vs. Them
  42. 42. https://kiralynblue.files 2014/02/thinking-‐conf- ‐bias.png @shiraabel Confirmation Bias
  43. 43. Don’t make me think @shiraabel Analysis Paralysis
  44. 44. SMALL THINGS MATTER Get down to the details
  45. 45. How You Say Things Matters Researchers found that placing the following statement at the end of an ad… caused their trust scores to jump as much as 33 percent!’ “You can trust us to do the job for you.”
  46. 46. Emotions Vs. Logic  When numbers are even, e.g. $100 – we rely on our feelings  When numbers are exact, e.g. $17.86 we rely on our logic  It affects negotiation as well…
  47. 47.  Fear – Insurance  Guilt – Mother’s Day  Trust – Financial institutions  Value – Matching prices  Belonging – Part of our community  Competition – Doing better than the Jones’s  Instant Gratification – I want it now  Leadership – Early adopter & evangelist  Trendsetting – What are the leaders doing?  Time – Save time Get Emotional @shiraabel
  48. 48. Point being – When is your customer using your product? What’s their cognitive level? Cognitive Resources  Behavior depends on time of day – we’re more likely to have no patience at the end of the day, when we’re hungry or tired  Place – if we’re being interrupted every 30 seconds, our cognitive resources will be spent – decision making goes down  How much we’ve had to concentrate – again, using up cognitive resources We can’t decipher truth from fiction when we’re cognitively spent Our mood can change simply by putting a pencil between our teeth and forcing ourselves to smile
  49. 49. @shiraabel Do. Do not. Try. Your options according to Yoda
  50. 50. Connect! @shiraabel posts
  51. 51. Thank you!
  52. 52. All of the stock photos are taken from THANK YOU’S: Dan-ya Shwartz Bar-El & Ze'ev Rosenstein required- fields/ apps-i- learned-the-hard conversions/ startup- google-tech-talk brand_28/ courses- online-so-quickly product- reviews/B002HJ377A buying-the- sam-1300451596 dp/B004F9QBE6 learn- from/ how-long-will- people-pay for-social- analytics/ analytics081011final Breakthrough Marketing Plans of-social-media beyond-roi/ many-bloggers- and-writers-make/ campaigns/ the-roi-of-social-media tone/ psychological-difference-between-1200-and-1167/384993/ References & Reads

Notas del editor

  • I like to talk with people instead of at them
    Feel free to interrupt with questions
  • Ask how many of you consider themselves early adopters?
    Do they read Techmeme? Techcrunch? TNW?
    E.G. Awful company that used all the right action triggers but had a crap product
  • You see someone do something good – and it makes you feel good. It’s why we love H
  • Viral Loop by Adam Pendenberg – an experiment was done where an investor was given a dose of oxytocin, they were more likely to give a stranger power over their money no questions asked
  • This is really cool and very interesting. Especially considering the mantra in the company is to work for reward, and most salaries are incentive based. Realy think it creates a nice balance, although I wonder how people will react ☺
  • Remember Serotonin? THIS.
  • The in your face asking when someone first downloads the app got Cluster a 30 – 40% acceptance rate (which sucks)
    Onboarding with benefit explanation got 40 – 66%
    The wait until you need it request with the double ask raised the OK rate to over 90%
  • The in your face asking when someone first downloads the app got Cluster a 30 – 40% acceptance rate (which sucks)
    Onboarding with benefit explanation got 40 – 66%
    The wait until you need it request with the double ask raised the OK rate to over 90%
  • The in your face asking when someone first downloads the app got Cluster a 30 – 40% acceptance rate (which sucks)
    Onboarding with benefit explanation got 40 – 66%
    The wait until you need it request with the double ask raised the OK rate to over 90%
  • This is where the strength in community comes from
  • Company in Bulgaria doing analytics for SM enterprises had the wrong pitch – couldn’t get through to investors
  • Tell how traffic points go down in Italy instead of up bc they found that was a stronger action trigger than building points.
  • Inclusion – think of the Mac vs Microsoft ads
  • Real estate signs
    Ask for a small sign in the window
    Those who say yes will be more likely to say yes later
  • Repeat information sinks in – think how we buy
  • Us vs. Them
    Self concept is derived from the group you’re a part of
    Goth vs Preppy vs Geek vs Gamer Vs Glam
  • Menu bar – max 5 choices
  • Even babies ask.
  • Researchers found that shoppers deal with pricing information differently when prices feature round numbers ("5"), as opposed to non-round ones ("4.99"). When something costs $100, consumers tend to rely on their feelings, whereas when something has an irregular price—such as $98.67—consumers have to use reason to compute whether it's a good price.
  • Open to discussion – what can they think of that hits each one?
  • If you have a complicated product then hopefully it’s something your customer is using in the morning