Understand & Accelerate Sustainable Growth
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In today's fast-paced marketing environment, it's important to keep your team focused on what will have the most impact on sustainable growth. In this session you’ll learn the methodology behind the fastest growing companies innovating and disrupting the status quo. Walk away with tactics to drive alignment across your entire team and make an even bigger impact on your company’s mission.
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Understand & Accelerate Sustainable Growth
- 1. Understand & Accelerate Sustainable Growth Growth Hacking Master Class Dani Hart Head of Growth @GrowthHackers
- 3. Growth Mindset Story • When’s the last time?
- 4. What we’ll cover today • What is growth hacking? • Define a success metric • Instrument for growth • Accelerate growth w/ team, process, meeting • Build company-wide growth culture & mindset
- 6. Marketing Channels Lose Efficiency
- 8. Growth Hacking Taking a product that provides real value to customers. Using a highly iterative experimentation process across the full customer journey to identify the biggest opportunities for improvement. Sean Ellis
- 9. Growth Experimentation Process is Habitual Prioritize TestAnalyze Ideate
- 10. Customer Journey ACQUISITION – Organic, Paid, Social, Biz Dev, Content ACTIVATION – Onboarding, 1st UX, Aha! Moment RETENTION – Core Value, Engagement, Repeat Purchases REFERRAL – Customer referrals, Reviews, Virality REVENUE – Monetization, Pricing
- 11. Customer Journey Crosses Silos Product/Engineering External Channels Promise 1st Experience Ongoing Experience PR Marketing Support Success Sales/ biz dev Acquisition Activation Revenue Retention Referral
- 12. No individual or one team can outperform a company where everyone is mobilized to accelerate growth.
- 13. Race Up The Pyramid
- 14. Validate Product Market Fit The foundation of growth.
- 15. Product Market Fit Foundation @SeanEllis
- 16. “You can always feel when product/market fit isn't happening… And you can always feel product/market fit when it's happening” -Rachleff's Corollary of Startup Success according to Marc Andreesen
- 17. Customer Retention Lagging indicator No product market fit if all cohorts eventually reach 0% retained.
- 18. Customer Feedback Leading indicator Survey.io example template 40%+ users consider your product a must-have. ?
- 19. 6 Questions to Understand Early Customers & Validate PMF
- 20. How would you feel if you could no longer use this product? Very disappointed (40%+) Somewhat disappointed Not disappointed N/A – I already stopped using
- 21. How did you discover the product?
- 22. What would you likely use as an alternative?
- 23. What is the primary benefit you’ve received from the product?
- 24. Have you recommended the product to anyone? If so, please explain how you described it.
- 25. What type of person do you think would benefit most from the product?
- 26. The 6 Product Market Fit Questions 1. How would you feel if you could no longer use this product? 40%+ very disappointed 2. How did you discover the product? 3. What would you likely use as an alternative? 4. What is the primary benefit you’ve received from the product? 5. Have you recommended the product to anyone? 6. What type of person do you think would benefit most from the product?
- 27. Remember, must-have. Nice-to-have is not sustainable.
- 28. Happy photo – Yes! Product Market Fit!
- 29. Product Market Fit isn’t promised forever.
- 30. Identify a North Star Metric Align your team around a common success metric – customer value.
- 32. Example North Star Metrics Facebook Value: Connect with others NSM: Daily Active People (DAU) à to value: 7 friends in 10 days Lyft Value: $ for drivers, rides for riders NSM: Weekly rides à To value: First ride/passenger
- 33. 4 Questions to Identify Your North Star Metric
- 34. #1 Why did your team join the company?
- 35. #2 What is the core value customers receive from the product?
- 36. #3 How can you quantify this customer value?
- 37. #4 What will align everyone in the company? Consider worst case scenario on how it could drive ineffective behavior.
- 38. The 4 North Star Metric Questions 1. Why did your team join the company? 2. What is the core value customers receive from the product? 3. How can you quantify this customer value? 4. What will align everyone in the company?
- 48. Levers for Moving the North Star Metric Understand relationship between variables that improve your North Star Metric - Sources and motivations to try - Aha moment (1st taste of core value) - Core value (must have experience) - Loops for generating new users - Sources of money from customers Acquisition Activation Retention Referral Revenue
- 49. Instrument for Growth Do you have the right data?
- 50. What are your customers doing? User Level Event Tracking • Every user’s actions • Segment - integrate data from multiple sources • Amplitude - track user behavior Allowing for… • Activation funnel analysis • Engagement reports • User context
- 51. What is an event? Event name: “Created Shipment” Unique user identifier: “7670b3f2-796d-4239-a284-45c5a37c2a7a” Timestamp: 2018-03-12T04:39:16+00:00 Group/Company identifier (B2B): group_id=’walmart’ Additional custom properties • URL and path • Object IDs: order_id=7487465, shipment_id=89798, invoice_id=897899 • Revenue, Product, Plans • A/B Testing variations
- 52. Where are your events? ACQUISITION – Facebook, Google Ads, Unbounce, Email ACTIVATION – In-product, Operational DB, Onboarding tools RETENTION – In-product, Operational DB, Subscription systems REFERRAL – Internal systems REVENUE – Accounting systems, Salesforce, Stripe, Chargify
- 53. Layering on the “Why?” Qualitative Feedback Understand user decisions • Interviews • User Testing • Recorded User Sessions • Surveys How can can you marry this feedback with quantitative data?
- 54. Tools to Improve In-product beta feature tests – Launch Darkly Generate interest for new launches – Unbounce A/B test on web pages – Google Optimize A/B test email messages – MailChimp
- 55. Accelerate Growth with a Team, Process & Meeting Build it right from the start.
- 56. The Growth Team Primary Goal: Demonstrate value to customers • Center around problems holding back growth across the company • Led by a “Growth Master” • Support from CEO Vision Intuition Data Empathy
- 57. The Growth Team – Moving Forward Grow the team as bottlenecks build & resources are needed. • Data Analyst(s) – Find opportunities and analyze tests • Growth Marketer(s) – Develop/manage acquisition channels • Growth Engineer(s) – Implement growth ideas requiring development • Growth Designer(s) – Provide design for growth ideas
- 58. “Generally, big successes in growth hacking come from a series of small wins, compounded over time. Each bit of learning acquired leads to better performance and better ideas to test, which lead to more wins, ultimately turning small improvements into landslide competitive advantages.” -Hacking Growth
- 59. Setting High Impact Objectives • Support growth of North Star Metric • Identify leverage across the customer journey • Set baseline & target • Set time-frame for achieving • Empower team to test
- 60. Impact of the Right Objective
- 61. Impact of the Right Objective
- 62. The Right Objective & Team in Practice
- 63. Before: Siloed Departments CEO Marketing Marketing PM Product Product PM Customer Success Agents Compliance Bank Approval User Research Data Analyst
- 64. After: Cross-Functional Team Marketing PM Product PM Customer Success Agent Compliance User Research/ Data Analyst • Centered around common goal • Applied growth process • Improved onboarding by 2X in less than a month • Allowed marketing channels to scale Increase # of approved loans > funded
- 65. Growth Mindset + Empathy - Ego The equation for a successful growth team.
- 66. The Growth Process Implement a high-tempo scientific process for continuous improvement & learning.
- 67. Step 1: Ideate • Unbridled ideation • Use test framework • Name • Description • Hypothesis • Metrics to be measured • ICE Score Impact, Confidence, Ease Prioritize TestAnalyze Ideate Objective
- 68. Types of Ideas for Testing Ping tests to discover • Try something you’ve never done before to learn whether it works A/B tests to optimize • There’s always a better way to do something. Test to find it.
- 69. Step 2: Prioritize • Current objective • ICE score • Available resources • Minimal viable tests • Nominate ideas every week Prioritize TestAnalyze Ideate Objective
- 70. Step 3: Test • Implement tests w/ clear hypothesis • Ensure measurement is in place • Assign a test owner • Communicate to team Prioritize TestAnalyze Ideate Objective
- 71. Step 4: Analyze • Determine results of test • Worked • Didn’t Work • Inconclusive • Discuss additional learnings Prioritize TestAnalyze Ideate Objective
- 72. REPEAT
- 73. The Growth Meeting Develop a rhythm of learning.
- 74. Growth Meeting Agenda Preparation: Team nominates ideas to test against the current objective. 1 hour meeting with growth team • 15 min: Discuss progress against current objectives & overall NSM • 15 min: Discuss analysis of previous tests • 10 min: Review tests planned vs. launched (throughput) • 20 min: Team “pitch” nominated ideas, choose ideas, assign to team
- 76. ”Zoom out, zoom in, zoom out.” -Brian Balfour
- 77. Started from the bottom…
- 78. Building Company-wide Growth Culture & Mindset Learn together for long-term competitive advantage.
- 79. 10 Tactics to Start Building a Growth Culture
- 80. #1 Start the team with an easy win. Even if it’s small, introduce the team to the learning process on the right foot.
- 81. #2 Communicate current objectives & why they matter. You’ll never over-communicate why you need the team’s focus on a specific matter.
- 82. #3 Ask everyone in company for their ideas. Different perspectives will approach the same problem in different ways, leading to diverse collection of ideas.
- 83. #4 Ask team members “what have you learned lately?” It should be known you’re expecting learning to happen and that you want to learn with them.
- 84. #5 Share weekly wins & learnings across the company. Contributors should be recognized & new successes/learnings should be shared widely to embed the mindset.
- 85. #6 Introduce postmortems. What would the team start, stop & continue next time around?
- 86. #7 Introduce customer success stories into weekly all-hands. How can you reiterate the mission through the customer’s voice to remind the team why their efforts matter?
- 87. #8 Create a channel for internal feedback. If a team member doesn’t understand or agree with something, give them an opportunity to tell you & ask questions.
- 88. #9 Start a reading club. A great way to foster skill building and identify how new ideas can be applied to your business.
- 89. Recommended Books to Get Started Growth Hacking Playbook Building Habits OKRs & Growth Process in Practice Building Empathy Build, Measure, Learn Methodology
- 90. #10 Do something fun. The team needs to bond & build rapport across departments on a regular basis… it makes the grind easier.
- 92. 10 Growth Culture Builders 1. Start the team with an easy win. 2. Communicate current objectives & why they matter. 3. Ask everyone in company for their ideas. 4. Ask team members “what have you learned lately?” 5. Share weekly wins & learnings across the company. 6. Introduce postmortems. 7. Introduce customer success stories into weekly all-hands. 8. Create a channel for internal feedback. 9. Start a reading club. 10. Do something fun.
- 93. Growth Mindset + Empathy - Ego The equation for a successful growth culture.
- 94. Growth Mindset Story • When’s the last time?
- 95. Thank you! This is just the beginning. Let’s keep the conversation going! TRANSFORM.GROWTHHACKERS.COM/ALBERTA