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Creating Predictable Growth

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How to create predictable growth, find your product-channel fit and acquire users that stick around.

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Creating Predictable Growth

  1. 1. #INBOUND17 Creating Predictable Growth: How to find your Product-Channel Fit and Acquire Users that Stick Around
  2. 2. #INBOUND17 Life is moving fast!
  3. 3. #INBOUND17 Being connected has allowed us to innovate at a rapid pace.
  4. 4. #INBOUND17 We can pay for goods using our face!
  5. 5. #INBOUND17 We’re building wizard hats for the brain. Image Credit: https://waitbutwhy.com/2017/04/neuralink.html
  6. 6. #INBOUND17 But best of all …
  7. 7. #INBOUND17 But best of all ….
  8. 8. #INBOUND17 Today, it's easy to get your question answered by an expert on that topic.
  9. 9. #INBOUND17
  10. 10. #INBOUND17 Now I can ask the internet, using text or video
  11. 11. #INBOUND17 For both marketers and sales, our worlds are changing pretty fast.
  12. 12. #INBOUND17 Growth is getting hard. We’re faced with superior tooling and smarter, faster competitors. Source: http://bit.ly/2tdBiTu @andrewchen
  13. 13. #INBOUND17 Having a competitive advantage is made more difficult when AI becomes a standard part of the tech stack.
  14. 14. #INBOUND17 I’ve emailed back and forth with an AI sales assistant who convinced me to get a demo of a product.
  15. 15. #INBOUND17 We'll need to adapt our marketing and sales plans to changes in the way people communicate.
  16. 16. #INBOUND17 Image Credit: https://techcrunch.com/2016/03/24/email-is-dying-among-mobiles-youngest-users/
  17. 17. #INBOUND17
  18. 18. #INBOUND17 In the future growing an audience for a product is going to be challenging.
  19. 19. #INBOUND17 But not IMPOSSIBLE!
  20. 20. #INBOUND17
  21. 21. #INBOUND17 Image Credit: https://www.juicero.com
  22. 22. #INBOUND17 Let’s start …
  23. 23. #INBOUND17 #1 Finding product-channel fit for your product. Finding product-channel fit for your product.
  24. 24. #INBOUND17 When launching a product there are 3 stages of “fit” Phase 1 Product/Market fit Goal: Product retention flattens & NPS is positive Phase 2 Product/Channel fit Goal: Find 1-2 scalable and quality acquisition channels 35% Activate 3% Upgrade 8% Activate 1% Upgrade Phase 3 MRR + NPS Goal: Paying teams with high NPS $50k MRR NPS = 40 $50k MRR NPS = 3
  25. 25. #INBOUND17 Products are built to fit with channels. Channels do not mold to products. Source: http://bit.ly/2tW8oVM @bbalfour
  26. 26. #INBOUND17 DistributionofGrowth Acquisition Channels Growth Channel Growth Channel The Growth Power Law
  27. 27. #INBOUND17 PandaDoc DistributionofGrowth Acquisition Channels Growth Channel Growth Channel Intercom Examples of the Growth Power Law HubSpot
  28. 28. #INBOUND17 PandaDoc Intercom HubSpot PandaDoc Growth Channels Search Virality Created a smart tactic to scale growth through Google using business templates.
  29. 29. #INBOUND17 PandaDoc PandaDoc Growth Channels Intercom HubSpot
  30. 30. #INBOUND17 PandaDoc PandaDoc Growth Channels Each template is available in the PandaDoc app, so users need to create a new account to access it. Intercom HubSpot
  31. 31. #INBOUND17 PandaDoc PandaDoc Growth Channels Users will share the templates with their networks creating more sign ups for PandaDoc. Intercom HubSpot
  32. 32. #INBOUND17 PandaDoc Intercom HubSpot Intercom Growth Channels Virality Search Referral loop with dynamic landing pages fueled by search.
  33. 33. #INBOUND17 PandaDoc Intercom HubSpot Intercom Growth Channels Image source: http://okdork.com/marketing-ideas-from-intercom/
  34. 34. #INBOUND17 PandaDoc Intercom HubSpot Intercom Growth Channels Image source: http://okdork.com/marketing-ideas-from-intercom/ Landing page dynamically pulls companies name to increase CVR.
  35. 35. #INBOUND17 PandaDoc Intercom HubSpot Intercom Growth Channels Power the referral loop by creating free content that generates awareness around the brand.
  36. 36. #INBOUND17 PandaDoc Intercom HubSpot HubSpot Growth Channels Search An inbound machine that turns people searching for ‘informational content’ into leads.
  37. 37. #INBOUND17 PandaDoc Intercom HubSpot HubSpot Growth Channels At HubSpot, we were able to monetize people who were in both ’passive’ and ’buying’ mode allowing us to cast a wider net.
  38. 38. #INBOUND17 PandaDoc Intercom HubSpot HubSpot Growth Channels Creating other content platforms increased HubSpot’s ability to continue to grow an audience around informational content.
  39. 39. #INBOUND17 PandaDoc Intercom HubSpot HubSpot Growth Channels The launch of our freemium model has meant we can look for a fit with other channels like virality.
  40. 40. #INBOUND17 Prioritize the right channels for your product.
  41. 41. #INBOUND17 It is not a daily increase, but a daily decrease. Hack away at the inessentials. Source: http://bit.ly/2uBLe73
  42. 42. #INBOUND17 Acquisition Channel Channel Type Scalable Predictability Ease Current Growth Potential SEO Net Medium High Medium Medium Paid Net Medium High High Low Virality Seed High Low Low High Content Net High Medium Medium High Create an acquisition channel map to help
  43. 43. #INBOUND17 Acquisition Channel Channel Type SEO Net Paid Net Virality Seed Content Net Select the right acquisition strategy for your product/service. Spears: Sales prospecting Nets: Inbound, Paid, Partners Seeds: WOM, Virality
  44. 44. #INBOUND17 Acquisition Channel Channel Type Scalable SEO Net Medium Paid Net Medium Virality Seed High Content Net High How scalable is your channel?
  45. 45. #INBOUND17 Acquisition Channel Channel Type Scalable Predictability SEO Net Medium High Paid Net Medium High Virality Seed High Low Content Net High Medium How predictable is the channel?
  46. 46. #INBOUND17 Acquisition Channel Channel Type Scalable Predictability Ease SEO Net Medium High Medium Paid Net Medium High High Virality Seed High Low Low Content Net High Medium Medium How easy is it for you to go after that channel?
  47. 47. #INBOUND17 Acquisition Channel Channel Type Scalable Predictability Ease Current Growth Potential SEO Net Medium High Medium Medium Paid Net Medium High High Low Virality Seed High Low Low High Content Net High Medium Medium High What is the current growth potential of that channel?
  48. 48. #INBOUND17 Invest time experimenting with new channels for growth.
  49. 49. #INBOUND17 Example: Zapiers potential Product-Channel Fit.
  50. 50. #INBOUND17 Run an MVT to establish potential before investing time and resources.
  51. 51. #INBOUND17 Set Goals Ideas & Prioritize (PIE & ICE) Test & Learn Scale Growth Potential Metric You need to adopt a strict process to running MVT's for acquisition.
  52. 52. #INBOUND17 Set Goals Ideas & Prioritize (PIE & ICE) Test & Learn Scale Growth Potential Metric
  53. 53. #INBOUND17 Set Goals Ideas & Prioritize (PIE & ICE) Test & Learn Scale Growth Potential Metric
  54. 54. #INBOUND17 Set Goals Ideas & Prioritize (PIE & ICE) Test & Learn Scale Growth Potential Metric
  55. 55. #INBOUND17 Set Goals Ideas & Prioritize (PIE & ICE) Test & Learn Scale Growth Potential Metric
  56. 56. #INBOUND17 Set Goals Ideas & Prioritize (PIE & ICE) Test & Learn Scale Growth Potential Metric Zapier's MVT process for YouTube
  57. 57. #INBOUND17 UserSignups NewChannelMVTsRun Product Channel Fit Current Signups Growth Potential Time allocated to MVT’s for new channels should increase as growth potential of existing channels disappear. Jan Feb March April May
  58. 58. #INBOUND17 Don't set targets for a new channel until you have enough data to build a reliable model.
  59. 59. #INBOUND17 Track how acquisition efforts are impacting your goals.
  60. 60. #INBOUND17Image Credit: https://www.kieranflanagan.io/create-multi-million-dollar-acquisition-strategy/ Monthly growth scorecards help track results from acquisition efforts.
  61. 61. #INBOUND17 The best acquisition strategies acquire users who stick around.
  62. 62. #INBOUND17 #2 Finding product-channel fit for your product. Onboard users to the value of your product.
  63. 63. #INBOUND17 40% to 60% of software users will open an app just once and never log back in.
  64. 64. #INBOUND17 Your product onboarding should create a memorable first impression.
  65. 65. #INBOUND17 User connects with 10 friends within 7 days – Chamath Palihapitiya Former Growth Lead One file in one Dropbox folder on one device – ChenLi Wang Growth Team 2000 messages sent between a team – Stewart Butterfield, Co-Founder X users followed, Y% followed back – Josh Elman, Former Growth Lead User connects with 10 friends within 7 days – Chamath Palihapitiya Former Growth Lead One file in one Dropbox folder on one device – ChenLi Wang Growth Team 2000 messages sent between a team – Stewart Butterfield, Co-Founder X users followed, Y% followed back – Josh Elman, Former Growth Lead Product Aha moments
  66. 66. #INBOUND17 Patreon measure the success of their platform by “Financially Successful Creator” (FSC).
  67. 67. #INBOUND17 HubSpot measure the success of their CRM by number of deals created.
  68. 68. #INBOUND17 But first impressions can be awkward!
  69. 69. #INBOUND17 Great first impressions start with knowing your audience.
  70. 70. #INBOUND17 When people find themselves needing a job to be done, they essentially hire products to do that job for them. Source: http://bit.ly/2aM2Zr9 @claychristensen
  71. 71. #INBOUND17 Ask users when they first signup for your product
  72. 72. #INBOUND17 Find clever ways to ask for user information.
  73. 73. #INBOUND17 Get to know your users from the actions they take
  74. 74. #INBOUND17 Don’t over complicate things, show users immediate value.
  75. 75. #INBOUND17 Immediate value is why Quora and Twitter ask you to follow topics & people when signing up.
  76. 76. #INBOUND17 And AirTable give you ready made templates and credit for inviting team members.
  77. 77. #INBOUND17 Don’t overwhelm users with everything at once, provide manageable chunks.
  78. 78. #INBOUND17 Ghost discovered users who added a theme were 10X more likely to upgrade.
  79. 79. #INBOUND17 Better yet detect places where your product can add value.
  80. 80. #INBOUND17 Google Inbox add a tip about ‘Reminders’ when it detects your emailing yourself.
  81. 81. #INBOUND17 Talk to teams who regularly speak with customers about the points of friction they encounter.
  82. 82. #INBOUND17 Hypothesis: Creators don’t know, and go nuts over, low 5% cut, no contracts, and owning their content. Originated from: The Sales team found themselves explaining Patreon’s fee system over and over again to Creators who couldn’t believe how low it was. Patreon - Experiment
  83. 83. #INBOUND17 Source Credit: http://www.coelevate.com/essays/patreon-onboarding-growth#card_1499852741787_4651 Patreon - Experiment
  84. 84. #INBOUND17 Hypothesis: To become an active team on a new CRM, bigger teams needed human contact at certain points of friction. Originated from: The Sales team found themselves spending hours onboarding users onto the free CRM when users were investigating if it could meet their needs or not. HubSpot - Experiment
  85. 85. #INBOUND17 HubSpot - Experiment
  86. 86. #INBOUND17 Experiment with your products ‘sales pitch’ to upgrade users to paying customers.
  87. 87. #INBOUND17 BuzzSumo provides some immediate value and gives the user a clear reason to upgrade.
  88. 88. #INBOUND17 Evernote knows their users will pay to use the app across multiple devices.
  89. 89. #INBOUND17 Grammarly gives a constant reminder about the benefits of being a paid customer.
  90. 90. #INBOUND17 The good news …
  91. 91. #INBOUND17 Your product can be your best sales person
  92. 92. #INBOUND17 300% increase in engagement Awesome, now we have predictable growth right?
  93. 93. #INBOUND17Image Credit: https://www.kieranflanagan.io/create-multi-million-dollar-acquisition-strategy/ There is always some guess work in acquisition. It get’s more accurate over time.
  94. 94. #INBOUND17

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