Product Driven Growth from Lean Product Meetup
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The competition for acquiring customers gets more intense every year. These slides show the four requirements for creating an agile growth organization needed to realize your company's full growth potential.
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Product Driven Growth from Lean Product Meetup
- 1. Stacking the Odds for Growth How Product and Marketing Work Together to Drive Growth December 10, 2015
- 2. Everyone Wants Explosive Growth
- 3. But Extreme Competition for Attention $0 $20 $40 $60 $80 $100 $120 $140 $160 3.5X more online ad $/user in USA last 12 years 3.5x
- 4. And Channels in Constant Flux Credit: James Currier
- 5. Today’s Requirements for Growth 1. Unlock organic growth 2. Clear North Star metric 3. Full company participation 4. High tempo testing process
- 6. Today’s Requirements for Growth 1. Unlock organic growth 2. Clear North Star metric 3. Full company participation 4. High tempo testing process
- 7. Requires Product/Market Fit • Without PM Fit, all growth unsustainable
- 8. Validate Product Market Fit • Leading indicator: Ask users “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 • Lagging indicator: Retention cohorts
- 9. Understand Product Market Fit Understand “Must Have” Users • Why did they seek product (intent)? • How are they using product? • How describe when recommend it? Key Benefit - Narrow by Must Have • Ask 1st group: “What is key benefit?” (open ended) • Ask 2nd group: “What is key benefit?” (multiple choice), “Why is that benefit important?” (open ended)
- 10. Leverage to Unlock Organic Growth Home Page Messaging • Hook: A/B test “hook” based on intent • Promise: A/B test promise statements (stay true to “must have benefit”) • Description: A/B test descriptions (best response) Onboarding to “must have experience”
- 11. Today’s Requirements for Growth 1. Unlock organic growth 2. Clear North Star metric 3. Full company participation 4. High tempo testing process
- 12. North Star Metric for Growth • Reflects value delivered to your customers • Examples: Airbnb nights booked, Uber rides • Captures several metrics (i.e. retention reflected in MRR and MAU)
- 13. Lens for All Growth Efforts Ask: How does this test impact our North Star metric?
- 14. Submetrics via Growth Accounting New Users Retain Users $/User MRR Acquisition Activation Referral Retention Revenue (expand) Simple Example North Star Metric
- 15. Today’s Requirements for Growth 1. Unlock organic growth 2. Clear North Star metric 3. Full company participation 4. High tempo testing process
- 16. Product support Growth is Cross Functional External Channels Promise 1st Experience Ongoing Experience Acquisition Activation Revenue Retention Referral biz dev Marketing PR
- 17. Product Growth Team Coordinates Efforts External Channels Promise 1st Experience Ongoing Experience Acquisition Activation Revenue Retention Referral Marketing PR support biz dev Growth Team
- 18. Building Core Growth Team • Start with Growth Master (PM Growth) • Add dedicated people to core as needed to hit testing tempo goals • Core often includes designers, growth engineers, analysts… • Execute High Tempo Testing Process
- 19. Today’s Requirements for Growth • Unlock organic growth • Clear North Star metric • Full company participation • High tempo testing process
- 20. Testing Drives Growth • Day 1: No certainty about how you will grow • Rapid testing across all levers • More testing = More learning Acquisition Referral Activation Revenue Retention Resurrection
- 21. High Tempo Testing: Twitter
- 22. High Tempo Testing Process Unbridled Ideation Prioritize backlog Launch Tests Capture learning
- 24. Unbridled Ideation • Build large backlog of ideas (my team now 700+)
- 25. Inputs for Growth Testing Ideas External Experts Internal Experts Ideas Tests Results Core Growth Team Drives Process
- 27. Formalize ideas in Experiment Doc • Include research, hypothesis, target lever
- 28. Compare Ideas by ICE Score
- 30. Select Tests in Weekly Meeting • Choose tests to launch (no brainstorming) • Assign a project manager to each test • PM Growth assist in releasing each test
- 31. Example Growth Meeting Agenda 15 min: KPI review & update focus area 10 min: Review last week’s testing sprint 15 min: Key lessons learned from analyzed tests 15 min: Select tests for this week’s sprint 5 min: Check growth of idea backlog
- 33. Capture Learning Details • Every test leads to learning • Organize learning for easy access
- 34. Share Learning with Team+ External Experts Internal Experts Ideas Tests Results Core Growth Team Drives Process
- 35. Example: New User To-do-list • Data: low % of newly registered users commenting in 1st week • Hypothesis: Increase % of first week commenters • Test: Use a to-do-list to guide new users (start with easy activities)
- 36. Result: New User To-do-list • Result: over 700% lift in 1st week commenting • Idea credit: community manager (inspiration Quora)
- 37. Another Example - oEmbed • Data: Embeds = longer sessions • Hypothesis: Same action = more embeds • Result: 41% increase in embedded media • Idea Credit: Engineer Slides Videos
- 38. Recap: Requirements for Growth 1. Unlock organic growth 2. Clear North Star metric 3. Full company participation 4. High tempo testing process
- 39. Join GH Projects Private Beta at Projects.GrowthHackers.com Where Teams Drive Results with High Tempo Testing: 1) Team Ideation 2) Prioritize Testing 3) Capture Learning
Notas del editor
- Reverse engineer failure…
- If autonomous team start with PM Growth, Growth Engineer, Designer
- Consider breaking into two slides
- Sounds a lot like agile… A lot borrowed from agile development…