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Actionable Takeaways from Launch Scale 15

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Actionable Takeaways from Launch Scale 15

  1. 1. ACTIONABLE TAKEAWAYS FROM LAUNCH SCALE 15 Sebastian Fung (@sebfung)
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  2. 2. Andy Artz, Social+Capital: Using Custom Audiences to Be 10x More Effective on Facebook • Turn $10,000 into $12,500 through FbStart • Pick a scalable platform; each have different strengths — content (explaining complex ideas), social (hyper-targeting), SEM (intent conversion), video (branding) • As a startup, social usually makes the most sense because of targeting; create custom audiences on FB — 4 easy step: • 1) Setup proper tracking (Facebook Pixel Helper / Chrome extension) • 2) Study audience (pixels on blog posts and snip.ly for press articles) • 3) Prime audience with content (1% lookalike; push press articles) • 4) Convert primed audience (conversion ads; CPI is 4%)
  3. 3. Anneke Jong, Reserve: Creating a Ruthless Growth Culture: Scaling Without Breaking Your Team • Have to be ruthless to scale your company — 3 ways: • 1) Ruthless welcoming: • No offer without executive interview • Welcome email with docs for everything; playbook for every role • 2) Ruthless sharing: • Nationwide — role-specific — summits, email lists, Slack channels • Weekly video hangouts; playbook for specific tactics • 3) Ruthless camaraderie: • Session on values and vision for new and old employees • Monthly all-hands town halls; revisit origin story • Standardized, easily accessible KPIs (use Looker)
  4. 4. Matt Epstein, Zenefits: How We Grew from $0 to $20mm ARR in ~2 Years • Secret sauce: right message (problem, solution, benefits) to send to the right people (department, seniority) in the right industries (tech, education, etc.) • Start with and focus on email because it’s fast, cheap, scalable, and touches every part of the funnel; 1:1 —> MailChimp —> Marketo • Your levers: content, biz dev/VARs, referrals, SEO, SEM, growth hacking, events • Prioritize levers by: potential impact, time, money, target audience • B2B growth playbook: 1) find secret sauce, 2) start selling with email then SDRs, 3) prioritize growth levers and pull 1-3/month, 4) automate/optimize levers once you have 2 repeatable channels • Top 5 tips: 1) find secret sauce first, 2) stack rank levers and commit to 1-3/ month, 3) ready, fire, aim; if you’re happy, you spent too much time, 4) ignore shiny objects (social media), 5) make your “stretch” goal the real goal
  5. 5. Casey Winters, Pinterest: Two Years of Conversion Experience at Pinterest • Once you find a winning idea, iterate on that idea until you can’t anymore • Use data to improve the experience down the funnel; they landed on board about bikes? • Some things to try: • 1) Identify highest traffic opportunities • 2) Eliminate steps that don’t add value (password) • 3) Use users data to your advantage • 4) Prioritize the right metrics in experiments (engaged users > signups) • 5) Escape the local maxima • 6) Audit your web to app experience • Tools to use: • Organic app install attribution: Branch Metrics, Yozio, Tapstream • Paid app install attribution: Adjust, AppsFlyer
  6. 6. Julie Fredrickson, Stowaway Cosmetics: Scaling Communications (or, Marketing & PR Is Just a DAEMON for Messaging) • Find the problem: • "You have too much damn makeup” • “Normal lipstick is too big; you won’t use it all” • “Less than 1 in 5 woman discard their expired mascara" • Stick with your messaging: • “Right sized, half the size, half the price” • “Right size at work, in your bag, or your car” • Don’t fuck around with your messaging • Don’t even touch “makeup is too expensive” • Want press, blogging, or PR? Play the game, don’t try and change how it works
  7. 7. Dovey Wan, Danhua Capital: Far East Growth Engine: How China Can Supercharge Your Business • Megatrends in China • 1) Huge manufacturing scale • 2) Rising Chinese middle class (millennials spend 40% more than parents) • 3) Mobile internet (500mm internet users; grandparents don’t email, they FaceTime) • 4) Aging population (in 5-10 years, there will be more senior citizens than newborns) • Opportunities for U.S. founders • 1) VR (entertainment industry is skyrocketing) • 2) Robotics (software and algorithm matters more than hardware) • 3) Infrastructure (SaaS focuses on business logic/workflow) • Copycat concerns: find something with a high barrier to entry that’s difficult to replicate • Recommended books: Age of Ambition, The $10 Trillion Prize
  8. 8. Rob May, Talla: Scaling Startup Funnels: Moving Slow to Grow Fast • Misconceptions: • Product-market fit means you are ready to scale • Just pour money into your existing lead sources • Success = Channel x Message x Cost Effectiveness • Key takeaways: • Understand how acquisition scales before investing a lot of money • Be thoughtful; bad experiments waste time and money • Pair experiments with funnel stages • Make sure you learn about both scalability and cost
  9. 9. Alexander Mimran, Minbox: Guerilla Video for Startups • How to spread videos: PR, email lists, word of mouth • Send Files Freaking-Fast: Minbox vs. Dropbox: • Tools: YouTube, Peggo, Adobe Premier • Just tell a story • Other tools: Product Hunt, SoundCloud, Dissolve (stock footage), VoiceBunny • 5 tips: • 1) Pick a style that fits your budget • 2) Consider in-house production • 3) A great soundtrack is essential • 4) Tell a story • 5) it’s about shock and awe
  10. 10. Adelyn Zhou, (Frm.) NextDoor: Inside the Invite Economy: How Nextdoor, Airbnb, & Uber Scaled Through Invitations • Members x Invite Rate x Invites per Inviter x Accept Rate = New Invited Members • New Invited Members x Invite Rates… viral loop! • Why should users invite: share a killer feature (Snapchat), improve own experience (Hinge), gain a reward (Gilt), altruistic (Nextdoor), by accident (Brewster) • Move the invite to a prominent spot (top of email = increase conversion) • Incentivize Invitations: free swag (Riot Games), free rides (Uber), extra services (Wealthfront) • Other tips: show invite status, allow bulk invites, streamline contact selections (top friends), think beyond online (Lyft has posts to print), personalized landing pages • Testing: experiment with subject lines, assets, reminders, value propositions • Tools: Branch Metrics, Yozio, the MailChimp blog (data on things like email timing)
  11. 11. Josh Elman, Greylock Partners: Launching Your Rocket Ship off Someone Else's Platform • Platforms are “free partnerships”; go where users already are: Google, Facebook, YouTube, Whatsapp, Facebook Chat, Instagram, Twitter, LinkedIn, Pinterest, Snapchat, Slack • Don’t expect platforms to be constant: • 1) Users of the main product constantly want new experiences • 2) Platform’s business model keep evolving (monetization can radically shift strategy) • 3) Users risk stop trusting or using apps if the platform (bad behavior of apps) • Build your product to be independent; Instagram grew from Facebook and Twitter • The next platforms: FB Messenger, SnapChat, Pinterest, WeChat, Medium • Platforms can still work for you… • 1) Remember the value exchange (give the platform’s users better features, content) • 2) They are accelerant; never get comfortable (take advantage of the moment at hand) • 3) Only core users who come to your front door matter (don’t get confused with visitors)
  12. 12. Dan Arkind, JobScore: 5 Hiring Hacks for Founders • Hack #1: Court don’t hunt (never give up on known, proven commodities) • Say you are interested, make an offer, (if they say no) increase the offer, (if they say no again) change the job, (and still saying no) offer again • Hack #2: Pitch from end state and work backwards (mission status, pain, opps) • Short timeline and explicit goals (product, usage, revenue) • Hack #3: Tap into your founder super powers (be authentic) • Bad (“looking for a great front end dev”); good (“rebuild our product as a one page app, would love advice on Node, Angular, React, etc.) • Hack #4: Build a referral machine; great people want to work with great people • Ask employees to draw out the org chart from prior co and thumbs up/down people • Hack #5: Hire like an investor and make bets • Cliffs and vesting are your friends; 2% is fine since most people only stay for 2 years
  13. 13. Sahil Jain, AdStage: Marketing Automation: Turning Strangers into Customers and Customers into Evangelists • Attract (Strangers —> Visitors): blog, keywords, social publishing on LinkedIn, Facebook • Convert (Visitors —> Leads): forms, CTAs, landing pages on LinkedIn, Facebook, Twitter • Close (Leads —> Customers): CRM, email, workflows via Facebook, Twitter • Delight (Customers —> Evangelists): surveys, smart content, social monitoring
  14. 14. Jordan Stone, Huckle: Building Super Fans Like Taylor Swift: From a Guy Who Was on the Team in 2009 • Focus on the 1% of your customer base; super users (1%) not casuals (99%) • Open a direct line of communication with your top customers: SMS, email, Twitter, Facebook, push notifications • Identify and empower top super users — your influencers — get them on payroll • Entice the other super users: points system, leaderboards, “founding member” • Offer rewards and experiences that one can’t buy (meet with Taylor Swift!) • Announce and promote community rewards publicly; make the 99% feel FOMO • i.e., GitHub has gold Octocat hoodie for top 100 contributors / month • Have ownership over your entire community; own the data • Example communities: Yelp, Product Hunt, Reddit, Magic: The Gathering (forums), Starbucks (forums)
  15. 15. Regina Grogan, Bento: How Bento Bootstrapped Its First 20k Customers and How We Plan to Add a Zero to That • Hack for contacting bloggers: • 1) Research on what they write about • 2) Customize your email (quality over quantity) • What worked for Bento: • Fliers and street teams were 3.5x more successful than Facebook Ads • Employee referrals were 8.5x better than Facebook Ads • What didn’t work for Bento: Reddit, direct mail, offline display • Listen to the silent majorities: if 1 person reports a problem, likely 7 more who are pissed • A customer service request is someone talking for the majority • No script policy with customer service (no copy paste) • Customers who interact with customer service were actually more likely to come back • = Higher LTV!
  16. 16. Are you going “up and to the right”? Can you pitch anything? Do you have student loans? We made this just for you: WeFinance for Founders Sebastian Fung (@sebfung) sebastian@wefinance.co

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