Growth hacking workshop @ University of Amsterdam

GROWTH HACKING

BY FRIDO VAN DRIEM

“20% MoM”

WORKSHOP

• Principles of growth hacking • Setting up AARRR model and funnel analysis • Defining KPI or OKRS for growth plan • Devising and tracking growth experiments • How to run effective growth meetings • Tooling

WORKSHOP | LEARNING GOALS

WHAT IS GROWTH HACKING?

MAD MEN & WOMEN MEETS THE INTERNET

We have got a great new product!

source image: http://filmescape.com/wp-content/uploads/2014/09/mad-men-pitch-3.jpg

Congratulation… join the product market fit club!

LEAN STARTUP

GROWTH HACKING IS NOT…

TIME >>

PROBLEM / SOLUTION FIT

PRODUCT / MARKET FIT

REPEATABLE BUSINESS MODEL

SCALING UP REVENUE

EXIT / IPO

GROWTH HACKING IS AFTER PM FITG

— From acquisition all the way to revenue

GROWTH HACKING IS EXPERIMENT DRIVEN

MARKETING

GROWTH MODEL | PROCESS

1. Planning / Modeling 2.Growth Test / Experiments

EXPERIMENT

ANALYZEDESIGN

A SUCCESSFUL EXPERIMENT = A HACK IN THE GROWTH ENGINE

GROWTH = SUM:(ALL EXPERIMENTS)

PROCESS OF OPTIMIZING

GROWTH MACHINE

A GROWTH MACHINE IS ALWAYS: • SCALABLE • PREDICTABLE • REPEATABLE

HOW TO SET UP AARRR MODEL?

GROWTH MODEL | AARRR FRAMEWORK

ACQUISITION

ACTIVATION

RETENTION

REFERRAL

REVENUE

How do users find us?

How are users activated?

Do users come back?

How do you make money?

Do users tell others?

1. TARGETING BLOGS 2. PUBLICITY 3. UNCONVENTIONAL PR 4. SEARCH ENGINE MARKETING 5. SOCIAL AND DISPLAY ADS 6. OFFLINE ADS 7. SEARCH ENGINE OPTIMALISATION 8. EXISTING PLATFORMS 9. SPEAKING ENGAGEMENTS 10.COMMUNITY BUILDING 11.CONTENT MARKETING 12.EMAIL MARKETING 13.VIRAL MARKETING 14.ENGINEERING AS MARKETING 15.BUSINESS DEVELOPMENT 16.SALES 17.AFFILIATE PROGRAMS 18.TRADE SHOWS 19.OFFLINE EVENTS

19 ACQUISITION CHANNEL

ACQUISITION

How do users find you?

Users are able to find you

Users are able to learn about you

ACTIVATION

RETENTION

How are users coming back?

REFERRAL

Are users able to inform others about the product or service?

REVENUE

How do you make money?

FILL OUT YOUR AARRR MODEL

EXCERCISE

Write down the definition of each stage within the AARRR model along with the metric you use in order to measure growth.

Acquisition: ‘Defined as getting new users to the landingpage’

Main channels: Social Ads Organic Search Targeting blogs

One metric that matters: Cost of acquisition

FILL OUT YOUR FUNNEL ANALYSIS

EXCERCISE

Write down the customer journey of the user along with the call to actions

Customer Journey CTA

HOW TO REACH YOUR GROWTH GOAL?

HAVE A GROWTH PLAN

• Define the long term strategy of the firm (3-5 year)

• Define short term strategy of the firm (1-2 year)

• Fill out AARRR Model

• Define OMTM per segment of AARRR Model

• Create Funnel analysis

• Based on finding define goal for coming 3 months + resources needed

• Create backlog and create experiment doc

• Write 3 Experiments in the document

• Put it down in backlog

ACTION POINTS GROWTH PLAN

OBJECTIVE: Quantitative statement

TIMEFRAME: Be specific

KEY RESULT 1: Measurable Goal 1(HIT 90% OF THE TIME)

KEY RESULT 2: Measurable Goal 2 (HIT 50% OF THE TIME)

KEY RESULT 3: Measurable Goal 3 (HIT 10% OF THE TIME)

RULE OF THUMB IN PLANNING

AFTER GOAL IS SET TIME TO STEP ON THE PEDEL!

4 KEYS DOCUMENTS

1. BACKLOG

2. PIPELINE

3. EXPERIMENT DOC

4. PLAYBOOK

“Keep track of all the good stuff”

“Experiments that are being run”

“Layout the objective step by step ”

“Master guide with all the successes”

EXPERIMENT BACK LOG HYPOTHESIS RESOURCES

NAME STATUS CATEGORY OMTM DESCRIPTION PREDICTION MARKETING DEVELOPMENT

EXP 1. IDEA ACQUISTION CTR Click on adword +25% 4 HOURS 12 HOURS

EXAMPLE BACKLOG

— 80/20 rule of Growth Hacking

GROWTH EXPERIMENT

If successful [variable]

will increase by [impact]

because [assumptions]

SETTING UP A HYPOTHESES

BRAIN STORM ON THE INPUT NOT THE OUTPUT

ACTIVATION RATE = CONVERSION * CONVERSION * CONVERSION *

BRAINSTORM BRAINSTORM BRAINSTORMIMPROVE

THE GOAL OF THE PROCESS

1. RHYTHM

2. LEARNING

3. AUTONOMY

4. ACCOUNTABILITY

“GOOD FLOW OF EXPERIMENTS”

“FAIL FAST LEARN FASTER”

“YOU DECIDE WHAT TO DO TO ACHIEVE TEAM GOAL ”

“OKE TO FAIL BUT WE EXPECT GROWTH”

RUN CONTINUOUS EXPERIMENTS TO IMPROVE THE CAR

GROWTH IS EXPERIMENT DRIVEN MARKETING

1. BRAIN STORM

2. PRIORITIZE

3. TEST

4. IMPLEMENT

5. ANALYZE

6. SYSTEMIZE

1. BRAIN STORM TO GENERATE EXPERIMENTS

• Observe

• Dive into the data

• “How are others doing it?”

• Question

• “Question brainstorming. Why? What is…How about this?”

• Associate

• “Connect the dots between unrelated things”

• Network

• “Join groups / ask fellow growth hackers for idea’s

2. PRIORITIZE

• PROBABILITY • Low (20%) | Medium (50%) | High (80%)

• IMPACT • “Comes from your hypothesis. Take into account long lasting effects”

• RESOURCES • “Take into the actions that needs to be done by the company”

3. TEST

“What is the minimum viable test to understand our hypotheses?”

4. IMPLEMENT

5. ANALYZE

• Impact • Results of the experiment

• Accuracy • How far or close are you from your hypothesis

• Why • “Why do you see the results that you did?”

6. SYSTEMIZE

• Productize • Improve the product as much as possible with technology and engineering

• Playbook • For steps that can’t be done by technology.. create a manual

CIRCLE IS COMPLETE!

1. BRAIN STORM

2. PRIORITIZE

3. TEST

4. IMPLEMENT

5. ANALYZE

6. SYSTEMIZE

GROWTH TEAMS & MEETINGS

THE GROWTH TEAM

• Product Manager Growth

• Analyst

• Growth Engineer

• Digital marketeers

• Specialist

FACEBOOK GROWTH TEAM

WEEKLY GROWTH MEETING

• Growth team participation

• 1 hour

• Before meeting all read backlog

• Not used for brainstorming!

• Similar to sprint planning / retrospective meetings from agile process

• Focus on process, accountability and velocity

Source: http://www.slideshare.net/500startups/02-brian-balfour-hub-spot-final

EXAMPLE GROWTH AGENDA

• KPI review and update focus (15 mins)

• Review experiments last week (10 mins)

• Share key lessons learned from experiments (15 mins)

• Discuss selected tests for this week (15 mins)

• Idea backlog review and favourites (5 mins)

EXAMPLE WEEK

MONDAY TUESDAY WEDNESDAY THURSDAY FRIDAY

Growth Meeting:

• Personal learnings

• Goal review

• Experiment review

• Pipeline this week

Rest of the week:

• Analysing

• Prioritising

• Implementing

• Systemising

— Tools are only a way to grow or shrink…

“THINKING > TOOLING”

DON’T FORGET… WRITE DOWN ALL YOUR LEARNINGS

Source used: http://www.slideshare.net/500startups/02-brian-balfour-hub-spot-final

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