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Growth Hacking part 1
Maxime Pico
Startup guide and STARTUP42 Managing [email protected] — @maximepico
Maxime Pico
Startup guide&
STARTUP42 Managing Director
Skills : - Coding, Maths & Algo - Broad knowledge of startup
methodologies - Asking the right questions
Contact info:
[email protected] — @maximepico
from hackers to founders
51
5
20012.2M€
11
21
startups
failed
exits
jobs
raised
Y Combinator
TechStars NYalumni+
in this 6h “course”
1. Growth Hacking Theory part 1 : lean startup + growth hacking (3h)
2. Growth Hacking Theory part 2 : methodologies and tools (3h)
this morning
1. What is a startup? 2. Lean Startups 3. Business Models 4. MVPs 5. Growth Hacking
6. Growth Hackers 7. Talk to your users 8. Understand your
product 9. Cohort analysis
What is a startup?
“Startup” ??
??
?
?
?
?
?
where was the lean startup born?
Steve Blank The godfather of
Lean Startup
34 years entrepreneur 8 companies
4 IPOs
« Startups are not smaller versions of big companies »
- Steve Blank
« Large companies execute known business models »
- Steve Blank
« Startups search for unknown business models »
- Steve Blank
« A startup is a temporary organisation used to search for a repeatable and scalable
business model »- Steve Blank
In 2005, Steve Blank publishes
The Startup Owner’s Manual
A step by step guide summing up his
discoveries
Lean Startups
Eric Ries The father ofLean Startup
22
the feedback loop
IDEA
BUILD
PRODUCTDATA
LEARN
MEASURE
In 2011, Eric Ries publishes
The Lean Startup compiling all the
lessons available on his blog
Business Models
Meanwhile, in the Swiss Alpes…
Alexander Osterwalder
Author of the Business Model Generation
“Business Plan”??
??
?
?
?
?
?
Business Plan
Business Model
In 2008, Alexander Osterwalder and Yves Pigneur publish
Business Model Generation
suggesting a new approach to business modelling co-created
by more that 470 people from all around the world
The Holy Spirit of Lean Startup
startup horror stories…
« Webvan was founded in 1996 by Louis Borders, who also co-founded the Borders bookstore in 1971. Venture capitalists, who invested more than $396 million, encouraged it to rapidly build its
own infrastructure to deliver groceries in a number of cities. In 2001, Webvan shut down with a reported cumulative revenue of $395,000 and cumulative net losses of more than $50 million »
What the !@# happened?
??
37
startups search and pivot
Startup Transition Large Corporation
Searching for a business model
Searching for:
• product/market fit
• a repeatable sales process
38
startups search, companies execute
Startup Transition Large Corporation
Execution of a business model
Execution:
• profitability, repeatability, scalability
• processes
start with a lot of small wins
first step: lean canvas
second step: business model canvas
IDEA
BUILD
PRODUCTDATA
LEARN
MEASURE
third step: “buil - measure - learn”
MVPs
IDEA
BUILD
PRODUCTDATA
LEARN
MEASURE
The MVP is the product with the highest return in terms of
investment/risk
minimum viable product (MVP)
“Founded in 2011, this company gathered more that 40 million dollars to build their product.
They spent many months locked in their buildings, working and perfecting a beautiful first version without a single bug. Just one week after their launch, the app had lost 90% of its
initial users”
COLOR
And what about marketing?
Growth Hacking
“Growth Hacking”??
??
?
?
?
?
?
53
Why is it new? A new definition of the product
54
why is it new? New acquisition channels
the classic AirBnB, case study
more crazy stories in their
mixergy interview
why is it great?
1. The knew about APIs before it was cool —> they have a good tech culture
2. They create value for the product 3. They go and get customers where they already are 4. They are creatives 5. They are technical 6. They are ready to do anything
57
what is growth hacking? Growth = Product + Marketing
Growth Hackers
« A growth hacker is a person whose true north is growth »
- Sean Ellis
who is the growth hacker?
Technical + Analytic + Créative
Talk to your users +
Understand your product +
Try LOTS of things
you want to do the same?
Talk to your users
63
Make them talk… literally!
Run interviews in a customer development fashion
Make them talk… through data!
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Make them talk… through customer support!
The goal is to understand their habits and problems
talk to your users
Understand your product aka
The power of analytics
“Analytics is the measurement of movement towards your business goals”
“In a startup, the purpose of analytics is to iterate to product/market fit before money runs out”
74
I have to kids, knowing that at least one is a girl
understanding data can be hard
75
what are the chances that the other one is also a girl?
understanding data can be hard
76
BB(25%)
GB(25%)
BG(25%)
GG(25%)
understanding data can be hard
77
BB(0%)
GB(33%)
BG(33%)
GG(33%)
understanding data can be hard
78
someone who knows his sh*t
79
what is a good metric?
Understandable Comparative Comparative
A rate or a ratio Behavioural
80
always add quantitative data
“unstructured, anecdotical, revealing, hard to aggregate, often too positive or
reassuring”
81
try to predict the future
Lagging vs Leading
82
try to predict the future
Correlation vs Causalité
83
try to have superpowers!
Leading +
Causal
Cohort analysis
85
cohort analysis 1/2
January February March April May
Revenue/customer €5,00 €4,50 €4,33 €4,25 €4,50
Startup n°1
86
January February March April May
Revenue/customer arrived in Jan
€5,00 €3,00 €2,00 €1,00 €0,50
cohort analysis 1/2
Startup n°2
87
January February March April May
Revenue/customer arrived in Jan
€5,00 €3,00 €2,00 €1,00 €0,50
Revenue/customer arrived in Feb
€6,00 €4,00 €2,00 €1,00
cohort analysis 1/2
Startup n°2
88
January February March April May
Revenue/customer arrived in Jan
€5,00 €3,00 €2,00 €1,00 €0,50
Revenue/customer arrived in Feb
€6,00 €4,00 €2,00 €1,00
Revenue/customer arrived in Mar
€7,00 €6,00 €5,00
cohort analysis 1/2
Startup n°2
89
January February March April May
Revenue/customer arrived in Jan
€5,00 €3,00 €2,00 €1,00 €0,50
Revenue/customer arrived in Feb
€6,00 €4,00 €2,00 €1,00
Revenue/customer arrived in Mar
€7,00 €6,00 €5,00
Revenue/customer arrived in April
€8,00 €7,00
cohort analysis 1/2
Startup n°2
90
January February March April May
Revenue/customer arrived in Jan
€5,00 €3,00 €2,00 €1,00 €0,50
Revenue/customer arrived in Feb
€6,00 €4,00 €2,00 €1,00
Revenue/customer arrived in Mar
€7,00 €6,00 €5,00
Revenue/customer arrived in April
€8,00 €7,00
Revenue/customer arrived in May
€9,00
cohort analysis 1/2
Startup n°2
91
January February March April May
Number of new visitors
1000 1000 1000 1000 1000
Total visitors 1000 2000 3000 4000 5000
Revenue/customer €5,00 €4,50 €4,33 €4,25 €4,50
Revenue/customer arrived in Jan
€5,00 €3,00 €2,00 €1,00 €0,50
Revenue/customer arrived in Feb
€6,00 €4,00 €2,00 €1,00
Revenue/customer arrived in Mar
€7,00 €6,00 €5,00
Revenue/customer arrived in April
€8,00 €7,00
Revenue/customer arrived in May
€9,00
cohort analysis 1/2
92
cohort analysis 2/2
93
cohort analysis 1/2
Methodology +
Techniques +
Tools
try lots of things
That was theory…What’s left: Methodology + Techniques + Tools
