Introduction to Growth Hacking and the Growth Hacking Process

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    12-Jul-2015

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Slide 1

Get Ready for a Hockey Stick Style Growth Adventure

@Growthhackasia (Growth Hacking Asia)1The Birth of an Idea@Growthhackasia (Growth Hacking Asia)2and was bornThe Birth of an Idea

@Growthhackasia (Growth Hacking Asia)3But Hotmails Launch was Unimpressive

Their growth strategy was to buy billboards and radio ads@Growthhackasia (Growth Hacking Asia)During these first few weeks, however, an interesting figure stood out: 80% of new signups found out about the service from a friend.

4But their Investor had a Better Idea...

@Growthhackasia (Growth Hacking Asia)From an initial pool of a few thousand users, within hours growth became exponential. Fast-forward to December 31st, 1997, just a year and a half after launching, Hotmail had 12 million users (out of a total internet user base of 70 million)5

The Power of Referrals@Growthhackasia (Growth Hacking Asia)1.5 years later, they had 12mio users and sold the company to Microsoft6This is Not a One Off Story!@Growthhackasia (Growth Hacking Asia)7

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@Growthhackasia (Growth Hacking Asia)12Why did they succeed when so many other startups failed?@Growthhackasia (Growth Hacking Asia)They all became huge with little to no traditional marketing 13

GROWTH HACKING@Growthhackasia (Growth Hacking Asia)14What is Growth Hacking

@Growthhackasia (Growth Hacking Asia)Intersection of 3 areas Marketing, Product Development, Analytics

Which is why it is important for marketing and product teams to work together. It gives you the creativity and agility you need

Unconventional ideas and quick execution by having Marketing and product teams work togetherEntirely data driven try, measure, continue or change15Why Growth Hacking?Startups tend to have limited resources so they need to be creative to acquire new users and retain themTraditional marketing channels are expensive and saturatedMost startups focus heavily on product but another real challenge is with distribution@Growthhackasia (Growth Hacking Asia)Its not About TacticsWhat tactics should I use to grow my business?Its not about TACTICSIts about PROCESSES@Growthhackasia (Growth Hacking Asia)Find process to find combination of things that work for you, not somebody elseUse tactics you read and hear about as inspiration and input, not as something to copy GH is actually a long process, only looks easy once youve found the things that work

It is a result of a sum of hundreds of actions17Understanding GrowthGROWTH = SUM of (1 + 2 + 3 +)

@Growthhackasia (Growth Hacking Asia)Process to find unique combination of things that work for you, not others

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The Growth Hacking Funnel@Growthhackasia (Growth Hacking Asia)All touch points with your brand from getting users to your site to converting them and having them refer you

Each step can and should be optimised19

Acquisition = getting people to come to your siteUser Acquisition@Growthhackasia (Growth Hacking Asia)20Example: AirBnB

@Growthhackasia (Growth Hacking Asia)Activation = getting people to take the required action, e.g. purchase, sign up

User Activation@Growthhackasia (Growth Hacking Asia)22Example: AirBnB

Listings with high quality photos received 2-3x more bookings AirBnB invested in professional photography@Growthhackasia (Growth Hacking Asia)Retention = getting users to come back to your site

User Retention@Growthhackasia (Growth Hacking Asia)24

User Retention Through Email Marketing

@Growthhackasia (Growth Hacking Asia)InspirationEngagementSales25Referral = getting active users to refer others

Viral Referral Loop@Growthhackasia (Growth Hacking Asia)26

Referrals increased bookings by 25% in some marketsAirBnBs Referral Campaign

@Growthhackasia (Growth Hacking Asia)How many eyeballsHow many conversions27Revenue = monetising active users

Revenue@Growthhackasia (Growth Hacking Asia)28

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Acquisition

You hear about Quora after a friend posts a question from Quora on Social Media

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AcquisitionActivation

You are asked to sign up to read the content

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AcquisitionActivationRetention

You receive weekly digest emails with questions and links back to the site

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AcquisitionActivationRetention

Once youre back, Quora encourages you to read related questions

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AcquisitionActivationRetentionReferral

and share questions through social media

@Growthhackasia (Growth Hacking Asia)@Growthhackasia (Growth Hacking Asia)Growth hacking is very much a mindset test, measure, change or keepGoal needs to be an optimised funnel with a viral referral loop34

The Growth Hacking Process@Growthhackasia (Growth Hacking Asia)GH is actually a long process, only looks easy once youve found the things that work

It is a result of a sum of hundreds of actions35Rigorous Process of Experimentation@Growthhackasia (Growth Hacking Asia)1) Develop hypotheses36Focus on Inputs, not OutputsExample: Activation Rate = Step 1 + Step 2 + Step 3OutputInputInputInput@Growthhackasia (Growth Hacking Asia)Brainstorm not outputs but inputse.g. activation rate: Activation in 3 stepsBrainstorm ideas about each of the steps

How to improve inputs to improve outputs

37Prioritise your IdeasProbability of SuccessImpactResources@Growthhackasia (Growth Hacking Asia)PrioritiseProbability of success: low middle highImpact: hypothesis if successful (variable)will increase by (XX) because (assumption)Resources needed38Run Minimum Viable Test (MVT)For example by using:Landing pagesA/B Testing ToolsEtc.@Growthhackasia (Growth Hacking Asia)Testing Minimum viable testE.g. create a simple new landing page to test rather than making changes to your current page

Make sure you have a control group!!39Understand and Document Test ResultsImpact (results)Accuracy (how close to hypotheses?)Why?@Growthhackasia (Growth Hacking Asia)After 30-90 daysImpact resultsAccuracy how close to hypothesisWhy -> helps you formulate new hypotheses/ action items40Build it into Your Product (no more MVT)If experiment was successful:Systemize (build into your product)

Playbook (if it cant be systemized, create a manual)@Growthhackasia (Growth Hacking Asia)Systemize build into your productPlaybooks if its something manual, write down how to do it41Recap: Process of Experimentation@Growthhackasia (Growth Hacking Asia)1) Develop hypotheses42

Visit Us: http://growthhackingasia.comSay Hello: anna@growthhackingasia.com

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