Think Like A Growth Hacker
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This document discusses the concept of a growth hacker and strategies for sustainable growth. A growth hacker focuses on scalable growth through experiments and data analysis. Their goal is viral and repeat growth through word of mouth, embedded social features, paid advertising, and recurring use. The document provides examples of how companies achieve growth through these channels and outlines psychological factors that influence word-of-mouth sharing. It emphasizes thinking like a growth hacker by constantly considering growth opportunities across communication platforms.
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Think Like A Growth Hacker
- 1. Think Like A growth hacker
- 2. What is a growth hacker ?
- 3. Sean Ellis’ Definition http://startup-marketing.com/" " A growth hacker is a person whose true north is growth. Everything they do is scrutinized by its potential impact on scalable growth. Is positioning important? Only if a case can be made that it is important for driving sustainable growth (FWIW, a case can generally be made)."
- 4. Growth Hacker is the new VP of Marketing by Andrew Chen" http://andrewchenblog.com/2012/04/27/how-to-be-a-growth-hacker-an- airbnbcraigslist-case-study/ " Growth hackers are a hybrid of marketer and coder, one who looks at the traditional question of “How do I get customers for my product?” and answers with A/B tests, landing pages, viral factor, email deliverability, and Open Graph. On top of this, they layer the discipline of direct marketing, with its emphasis on quantitative measurement, scenario modeling via spreadsheets, and a lot of database queries. If a startup is pre-product/market fit, growth hackers can make sure virality is embedded at the core of a product. After product/market fit, they can help run up the score on what’s already working." "
- 5. “The fastest way to spread your product is by distributing it on a platform using APIs, not MBAs.” - Andrew Chen"
- 7. Viral Growth Sustainable Growth
- 8. Viral Coefficient Viral Coefficient = # of Invites * Conversion % 1 = 10 * 10% " " " "
- 9. Simple Viral Growth K=1 Lessons Learned – Viral Marke0ng by David Skok h8p://www.forentrepreneurs.com/lessons-‐learnt-‐viral-‐marke0ng/
- 10. Simple Viral Growth K = 2 Lessons Learned – Viral Marke0ng by David Skok h8p://www.forentrepreneurs.com/lessons-‐learnt-‐viral-‐marke0ng/
- 11. Viral Cycle Time • Lessons Learned – Viral Marke0ng by David Skok • h8p://www.forentrepreneurs.com/lessons-‐ learnt-‐viral-‐marke0ng/
- 12. If Viral Coefficient < 1 NOT True Viral Growth
- 13. If Viral Coefficient < 1 YOU Must retain active users
- 14. Analytics • Daily Active Users • Monthly Active Users
- 15. Sustainability
- 16. Viral Loop
- 17. Viral Growth = Customers are Free Viral Loop = Customers at a discount
- 18. The 4 Ways Customers Drive Sustainable Growth 1. Word of Mouth 2. A Side Effect of Using the Product 3. Paid Advertising 4. Repeat Use
- 19. 1. Word of Mouth – When people love your product, they’ll tell other people about it. Great word of mouth is oIen the Holy Grail of adver0sing. It’s cheap, incredibly effec0ve, but also difficult to build deliberately.
- 20. why people share The following is roughly adapted from Dr. Robert Cialdini’s “6 Principles of Persuasion” Prestige -‐ I will be viewed as important because I am associated with an important brand. Authority -‐ people will look up to me because I know about things first. Likable -‐ people will like me because I share things that make their life be8er.
- 21. Consistency -‐ I liked it before so I need to con0nue to like it or I will be in conflict with myself. Social Proof -‐ Everyone else likes it, so I do too. (Social proof) Scarcity -‐ Purchase if quan00es are perceived to be scarce Influence: The Psychology of Persuasion (Collins Business Essen9als) by Robert B. Cialdini h8p://www.squeezedbooks.com/ar0cles/influence-‐the-‐psychology-‐of-‐persuasion-‐(collins-‐business-‐essen0als).html
- 22. Social Design https://developers.facebook.com/socialdesign/ Social Design is a way of thinking about product design that puts social experiences at the core. Create these social experiences with the features available on Facebook Pla_orm.
- 25. 2. A Side Effect of Using the Product – Many products adver0se themselves. iPhones, Coach purses, and Gmail are great examples. Simply by using a product, a customer adver0ses your product to people around them.
- 27. h8ps://developers.facebook.com/docs/opengraph/ h8ps://developers.facebook.com/docs/bestprac0ces/
- 28. 3. Paid Advertising – This is what most businesses rely on. As long as you’re able to keep the cost of adver0sing below your marginal revenue from the campaign, you’ll do just fine. Businesses run into problems when they don’t keep adver0sing costs under control. To help you do this, make sure you’ve built a system that can track the effec0veness of the ads (Google Analy0cs, coupon codes, etc).
- 29. 4. Repeat Use – Many products need to be bought repeatedly in order to con0nue to use them. Magazine subscrip0ons, supplements, Ne_lix, and web hos0ng are all examples of this. When you have a product that requires repeated purchases, you only have to obtain a small number of new customers to keep growing.
- 30. Repeat Use • Be Awesome • Invested in the product Facebook, LinkedIn, Dating Sites, Luminosity, Pandora" • Reminder/Re-engage Social Media, Email Marketing, Push Notification"
- 31. Think Like A growth hacker • Always think about growth • Look at all communication platforms as a tool • Learn from others (ventures and disciplines)