7 Growth Lessons from the 500 Startups Distro Team - Seoul Startup:Con 2016
-
Upload
andy-young -
Category
Marketing
-
view
211 -
download
2
Transcript of 7 Growth Lessons from the 500 Startups Distro Team - Seoul Startup:Con 2016
Andy Young // @andyy // [email protected]
7 Growth Lessonsfrom the 500 Startups
Andy Young, EIR @ 500
@andyy
Andy Young // @andyy // [email protected]
Hi, I’m Andy!@andyy
#fb
Pho
to b
y Dan
Tay
lor - da
n@he
isen
bergmed
ia.com
Andy Young // @andyy // [email protected]
Andy Young // @andyy // [email protected]
train post-seed, pre-A companies to do better Growth Marketing
give them the Funding to do it
Andy Young // @andyy // [email protected]
Andy Young // @andyy // [email protected]
So WTF is this Growth Hacking thing?sounds like some kinda bullshit to me..
Andy Young // @andyy // [email protected]
Andy Young // @andyy // [email protected]
Let’s talk about something REAL
Andy Young // @andyy // [email protected]
Growth Hacking..? Technical Marketing..?
Call it what you want, teams at high-growth companies are scaling to millions of users without major use of any traditional mass advertising/marketing approaches.
Andy Young // @andyy // [email protected]
● SEO● Content Marketing● Performance Marketing (Paid search & display, retargeting)● Conversion Optimisation (CRO) & A/B Testing● User testing & UX● Viral Loops● Strategic Pricing● …
The Growth Hacker’s Toolbox
Andy Young // @andyy // [email protected]
Some examples..
Andy Young // @andyy // [email protected]
Viral Hacks
Hotmail put
“P.s. I love you. Get your free email at Hotmail.”
in the footer of every email.
Andy Young // @andyy // [email protected]
Partnership Hacks
Uber partnered with Telcos to get their App promoted/installed on phones
Andy Young // @andyy // [email protected]
What Hacks are NOT
Andy Young // @andyy // [email protected]
There are loads of great tips and hacks out thereSubscribe to 500’s “DISTROSNACK” newsletter!
But following all these cool tips will not itself bring success.
What Hacks are NOT
Andy Young // @andyy // [email protected]
Things with big impact:
★ Top of funnel○ How to reach HUGE new audiences in a cost-effective way
★ Middle of funnel○ Attracting and drawing people deeper into engaging with you
★ Bottom of funnel○ Close to the $$$ - convert higher % and simply make more money!
Things that WILL make a difference
Andy Young // @andyy // [email protected]
Growth Hacking is finding growth that is:
➔ Measurable➔ Repeatable➔ Scalable
Sean Ellis: “Growth Hacking is experiment-driven marketing”
It’s a mindset.
Growth Hacking Truths
Andy Young // @andyy // [email protected]
➔ Pre-launch: test proposition with customers; learn what you should build.
➔ Beta: fix your shitty product until people like it and stick around/give you €€€
➔ Growth: time to scale. So you got here by doing Things That Didn't Scale - awesome, now it's time to operationalise all that stuff while you explore and build out new acquisition channels.
➔ Scale: optimise, optimise, optimise; keep on top of changing channel effectiveness and emerging opportunities; start to compliment your growth hacking efforts with above-the-line marketing.
Stages of Growth
Andy Young // @andyy // [email protected]
7 Growth Lessonsfrom the Distro Dojo
Andy Young // @andyy // [email protected]
� What product/service, for which target market?
� Why do our customers love us? Why do they choose us over the competition?
� How do we make money?
� What is our primary way to get new customers?
� Our business will become a huge, runaway success if…
� During the next 3 months we need to focus on…
� What ONE target do we want to hit?
10,000 ft viewbit.ly
/10kftvi
ew
Andy Young // @andyy // [email protected]
#2 - get Product/Market fitbefore you try and grow
Andy Young // @andyy // [email protected]
Andy Young // @andyy // [email protected]
Early stage Growth stage
Goal Product/Market fitScalable, repeatable, predictable growth
Metric Engagement Growth rate
Primary Data Qualitative Quantitative
Growth Strategy Hustle
Build a growth machine
Andy Young // @andyy // [email protected]
#3 - build a Modelto understand your business
Andy Young // @andyy // [email protected]
Andy Young // @andyy // [email protected]/
kpi-sheet
Andy Young // @andyy // [email protected]
Not an operational dashboard:metrics related to growth
1. Identify top-level KPI2. Add nuance3. Add drivers
4. Add funnel for these drivers
Template Google Sheet: bit.ly/kpi-sheet
Andy Young // @andyy // [email protected]
#4 - identify Leversand prioritise your backlog
Andy Young // @andyy // [email protected]
Identify yourOne Metric That Matters (OMTM)to get everyone pushingin the same direction
Andy Young // @andyy // [email protected]
Prioritise using ICE framework:
-Impact-Chance of Success-Effort (time/resources)
Andy Young // @andyy // [email protected]
#5 - drive growth viaexperimentationand learnings
Andy Young // @andyy // [email protected]
“Learning is the essential unit of progress for startups”
Andy Young // @andyy // [email protected]
Make predictions in advance!
Andy Young // @andyy // [email protected]
#6 - it’s a Mindset
Andy Young // @andyy // [email protected]
The world is constantly changing
(channel efficiency/effectiveness, etc)
Experimentation & learnings
Build a machine
Naturally curious
Motivated by helping the customer achieve their goals
Growth Mindset
Andy Young // @andyy // [email protected]
#7 - maintain discipline with a Weekly Growth Meeting
Andy Young // @andyy // [email protected]
Agenda
1. Review KPIs2. What did we learn last week?
3. What experiments are we running this week?
No work is to be done during the meeting!
Weekly Growth Meeting
Andy Young // @andyy // [email protected]
BONUS #8Talk to your users
Andy Young // @andyy // [email protected]
User testing script - cheers Steve Krug!www.sensible.com/downloads/test-script.pdf
Andy Young // @andyy // [email protected]
Takeaways
Andy Young // @andyy // [email protected]
#1 - nail down your value proposition & messaging
#2 - get Product/Market fit before you try and grow
#3 - build a model to understand your business
#4 - identify Levers and prioritise your backlog
#5 - drive growth via experimentation & learnings
#6 - it’s a mindset
#7 - maintain discipline with a weekly growth meeting
Talk to your users!
Andy Young // @andyy // [email protected]
Thanks, & good luck!
Andy Young // @andyy // [email protected]
● 10,000ft view worksheet● Bryan Balfour: The Scientific Method: How to Design &
Track Viral Growth Experiments● Dave McClure's Startup Metrics for Pirates● Eric Ries’s Three Engines of Growth● My deck on Analytics for Startups● 500 Startups Accelerator Marketing Hell Week:
videos, templates & goodness● DISTROSNACK: daily growth hacks
Further references..