What is Growth Hacking and how to implement it outside the high tech startup ecosystem?
Growth hacking. The future of marketing in Tech.
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Transcript of Growth hacking. The future of marketing in Tech.
GROWTH HACKINGTHE FUTURE OF MARKETING IN TECHby Victoria Rusnac@VictoriaRusnac
Marketing strategy
Brand strategy Product marketing
P&L management
Customer MarketingGrowth Marketing
Digital Marketing
Executive MBA
MARKETING IN FMCG, TELCO AND TECH
3
§ Why growth hacking emerged?§ Growth hacking explained§ Growth hacking epic examples§ Growth hacking tools§ Q&A
AGENDA
GROWTH HACKING
WHY GROWTH HACKING EMERGED?
DIGITAL AND MOBILE HAVE DISRUPTED THE MARKETS
DISRUPTIVE TECHNOLOGIES REQUIRE A
BEHAVIOURAL CHANGE
SOCIAL MEDIA RESHAPED THE CUSTOMER JOURNEY
SOCIAL MEDIA & UGC IMPACT PURCHASE BEHAVIOR
GROWTH HACKING EXPLAINED
MARKETING IN TECH… GROWTH HACKING
&PSYCHOLOGY
THE TANDEM OF MARKETING AND DATA
Growth hacking is all about• developing creative strategies and unconventional tactics • to dramatically increase users as• cheaply as possible.
GROWTH HACKING
MARKETING + DATA + PRODUCT
Growth Hacker is a person whose true north is growth, combining engineering,
designing and marketing simultaneously in order to find optimal product-market fit. Sean Ellis, DropBox founder.
How can you design a product experience that—just by using it—generates marketing visibility?
A mindset which focuses marketing activities on increasing the scale and
profitability of a business through testing and optimisation techniques for improving the value of audience touchpoints across the customer lifecycle.
PERSPECTIVES ON GROWTH HACKING
PRODUCT MARKET FIT
THE ONLY FUNNEL I BELIEVE IN
LEAN MARKETING FUNNEL AARRR
Startup Metrics for Pirates Dave McClure
ACQUISITION – People come to your homepage or other landing pages from various channels, from press to blogs to search engine traffic to word of mouth.
ACTIVATION – People have a happy first experience while on your site, usually culminating in some action like the creation of an account or giving you their email address for more information.
RETENTION – People become active users of your product, coming back to use it multiple times and staying engaged each time.
REFERRAL – People share your product with their friends, who then have to be activated, retained, etc.
REVENUE – You monetize people using your product, either through advertising, subscriptions, lead generation or business development.
AARRR OR CUSTOMER LIFECYCLE MARKETING
AARRR IN ACTIONHIGH VOLUME #HIGH CONVERSION %LOW COST €
THE CONSUMER DECISION JOURNEY BY MCKINSEY
§Google AdWords campaigns §Display advertising§Social Media campaign§ Telesales scripts§Email campaigns § Landing pages§Customer Journeys
HYPOTHESIS TESTING IS EASY AND CHEAP TO RUN
A/B TESTING
GROWTH HACKING EPIC EXAMPLES
P.S.: I love you. Get your free email at Hotmail.
§ Automated integration to cross-post accommodation listings on Craigslist§ Free professional photos§ Network effect
AIRBNB: PRODUCT & UX HACKS
GROWTH HACKING TOOLS
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GROWTH HACKING TOOLKIT
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1) PRODUCT MARKETING
2) PARTNERSHIP MARKETING
3) RETENTION
4) VIRALITY & REFERRAL
TOOLS WE WILL COVER
PRODUCT MARKETING
HUMANS HAVE SHORTER ATTENTION SPAN THAN GOLDFISH
FEATURES CUSTOMER BENEFITS
QUANTIFIABLECUSTOMER BENEFITS
PRODUCT MARKETING EXPLAINED
A feature is a factual description of how your product works. The features are the functioning attributes of your product. The features also provide the ‘reasons to believe’.
A benefit is what your product does for the customer. The ways that the features make your customer’s life better by increasing pleasure or decreasing pain.
FEATURES & BENEFITS
FEATURES
BENEFITS
VIRTUAL BANK N26 HAS FEATURES FOR YOU
FUNCTIONALITY: send money at the market rateBENEFIT: cheaper money transfer QUANTIFIABLE BENEFIT: up to 8x cheaper. Save $72.
TRANSFERWISE: QUANTIFIABLE CUSTOMER BENEFITS
MESSAGING IN ALL TOUCHPOINTS
PARTNERSHIP MARKETING
Thomas Cook introduces interest-free direct debit paymentsA new method of spreading the cost of paying for holidays by the use of direct debit is being introduced by Thomas Cook.The monthly payments by direct debit scheme is linked to a low deposit as Cook becomes one of the first travel companies to offer an interest-free payment plan with zero fees for its customers.Consumers booking online select the date of the month that the direct debit is taken and can match the timing of payment with convenient dates, such as payday.Setting up the direct debit is integrated as part of the checkout process when booking on Thomascook.com.Cook has teamed up with direct debit provider GoCardless to offer the service.
PARTNERSHIP MARKETING IS A BIG OPPORTUNITY
ACCOUNTANTS partners and selling channel for financial management software
BENEFITS§ Special free software § Free training§ Promotion of their firm§ Marketing funds
PARTNERSHIP MARKETING FOR FINANCIAL SOFTWARE
RETENTION
GETTING USERS TO CONTINUE USING THE PRODUCT OR SERVICE
Also known as:§Engagement§Repeat purchases§Advocacy
HOW DO YOU KEEP RETENTION UP?
§Amazing product experience§Amazing service§Email marketing
§ 3, 7 and 30 days First Time Use§ Customised and automated emails
§Retargeting§Content marketing§Building community §Gamification§Social Media
TO ACHIEVE ADVOCACY YOUR PRODUCT NEEDS TO BE AN ORDER OF MAGNITUDE
BETTER THAN THE COMPETITOR’S
NPS SHOWS CUSTOMER ADVOCACY
Net Promoter Score is a customer loyalty metric based on a ‘likely to recommend’ survey.
Promoters: Enthusiasts who fuel growthPassives: Satisfied but vulnerable to competitorsDetractors: Unhappy, impede growth
In most industries, NPS explained roughly 20% to 60% of the variation in organic growth rates among competitors.
On average, an industry’s Net Promoter leader outgrew its competitors by a factor greater than two times.
NPS CORRELATES WITH ORGANIC GROWTH
Bain study, 2015
THE WINNERS TAKE ALL
CUSTOMER IS KING…. VOCAL KING!First positions in organic of azimoreview.comVideo was viewed 38,500 times
FULL TRANSPARENCY
VIRALITY & REFERRAL
Designing the user experience so that telling and even inviting others to join the service is natural VIRALITY, PEER RECOMMENDATIONbeneficial REFERRAL
NETWORK EFFECTAligned motivation occurs when new users see added value if there were more users in the system.
VIRALITY AND REFERRAL: IS THERE A DIFFERENCE?
§Make it easy to spread your product§Worth and conducive to spreading §Will customer spend their social capital
recommending your product?§Make it seem like it is not a favor§Refer a friend = help your friend discover
VIRALITY CAN BE ENGINEERED
REVOLUT: FINTECH EXAMPLE OF VIRALITY
WOM and eWOM“INVITE FRIENDS” IN APPSEND & RECEIVE MONEY
DOLAR SHAVE CLUB: LAUNCH VIDEO GOT TRACTION
§ Launch video in March 2012, starring founder Michael Dubinwent viral
§ The website crashed, and the blades sold out in six hours.
§ The video has been viewed about 23 million.
§ In July, 2016 Dollar Shave Club hit the jackpot when Unilever agreed to buy it for $1 billion.
https://www.youtube.com/watch?v=ZUG9qYTJMsI
TRANSFERWISE: REFERRAL BONUS
Transfer for free when you refer a friend!- Every friend that you invite to
TransferWise will get +£15 in fee credit - And for every invited friend who makes a
transfer over £200 (or equivalent in another supported currency) on TransferWise, you’ll also get +£15 in transfer credit
THANK YOUVictoria Rusnac
@VictoriaRusnac