How To Build Your Product For Viral Growth.
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Transcript of How To Build Your Product For Viral Growth.
How To Build
Your Product
For Viral Growth .
Thoughts and actionable tips on virality and word of mouth.
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68
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The last 2 months our customers gathered more than
100,000 leads
and 60,000 referrals.
Viral Loops is the first complete Viral Marketing Platform
and backed by VentureFriends.
It’s built by GrowthRocks, one of the first growth hacking marketing teams,
and has been featured in publications, like:
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Why Virality &
Word Of Mouth ?
Because it’s a killer marketing channel.
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Word of mouth is the primary
factor behind 20% to 50% of
all purchasing decisions .
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Word of mouth is 10x more effective
than traditional advertising .
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By increasing virality,
you decrease your CPA .
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Instagram’s
Viral Growth .
How Instagram orchestrated virality.
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Social Multi-User Activities
Was The Growth Key .
Unlike its competitor, Hipstamatic, Instagram encouraged the photo creator to share the photo on an external network like Facebook.
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Converted Its Users
Into Marketers .
Every time users used the app, they shared their creations externally.
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Word Of Mouth
Is About WOWing Your Customers .
What WOM is, and what is not.
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Word of mouth is a phenomenon where people
love an offering so much, they just cannot stop
talking about it .
Word of mouth is fuelled by a company’s ability to convert users into passionate fans.
Source: Sangeet Paul Choudary
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How You Can
Generate WOM .
• A great product or service is the most important thing
• Awesome support
• Build communities
• Love your customers, and they will love you
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Rackspace’s
Fanatical Support .
During a marathon troubleshooting session, a support engineer heard the customer was hungry, so she ordered them a pizza!
Source: hbr.org
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Shazam generates WOM
through human nature .
When you search for a song, your friends are curious of what you’re doing, and then ask you about it.
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Revolut solves a
real problem .
Revolut is an international money account. It helps you transfer money abroad and make your online purchase without any hassle.
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Virality Is Not
WOM .
What Virality is, and what is not.
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Virality is a phenomenon where people
spread the word about an offering,
in the context of using it, rather than loving it .
The existing users gain value out of taking an action, which in turn, exposes the underlying platform to new users.
Source: Sangeet Paul Choudary
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Kickstarter Leverages
Its Projects For Going Viral .
When a Kickstarter creator spreads the word about his project, he helps Kickstarter reach higher user adoption.
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Product Hunt Leverages
Its Products For Going Viral .
When a hunter submits a product, both the hunter and maker spread the word about it, bringing in more people in the platform.
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Network Effects & Virality
Are Not The Same Thing .
Both lead to growth and scale, but they’re not the same thing.
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Eventbrite Leverages Virality
But No Network Effects .
Eventbrite is a platform for booking tickets for events. Eventbrite events find registrants only when they are shared in external networks.
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LinkedIn Has Network Effects
By Design .
In order someone to connect with you in LinkedIn, he has to be in LinkedIn, too.
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Virality is a business design problem,
not a marketing or engineering effort .
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How To Design & Build
Your Viral Growth ?
Let me show you how we apply this approach in Viral Loops.
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What Is Viral Loops ?
Viral Loops is the all-in-one viral marketing platform to launch your referral programs, sweepstakes, competitions and pre-launch campaigns.
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Why will the sender send units out
of the platform ? #SenderIncentives
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Why Someone Will Spread The
Word About Viral Loops ?
Because like in the Kickstarter case, the campaign creator wants to spread the word about his referral program, competition or another campaign created in Viral Loops.
Additionally, the participants will share the campaign to win.
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What is the minimum transferable unit
on the platform that can move on an
external network ? #SpreadableUnit
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Viral Loops’
Minimum Transferable Units .
• ViralWidget Pop-up
• Emails
• Leaderboard
• Widgets
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Where will the unit of the platform
meet non-users ? #ExternalNetwork
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We deeply believe
in Facebook and Messenger .
It also depends from our campaign creators.
But we can drive this behaviour.
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Examples On Successful
External Network Exploitation .
• Paypal —> eBay
• Airbnb —> Graiglist
• Zynga —> Facebook
• WhatsApp —> Phonebook
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Why will a non-user on an external
network convert to a user
on the platform ? #RecipientIncentives
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Why should a non Viral Loops
user become one ?
If he’s in a similar business like the creator of the campaign or he can leverage Viral Loops for his own business, he will sign up.
In order to do this, we need to build two things in our product:
• Stellar end-user experience • Mechanisms for helping campaigns succeed.
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The 2 Types
Of Virality .
You can leverage both for your mobile app.
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Product Virality .
Pull product virality (PPV): Product virality where existing users require people in their network to join to gain value out of a feature.
Splitwise Need friends on the product to input money owing and money lent.
WhatsApp You should have your friends and family in to communicate.
Snapchat You should have friends in Snapchat to see snaps and be seen. Source: Philip La
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Product Virality .
Distribution product virality (DPV): Product virality where existing users spread awareness of a product to their network.
Instagram Cross-posting You share your photos in Facebook and Twitter. Non-users will get in.
Facebook Photo-tagging In the early days, if a tagged friends was not in Facebook, she would receive an email prompting her to create an account.
Source: Philip La
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Airbnb’s Viral Loop .
How Airbnb increased bookings with a kick-ass referral program.
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The Concept .
The referral program encourages inviting friends by giving both the sender and recipient $25 of travel credit at Airbnb when the invited user completes their first trip.
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Cross-Platform .
They launched their referral program in all platforms. Not so many companies do it for some reason.
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Optimization .
They A/B tested several parts of the program, including message psychology.
Hooray, A/B Testing :)
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Personalization .
They use deep linking to personalize the invitation experience.
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The Result .
Airbnb increased overall bookings by 25% in some markets, and signups and bookings from the program itself by 300%.
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Viral Marketing
& WOM Channels .
How to get your mobile app go viral.
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Image source: Sean Ellis
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2016’s Viral Channels .
Snapchat has 200 million users, sending over 400 millions snaps everyday!
Facebook introduced the Messenger platform to help you
build your bot and reach 900 million people around the world.
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How Uber Made A Bot
Become Their Actual App .
Uber’s partnership with Facebook takes things to the next level by allowing a car to be summoned from within a conversation. Uber taps into Facebook Messenger’s 800 million users though a very basic bot.
There’s no need to download an app. The bot is the app.
Source: intercom.io
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Build your own chat bots .
Messenger Platform msg.ai wit.ai
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How To Measure
Virality .
If you can’t measure it, you can’t improve it.
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The Viral Coefficient
(aka k-factor) .
K-factor is the total number of registrations per unique inviting user.
Say that, on average, 1 in 5 of our users will successfully recruit a new user in their first month. In other words, our viral factor is 1/5 = 0.2, and our initial 5,000 users will recruit another 5,000 * 0.2 = 1,000 users in month 1.
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For a consumer internet product, a sustainable
viral factor of 0.15 to 0.25 is good, 0.4 is great,
and around 0.7 is outstanding .
Source: Rahul Vohra
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The Amplification Factor .
The amplification factor is calculated as follows a = 1/(1-v)
To calculate our total number of users, all we have to do is multiply the number of users acquired through non-viral channels by our amplification factor.
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Anatomy Of A Viral Funnel .
You should treat your viral loop as a funnel with several stages that can be optimized, so as to maximize your viral factor.
You could a use a mobile analytics tool like Mixpanel.
Invite Prompt Rendered
Invite Form Submitted
Invite Sent
Registration form loaded (by invitee)
Registration completed (by invitee)
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Savvas Zortikis CEO at Viral Loops
[email protected] @SavvasZortikis
Thank you!
Do you have any questions? We’d be more than happy to get in touch! :)