Startups & Growth - Learn Early. Learn Often.
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Transcript of Startups & Growth - Learn Early. Learn Often.
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Startups & GrowthLearn Early. Learn Often.
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Most of the startups go through the same
phase and face the same set of problems.
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You create a product which you think is the best solution to a problem already existing in the market.
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You launch the product expecting virality
and exponential user adoption.
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It’s important for us to remember that
every product will not be an Instagram.
99% of time, the traffic falls off after a initial spike.
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You’re in a stage of your startup called as The Trough of Sorrow
Source: @andrewchen
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You fall into the Trough of Sorrow because you launch your product hoping that the market would accept it and not because the market wanted it.
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It’s important for a startup to understand
the different phases in it’s growth cycle and realize when to launch.
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3 Stages of Product Growth Cycle
Finding First Set of Customers
Validating Your
Product
Exponenti
al Growt
h
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Each stage in the product growth cycle
has got certain success end goals.
Finding First Set of Customers • Problem/Solution Fit
Validating Your Product • Product/Market Fit
Exponential Growth • Scale Exponentially
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Finding First Set of Customers
Validating Your
Product
Exponenti
al Growt
h
Focus on Learning& PivotFocus on Growth & Optimize
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Measure.Measure.Measure.
Reference: Dave Mcclure’s pirate metrics
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Identify metrics that matter during each stage.
Problem/Solution Fit Qualitative – Interviews/ Surveys for understanding Problem/Solution Fit.
Product/Market Fit Activation & Retention
Scaling Exponentially Acquisition, Referral
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Maximize for speed, learning.
Build
MeasureLearn
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Iterate.
Optimize/ Pivot.
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Always find your Product/Market fit before scaling.Else
You Fail.
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What Product/Market fit looks like.
Source : @andrewchen
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Pre P/M Fit Post P/M Fit
Tract
ion
This is what you should aim for.
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How to scale after P/M Fit?
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Distribute cheaply to as many people as possible.
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Use a mix of Paid and Non-Paid Strategies to distribute and acquire.
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Use the power of Social Media
Get your Viral Loops right : k>1(k=invites/user*invite acceptance)
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Leverage Platforms that work for your product
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Blog
• Establish end goal and identify your target audience.
• Churn out world-class content your target audience would be interested in.
• Guest-Blog:
• Builds natural links• Increases your online authority• Builds Relationship• Opens up your product/ service to a large audience quickly
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“Solely through guest blogging we've acquired around 100,000 users within the first 9 months of running Buffer.” – Leo Wildrich, Co-founder, Buffer
Take a leaf out of Kissmetrics & Moz’s Book.
Remember this takes time & effort.
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Create & Distribute Infographics
“KISSmetrics was able to generate 2,512,596 visitors and 41,142 back links from 47 infographics. This strategy helped take the KISSmetrics blog from 56,380 to 146,197 visits per month.” – Neil Patel
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Search & Connect with Influencers in your niche.
Leverage their reach.
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E-books, Guides and White papers
Presentations & Slideshare ( Traffic, SEO)
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SEO done right.
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Run Contests & Give-aways
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Use Paid Channels
Keep a check, @LTV = 3*CPA
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What do I do after acquisition?
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Build your conversion funnels.
Measure.
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Optimize for conversions in each stage.
Acqusition Activation Retention Revenue
5000
800300 50
16%
Get this fixed first.
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If conversions from visits to sign up is low. Fix that first.
A small landing page tweak helped cloudspongeincrease conversion by 33%
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If Activation is low, work on user onboarding.
Twitter has a step-by-step onboarding Process. Makes you
follow 5 people. Users tend to be more active.
40% of Twitter users use the platform without publishing.4x number of monthly visitors who don’t login. Just read the stream.
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If retention is less focus on getting users to come back to the platform.
Use both transactional emails and auto-responders to get people back in.
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LinkedIn was successful in increasing engagement & retention using the double viral loop.
Prompting users to connect/ invite during onboarding led to 16% increase in invitations sent & 41% increase in page views.
Source: http://www.slideshare.net/joshelman/josh-elman-threegrowthhacksgrowconf81413
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Not all hypothesis & the resulting experiments
result in a better conversion.
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So A/B Test
Version b is better than a. Roll out version b.
Source: Smashingmagazine
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Not just the landing pages and calls to action,
but A/B Test product features as well.
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Iterate on features and use cohort analysis to track engagement/ retention/ revenue/ referral
Fig Above : Twitter’s cohort shows how the product improvements resulted in an increase in the percentage of engaged users in the
second month.
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Find your AHA Moment!Turn a visitor to a engaged user.
Facebook : 7 friends in 10 days.
Twitter : Follow 30 people.
Zynga : Day 1 retention.
Drop Box : Atleast one file in dropbox folder.
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Remember the mantra : Learn early, Learn often.