Growth hacking 101 - Matt Lerner

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    11-Feb-2017

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  • Growth Hacking 101 Matt Lerner

  • About Me 17 years Marketing & GM at PayPal

    and 3 startups (not Adobe)

    Built & ran 3 Growth teams Mentored over 40 startups 500 Startups Distro team in London Early jobs as a chemist, speech writer,

    ham salesman and valet parking attendant.

    http://twitter.com/matthlerner http://500.co/team/matt-lerner/

  • Agenda Introductions (Done) Background Case Study The Process The Mindset Conclusion Q&A

  • Is Growth Hacking Bullshit?

  • Is Growth Hacking Bullshit?

    Hotmail PayPal Twitter YouTube Dropbox Facebook LinkedIn

    Air BnB Zynga LivingSocial Instagram MoveOn.org Pinterest MySpace

    Hubspot Mint.com Groupon Whatsapp Snapchat Meerkat Quora

  • Origins of the Term

    Sean Ellis Marketer & Entrepreneur Coined the term in 2010

    Andrew Chen Blogger & Marketer

    Popularized the term in 2012

  • Defining Growth and Hacking

    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?

    Andrew Chen

  • Growth: Make Hockey Sticks Acquire (Signups)

    Ac/vate (Users)

    Ac/vity (Engaged Users)

    Reten/on (Churn)

    Referrals Revenue

    Magic Moment

    Like a Pirate

    AAARRRGH!

  • Defining Hacking A hacker is one who enjoys the intellectual challenge of creatively overcoming and circumventing limitations of systems.

    Verna Gehring, The Internet in Public Life

    Marina Gorbis, Harvard Business Review

    Things are hack-able the way weve designed various systems is not pre-ordained or immutable. We can tinker, re-design, and play with them. [Hackers] dont ask for permission to do what they do They are less interested in technologies per se than in playing with established ways of doing things and conventional ways of thinking, creating, learning, and being.

  • Growth Hacking A collection of tactics Focused on getting clicks, views or signups

    Growth Hacking is a mindset and a process that run deep into the funnel.

  • The Process Key Questions 1. Clarify your goals 2. Choose your key metric 3. Understand your customer &

    product market fit 4. Understand the system 5. Generate Ideas 6. Test & Iterate

  • The Process Key Questions 1. Clarify your goals 2. Choose your key metric 3. Understand your customer &

    product market fit 4. Understand the system 5. Generate Ideas 6. Test & Iterate

    1. What is our end goal? 2. Where should we focus first?

  • The Process Key Questions 1. Clarify your goals 2. Choose your key metric 3. Understand your customer &

    product market fit 4. Understand the system 5. Generate Ideas 6. Test & Iterate

    1. Can it be measured quickly? 2. Deep enough in the funnel? 3. Does this create perverse

    incentives?

    4. Causation or correlation? 5. Right level of precision? 6. Is it clear, simple and

    memorable?

  • The Process Key Questions 1. Clarify your goals 2. Choose your key metric 3. Understand your customer &

    product market fit 4. Understand the system 5. Generate Ideas 6. Test & Iterate

    1. Where do they get information? 2. Whats their decision process? 3. What are their pain points? 4. How do they experience your

    product or service?

    PMF: The Sean Ellis Test

    1. Do people love using this? 2. Why?

  • The Process Key Questions 1. Clarify your goals 2. Choose your key metric 3. Understand your customer &

    product market fit 4. Understand the system 5. Generate Ideas 6. Test & Iterate

    1. What are peoples incentives and how do we align with them?

    2. Are there 80/20s or network effects you can exploit?

    3. Where are the viral loop opportunities?

    4. Any existing two-sided platforms we can scale on? (e.g. eBay, Craigslist, Facebook)

  • The Process Key Questions 1. Clarify your goals 2. Choose your key metric 3. Understand your customer &

    product market fit 4. Understand the system 5. Generate Ideas 6. Test & Iterate

    1. What are the right channels? 2. Is the onboarding experience

    frictionless?

    3. Where can you add virality? 4. Who else has done something

    like this before, and how?

  • The Process Key Questions 1. Clarify your goals 2. Choose your key metric 3. Understand your customer &

    product market fit 4. Understand the system 5. Generate Ideas 6. Test & Iterate

    1. Which test(s) should we run? (Biggest impact, crazy stuff)

    2. What worked well? 3. What surprised us? 4. Which numbers do and dont

    make intuitive sense?

    5. Are we measuring this right? 6. What new hypotheses emerge? 7. What should we test next?

  • The Mindset Fucks up constantly: 2/3 of tests fail. Failure learning! Embrace failure! Its a science: Systematic thinker, curious, keen observers, understands

    experimental design, causation and correlation. Its an art: Obsessed with simplifying the customer journey. Systems thinker: Use existing momentum, find the lever points. Always

    looking for the 80/20s or better. Curious: Ask a lot of questions, ask great questions. Optimistic: Comfortable with ambiguity, hopeful but not patient. Irreverent: Cross-disciplinary, would sooner ask forgiveness than

    permission. (Move fast, break things). Tenacious: Persistent with a bias towards action.

  • Conclusions This is definitely a thing. But Many of the best are not marketers Includes the whole (pirate) funnel Much of the action is in the middle of the funnel Not tactics, its a process and a mindset

    Art and a science, causation & correlation Understand customers & system, look for angles & leverage

    Dont just hustle, work smart

  • Any Questions?