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1 twitter @meetsamir / Copyright Samir Patel Redpoint eventures, São Paulo, Brazil

Growth Hacking @ Redpoint Ventures

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Page 1: Growth Hacking @ Redpoint Ventures

1twitter @meetsamir / Copyright Samir Patel

Redpoint eventures, São Paulo, Brazil

Page 2: Growth Hacking @ Redpoint Ventures

2twitter @meetsamir / Copyright Samir Patel

About Samir

• Founder, CEO of DoRevolution and Growth Mentor at

500Startups Silicon Valley, Optimized $1B+ in Ads.

Founder of SearchForce and pioneer to apply Wall Street Analytics

and Quantitative Trading Techniques to Advertising for Portfolio

Optimization. He raised $10M+ in financing, developed a

Cross-Channel Optimization SaaS Platform Based and took the

company to profitability.

• Patel has managed clients with some of the world largest ad

budgets such as Salesforce.com, Priceline, Experian, Oracle, AT&T

YellowPages, Progressive and Scottrade.

• Growth seminars at 500Startups, General Assembly, UC Berkeley,

TERA and at several top-tier VC firms around the world. Upcoming

book on Growth Hacking.

• MBA in Brand Marketing from Cornell's Johnson School of

Business.

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Samir Patel

[email protected]

President & CEO,

DoRevolution

Growth Mentor @500Startups

Tweet@meetsamir

Blog is at DoRevolution.com

Connect on Linkedin

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DoRevolution ~ McKinsey For

Growth• We provide Channel Management

– Google Adwords

– Facebook Ads

– Mobile Advertising

– Retargeting

– SEO : On-page & Off-page

– Analytics: Google Analytics, Mixpanel, Kissmetrics

• Growth Training for CEO’s, CMO’s and Staff

– Training Bootcamps for Startups & Growth

companies

– Moneyball for VC’s : Creating Analytics platform to

invest to get higher returns

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Dave McClure Startup

Ecosystem

5

• 1,000 Bootstrap Startups ($0-10K)

• = 1,000 Parents/Garages/Basements @ $0-500/mo food+rent

• 300 Accelerator Startups ($10-100K)

• = 10-20 Accelerators @ $1-5M/yr, 20-50 co’s/yr

• 100 Seed-Stage Startups ($100K-$1M)

• = 5-10 Micro-VC Funds @ $10-30M/yr, 10-20 co’s/yr

• 30 Series A/B Startups ($1-10M)

• = 3-5 Early-Stage Funds @ $25-100M/yr, 5-10 co’s/yr

• 10 Later-Stage Companies ($10-100M)

• = 2-3 Later-Stage Funds @ $50-250M/yr, 3-5 co’s/yr

• 1-3 Mature Company IPOs ($100M+)

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- McKinsey & Company

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- McKinsey & Company

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Growth Trumps All Metrics

8

• High growth companies return 5X more to

share holders

• Growth predicts long-term success

• SuperGrowers (growth rate >60%) when

reached $100M were 8X more likely to reach

$1B than ones <20% growth rate

• Growth matters more than margin or cost

structure. Increases in revenue growth rates

drive 2X as much market cap gains

- McKinsey & Company

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ACTION

Grow Fast

or

Die Slow

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A Zillion Ways to Acquire Users

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Platforms 2.0Search, Social, Mobile,

Video, Messaging

$100M+ Users Available

~ Dave McClure

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SEO is not JUST SEO

~ Rand Fishkin, Wizard, Moz

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Website.com

Emails &

widgets

Campaigns,

Contests

Biz DevAds, Lead Gen,

Subscriptions, etc

Homepage /

Landing Page

Product

Features

1. ACQUISITION

SEOSEM

Apps &

Widgets

Affiliates

Email

PR Biz

Dev

Campaigns,

Contests

Direct, Tel,

TV

Social

NetworksBlogs

Domains

Emails &

Alerts

Blogs,

Content

System Events &

Time-based Features

~ Dave McClure, 500Startups

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14

No Silver Bullet

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It's the question, Neo. It's the

question that drives us - Matrix

How much growth do we need, and how

quickly do we need it?

How much growth is left in our core

markets?

How secure are we in our core markets?

What opportunities do we have to expand

our current businesses and to generate

more cash

to invest in growth?

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Identify Your Target Market

• What do your favorite customers have in

common? Who else would you like to

bring in?

• Consider:

– Which few distinct groups of people would

you like to bring in? What are their age ranges

and interests? Where do they live?

– How can your business help them?

– Would one group be more interested in trying

out specific products, a sale or a timely offer?

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Establish your goals

• Increase in-store sales - Increase foot traffic and make it easier for people to find and share information about your business.

• Increase online sales - Find new customers and deepen relationships with people who’ll click through and buy.

• Launch a new product - Generate excitement and maintain momentum around a new product or service.

• Build Awareness - Express what makes your business unique and stay top-of-mind for future product decisions.

• Promote your mobile App - Get your app into the hands of the right people and keep them engaged.

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Whoever gets 50+ photos

of slides and tweets it out

in next 3 hours WILL will

WIN two hours of my time

over skype which is =

$1000+ of value. Win $1000 in 30 Minutes!

Let’s GO. 99 Hacks in 90 Minutes!!

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ACTION

Set Clear Quantifiable Goals. Think Attribution.

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Hack#1 : BOTS Take Over Social

Selling

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Automate Visits to Profiles

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Profile Current & Clear Action

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Report from 3AM this morning

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ACTION # 3

Think Hustle.

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8 Qualities of World Class Growth

Teams• Possess Data-Driven Thinking

• Rapid Learners of Dynamically Changing

Marketing Channels and Growth Platforms

• Understand Growth Process

• Are Highly Product-Savvy

• Have a Hustle Mindset

• Possess a Cross-Disciplinary Skillset

• Connect Marketing to Product Development

• Possess Technical Acumen

• Hiring connections

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Traffic Acquisition

Market Research & User Feedback

Email Marketing

Competitive Research Tools Sales Intelligence

Lead & Customer Acquisition

AB / Multivariate Testing

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Hack#3 : Marketing Strategy

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Hack#4 : Brand Experience

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Hack #5 : Lean Canvas Hack

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Hack#6 : Themeforest + Fiverr +

Wordpress

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Hack#7 : Six Killers of Mobile

Sites

1. Unplayable videos

2. Faulty redirects

3. Smartphone-only 404s

4. App download interstitials

5. Irrelevant cross-linking

6. Page speed

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Hack#8 : Wordpress +

Yoast

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Hack#9 : Buzzsumo for Content

Strategy

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Hack#10 : Outsource Content

Writing

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Hack# 11 : Link Twitter Bio

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Hack#12 : Pay Using a Tweet

Provides users access to your content,

product, or service once they’ve tweeted or

posted about it

Impact on Growth:

• Invite people to pay with a post across

major social media channels

• Measure traffic, conversions, click and

geo data

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Hack# 13 : Nimble, Social Signals

Hack

Consolidates your contacts, email, social signals,

activities and follow-ups from everywhere, allowing

you to manage your relationships more effectively.

Impact on Growth:

• Easily manage contacts across multiple channels

• Tracks the complete history you and your contact

share—on every channel

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Hack# 14 : Moat

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Hack#15: Moz Links Explorer

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Hack#16: SpyFu

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Hack#17: BuiltWith

DoubleClick, Twitter Ads, AdRoll, RocketFuel, MailChimp, AppNexus, GA, CloudFront etc

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Hack#18: KeywordTool.io

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Hack#19: QuickSprout

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Hack#20: ListBuilder

A free way to collect the email addresses of

users who visited your site.

Impact on Growth:

• Build your subscriber list and easily

download it as a CSV

• Integrates with other email services and

allows you to use your own custom email

form

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Hack#21: Long Copy Hack

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Hack #22: SellHack

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• Unplayable videos

• Faulty redirects

• Smartphone-only 404s

• App download interstitials

• Irrelevant cross-linking

• Page speed

Hack #23 : Mobile Site Killer

Hacks

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1. Mobile Bid Adjustments : Need to get on top

positions because of form factor, bid higher for

location based targeting.

2. Mobile Preferred Ads : Separate mobile/desktop,

Call directly or provide a promotion based on time.

Different URL for mobile.

3. Call Extensions: Ad scheduling based on call

center, Your own number or Google’s forwarding

number

4. On Site Call Conversions: Track calls from phone

number embedded on website when users need to

reach more before they buy

Hack #24 : Mobile SEM Hacks

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Hack #25 : Exit Intent Hack

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Hack #26 : Deploy Inbound

Software

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Hack # 27

Keep a Growth Hack Action

Playbook for each person in your

team.

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Hack #28 : Customer Lifecycle: 5 Steps to

Success

• Acquisition: users come to the site from various channels

• Activation: users enjoy 1st visit: "happy" user experience

• Retention: users come back, visit site multiple times

• Referral: users like product enough to refer others

• Revenue: users conduct some monetization behavior

AARRR!

~ Dave McClure, 500Startups

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Hack # 29 Measure Conversion Metrics(note: *not* actuals; your mileage may vary…)

Category User Status Conv % Est. Value

Acquisition Visit Site

(or landing page, or external widget)

100% $.01

Acquisition Doesn't Abandon

(views 2+ pages, stays 10+ sec, 2+ clicks)

70% $.05

Activation Happy 1st Visit

(views X pages, stays Y sec, Z clicks)

30% $.25

Activation Email/Blog/RSS/Widget Signup

(anything that could lead to repeat visit)

5% $1

Activation Acct Signup

(includes profile data)

2% $3

Retention Email Open / RSS view -> Clickthru 3% $2

Retention Repeat Visitor

(3+ visits in first 30 days)

2% $5

Referral Refer 1+ users who visit site 2% $3

Referral Refer 1+ users who activate 1% $10

Revenue User generates minimum revenue 2% $5

Revenue User generates break-even revenue 1% $25

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Hack # 30 Types of Metrics &

Measurement• Qualitative: Usability Testing / Session Monitoring

– Watch what users do, figure out problems & solutions from small # of users

• Quantitative: Traffic Analysis / User Engagement– Report what users do, track usage & conversion %'s for all or empirical sample #

of users

• Comparative: A/B, Multivariate Testing– Compare what users do in one scenario vs another, see which copy/graphics/UI

are most effective

• Competitive: Monitoring & Tracking Competitors– Track competitor activity & compare against yours; if possible compare channels,

keyword traffic, demographic targeting, user satisfaction, etc.

(see slide notes for links to tools & vendors)

~ Dave McClure, 500Startups

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Hack # 31

Think

Lifecycle.

Customer

Journeys.

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63twitter @meetsamir / Copyright Samir PatelHack 32-40 Cultivate Qualities of

World Class Growth Hacking

Teams32 Possess Data-Driven Thinking

33 Rapid Learners of Dynamically Changing Marketing Channels and Growth Platforms

34 Understand Growth Process

35 Are Highly Product-Savvy

36 Have a Hustle Mindset

37 Possess a Cross-Disciplinary Skillset

38 Connect Marketing to Product Development

39 Possess Technical Acumen

40 Hiring connections

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Possess Action-Driven Thinking

• Understands the

numbers

• Uses data to make

decisions

• Always favors data over

gut assumptions

• Identifies trends and

translates into actions

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65twitter @meetsamir / Copyright Samir PatelFast Learner of Dynamically

Changing Marketing Channels

and Growth Platforms

• Deep understanding of

marketing channels

• Knows target markets

• Identifies channel-

specific opportunities

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Understand Growth Process

• Constantly testing and optimizing based on quantitative and qualitative findings

• Translates findings in learnings

• Uses learnings to inform product development and marketing optimizations

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Are Highly Product-Savvy

• Understands Growth tools

• Has product proficiency across all areas of marketing – analytics, CRO, A/B testing, retention, etc.

• Can quickly identify right tool for the job

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Have a Hustle Mindset

• Practices process innovation

• Finds custom solutions to unique problems, rather than following stock best practices

• Encourages culture of Growth

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Possess a Cross-Disciplinary

Skillset

• Possesses deep expertise of Growth

platforms and products across multiple

disciplines

• Has enough expertise in each area to

extract insights without relying on the

team’s specialist

• Can work unilaterally

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Connect Marketing to Product

Development

• Believes marketing insights should inform

product development

• Uses market research to steer product

evolution

• Keeps development inline with market

demand

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Hack 41-46 Cultivate Skills

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Hacks 47-49

47.You need a Growth team.

48.Given your Growth plan,

discover your strengths and

weaknesses around the first

‘P’.

49.Find and Hire Bruce Lee’s.

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Process

The

House

of

Kaizen

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Hack # 50 & 51 Achieve Growth in

Five Phases and De-Risk it:

1. Establish key Channels, KPIs and

Attribution Model

2. Identify Goals & Constraints

3. Access Risk & Prioritize

4. Learning and Ongoing Investigation: The

“Five Whys” Method

5. Continuous Optimization: Using Kaizen

for Growth

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~ Brian Balfour

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77twitter @meetsamir / Copyright Samir PatelHack 52-54 Establish key

Channels, KPIs and Attribution

Model 52.Make a plan of attack

53.Identify target customers, where you’ll

find them, and how you’ll measure

success once you reach them

54.Build a comprehensive attribution model

to track behavior across channels and

through purchase funnel

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Hack 55-57: Identify Goals &

Constraints

55.Ask a simple question: What are you

really trying to do?

56.Set clear goals for tests (don’t just hope

for the best)

57.Take stock of constraints and limitations

due to budgets, competition, development

resources, etc.

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Access Risk & Prioritize

• Organize and prioritize

your tests and

optimizations

• Create planning

document and provide

access to entire Growth

team

• Prioritize based on what

will have the greatest

impact right away (80/20

approach)

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Continuous Optimization : Using

Kaizen for Growth

• Practice Kaizen method for continuous improvement

• Keep testing – improve on what works, learn from what does not

• Beyond tactics and actions, maintaining Growth Mindset is critical

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Establish Objectives and Key

Results (OKRs)

• Set your objective based on what’s going to have the greatest impact on your business right away

• Establish a timeline for testing

• Set multiple Key Results (KRs) based on level of difficulty:

KR 1 – 90% chance of success. You did a good job.

KR 2 – 50% chance of success. You did a great job.

KR 3 – 10% chance of success. You hit it out of the park!

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Example -- Growth via Adwords:

Goal: Lower their CPA for accredited investor signups via AdWords without a significant drop in conversion volume.

1. Focus on Search Network to drive lower CPA

2. Set timeline for 60 days

3. Three Key Results will be attempted:

• KR1 -- (90% change of success): Raise conversion volume by 10% by focusing on strategic bid modifications RLSA audience lists.

• KR2 – (50% chance of success): Lower CPA by 20% by limiting the keywords they buy to high performing terms only, and setting location bid modifications by income-tier.

• KR3 – (10% chance of success): Lower CPA by 20% and raise conversion volume by 10% by combining these two strategies.

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83twitter @meetsamir / Copyright Samir PatelHack # 58 Run Growth

Experiments in 4 Steps

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Compile Your Tests

• Create shared doc and dump all ideas for

tests here

• Doc stimulates new ideas and keeps

things organized

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Prioritize

• Prioritize test ideas from “Inventory” doc

• Create “Channel” doc that keeps track of

all experiments you’ve run, are running

currently, or plan to run in the near future

• Include key results and findings from pasts

tests

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Experiment

Create an “Experiment” doc for each

experiment you run. Include the following

details:

• Objective

• Hypothesis

• Design

• Resource Estimation

• Results

• Findings

• Action Items

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Systemize Findings

• Create “Findings” doc for all insights and

learnings from tests

• Use this as a resource for planning future

tests (the entire process starts over at this

point)

• Create an ongoing process of up-leveling

product, advertising, and UX

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Hack # 59 The Ariel and the

Microscopic View

• Schedule weekly meeting to “zoom out” as

a team to discuss findings, ask questions,

and propose actions

• Then zoom back in: Plan and run your

new tests

• Do this over and over again. Maintain

constant communication, collaboration,

learning, and improvement

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Hacks # 60-62

60.You don’t need a marketing

person, you need a Data

Ninja.

61.Digital Marketing has

become Quantitative trading

with Machines & Algorithms

taking over the world.

62.Adopt a Scientific Process

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Traffic Acquisition

Market Research & User Feedback

Email Marketing

Competitive Research Tools Sales Intelligence

Lead & Customer Acquisition

AB / Multivariate Testing

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Hack # 63 Study Ad Revenue

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Hack # 64-68 Six Pillars of

Optimization

64.Account Architecture

65.Keywords

66.Ad Copy

67.Offer & Landing Pages

68.Analytics

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Hack 69-72 Calibrators

69.Audiences

70.Relevancy

71.Quality Score or Equivalent

72.Bounce Rates

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Hack # 73 - 6th Pillar!

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Hack #74- Questions to Ask

Users

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Questions to Ask Users

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Account Structure Pillar

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Keywords Pillar

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Keywords Pillar

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Keywords Pillar

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Keyword Pillar

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Landing Page Pillar

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Core Concept : Bounce Rate

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Ad Copy Pillar

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Google Analytics Pillar

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Hack 75 # Mother of all Tests

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Core Concept : Relevance

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Quality Score Calculations

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Quality Score Calculations

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10 PPC Optimization Tips

76.Search Query Report

77.Keyword Match Types

78.Cross Pollinations: SEO and SEM

79.Ad Copy Testing

80.Segmented Reporting for Day Parting

81.Using Ad Extensions

82.Budget Adjustments

83.Competitive Terms

84.Campaign Structure

85.Device Based Bidding

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AD EXTENSIONS

SELLER RATINGS

SITELINKS CALL EXT.

LOCATION EXT.

GOOGLE+

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Accelerating Growth via

Mobile Advertising

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Tell them before you tell them

• Mobile Multiple Touch Points

• Calls

• Apps

• Cross Device

• Mcommerce & Mobile Sites

• In store

• 4 Tips: Optimizing Mobile PPC

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Calls

• This may sound obvious but let's not forget

smartphones facilitate an action that is native

to the device itself: phone calls. Customers

sometimes prefer to purchase by phone.

• how a spontaneous party was made possible

with purchases made via phone calls.

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Apps

• Mobile App Economy is 29.5B Gartner, 50B

downloaded, 1M apps, 190 Countries

• Apps are a great way to enrich your

relationship with your customers. App

downloads and transactions that happen

within your apps are two important sources of

value from mobile.

• When consumers download your app, it

creates new opportunities for conversions.

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Open An Existing App

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App Downloads

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New App Ads

• New Installations: Mobile App promotions

across search, display and YouTube.

• Extract and suggest keywords based on Google

Play and Google Seach

• Target Customers based on apps they use,

frequency of use and in-app purchase history

• Reengagement: Ads that redirect inside of

apps already installed, Deep Linking

• Conversion Measurement: Installation,

Reengagement & In-App Purchases

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Smarter ads optimized for varying

user contexts

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Cross Device

• Consumers often use multiple devices to

make a purchase, starting by researching on

mobile and then waiting until they are on

another screen to complete the transaction.

• A product purchased on a laptop originated

with research done on a smartphone.

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Mcommerce & Mobile Sites

• A mobile-friendly site is the cornerstone of

any mobile strategy and makes it easier for

your customers to purchase directly from

their smartphones.

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Hack # 86 Tools

• Google Think - MultiScreen: Everything

Google + Mobile

• PageSpeed Insights

• Mobile Site Development : MoovWeb, Mobify

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Hack # 87

Adwords is a every changing Beast. Tame it with Process.

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Hack # 88 - 95 Landing Page Best

PracticesTop Landing Page Audit Checklist:

95. Landing page is digestible in under 5 seconds?

96. Ads going to the most relevant landing page?

97. All offers seen in ads are current and prominently featured on landing page?

98. Pricing on landing page consistent with advertising offers?

99. Pricing is highly visible, as are discounts and promotional offers?

100.Landing Page Contains a Strong Headline?

101.Landing Page Contains Clear Call-to-Action?

102.Landing Page makes next step in buying funnel easy to find?

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Hack # 103-110 Design & Layout

Hacks

Best Practices:

103.Focus on three primary areas: Behavior,

engagement / activation , conversion / revenue

104.Prioritize optimizing to conversion rate (CRO)

105.Identify clear goals for tests

106.Keep track of external variables

107.Highlight calls-to-action / value proposition

108.Break down data by channel / demographic

109.Establish list of key findings

110.Learn from your tests!

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Hack # 111 A/B Testing

Best Practices:

• Test one element at a time

• Develop clear timeline for testing

• Prioritize tests based on what will make the biggest difference right

away

• Be clear about KPIs for testing (don’t get bogged down by

secondary and tertiary performance metrics)

Primary Tools:• Google Content Experiments

• Optimizely

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Hack # 112 Pay Attention to Mobile

Advertising and Websites

Why Mobile Matters:

• As of May 2013, 63% of adult cell owners use their phones to go online.

• 34% of users consider mobile to be their primary method for going online.

• 92% of users use their smartphone to access the internet every day

• 46% of users have completed a purchase on their smartphone

• 34% of users say they’re using their smartphones more now than six

months ago

• 1.4 billion smartphone users in 2013

• Mobile will generate 400 billion in revenue by 2015, compared with 139

billion in 2012

• The majority of internet searches will come from mobile by early 2015

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Samir [email protected]

President & CEO,

DoRevolution

Growth Mentor

@500Startups

Connect on Linkedin

Twitter@MeetSamir