Growth Hacking & Traction
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A little bit adapted slidedeck from the presentation I gave on 4th Feb at The Spot in Bratislava about "Growth Hacking & Traction".
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Growth Hacking & Traction
- 1. Growth Hacking & Traction for Startups by Can Ertugrul This is a Traction Engine
- 2. The rollercoaster ride in search for growth
- 3. “A startup is a company designed to grow fast… The only essential thing is growth. Everything else we associate with startups follows from growth.” - Paul Graham (YC) Why you should care?
- 4. Traction Team Tech - Fred Destin (Accel) What Fred Destin and other investors look for
- 6. 10011001 Growth Hacking & Traction for StartupsNot binary facts but one perspective
- 7. Growth Hacking & Traction for StartupsBirdview on Traction
- 8. A startup is… “…is a temporary organization designed to search for a repeatable and scalable business model.” - Steve Blank (author)
- 9. In search = exploration
- 10. An essential part of your Biz model “A business model describes the rationale of how an organization creates, delivers, and captures value - Business Model Generation (Book)
- 11. Traction is… “…basically quantitative evidence of customer demand. So if you’re in enterprise software, [initial traction] may be two or three early customers who are paying a bit; if you’re in consumer software the bar might be as high as hundreds of thousands of users. It’s the [U.S.] Supreme Court definition of porn…. You’ll know it when you see it.” - Naval Ravikant (Angellist)
- 12. Startup constitutution: The pursuit of growth
- 13. Startup Pyramid (Sean Ellis)
- 14. Product-Market-Fit (PMF) „… being in a good market with a product that can satisfy that market“ - Marc Andreessen (Andreessen Horowitz) „40% or more of your users would be „very dissapointed“ without our product“ - Sean Ellis (Qualaroo/GrowthHackers)
- 15. Product-Market-Fit by Andreas Klinger (Product Hunt)
- 16. Life before and after Product-Market-Fit Before PMF After PMF Exploration Experiment Initial Traction Often „Manual“ Growth Hacking Optimizing Scaling Automate Death „Must-Have-Product“
- 17. Channels… connecting people Customer acquistion channels connect your company or your product with (potential) users or customers YOU Channel B
- 18. Tips out there might not apply to YOU Fact: ALL channels have been „proven“ to work for some companies at a specific time Flood of information & different „best practices“
- 19. Beware of biases Survivor Bias (typically from Post-PMF companies) „We we‘re succesful, this channels worked for us“ Your own channel bias „I don‘t like calling people, but I love using Facebook, so it is probably the better way to reach my customers than sales calls.“
- 20. Truth: Every company is different Different channels work differently well for different companies and industries. Also most channels work even differently well for the same company over time.
- 21. The present is never like the past „Law of Shitty Click-Throughs“ Channels change, become overcrowded, degrade, or become more expensive over time
- 22. That is why prediction is difficult You can rarely predict which channel will work best for your company at particular time and particular stage
- 23. In search for a channel Find channel(s) that will get YOU traction If no channel works: No PMF? Explore channels WHILE Product Dev
- 24. A proposed approach Data Mindest Experiment Channels Fundamentals
- 25. Mindset I – Traction from Start Growing = getting traction = equally your „job“ like building a product (in parallel) Lessons learned from Traction => integrate to Product where possible
- 26. Mindset II – Measurement What you measure is what you get Try to „move the needle“ Users in Users out
- 27. Mindset III - Focus Corporate Marketing = Startup Traction Building Traction Building = doing everything (or beeing on every channel) Focus No „free“ channels (you must invest time)
- 28. Fundamental I – Know Your Customer Unterstanding your Customers Unterstanding their world (spent time, substitutes, competitors, other used services/ products, regulary consumed channels,…)
- 29. Fundamental II – Metrics Setting „right“ metrics for your startup and its current stage Paid B2B SaS Freemium Mobile App Free B2C Platform Hardware Search Engine Acquistion Engagement Bottom-Line Which metrics would you choose here?
- 30. Fundamental III – „Right Channel“ Pre-PMF Creating relatively most acquistions Moving needle (now) „Affordable“ / Executable for you Post-PMF Acquiring at lower cost than other channels Acquiring better than competitors Suiting your Unit-Economics Repeatable & Scalable
- 31. Channels I – Structure Draw here ;-)
- 32. Channels II – Do‘s Understand specific Channel mechanics Check peers/competitions/industry Seek out under-utilized channels Use over-utilized channels more creatively Re-Test & Re-evaluate channels Double Down on Winners
- 33. Channels III – Difference(s) Demand harvesting VS. Demand generation Channels with customer intent VS. Channels with user interruption
- 35. 19 channels Viral Marketing Public Relations Unconventional PR Search Engine Marketing Social and Display Ads Offline Ads Search Engine Optimization Content Marketing Email Marketing Engineering as Marketing Targeting Blogs Business Development Sales Affiliate Programs Existing Platforms Trade Shows Offline Events Speaking Engagements Community Building
- 36. Examples of companies for which a specific channel worked really well to siginificantly drive growth
- 37. Viral marketing
- 38. PR
- 41. Social and Display Ads
- 42. Offline Ads
- 43. SEO
- 45. Email Marketing
- 47. Targeting Blogs
- 49. Sales
- 52. Trade Shows
- 53. Offline Events
- 56. Discussion Time