Growth Hacking Flashcards
Bit Torrent Marketing Team story
New Product Marketing Manager work with Product team, Have a high visualise paid button, Write user review right after download the first torrent
Growth teams
Must necessarily include members across a range of specialties and departments”
Growth hacking process
Analyze, Ideate, Prioritise, Test
Facebook meeting 2005, growth centric
Stop Noah Kagan about revenue,
To discover the core value of their product or service
Growth teams need to adopt rigorous methods for probing into user behavior
Everpix wrong strategy on increasing daily use of current user instead of the number of subscription
Right levers of growth at the right time.
Produce dramatic lifts if you’re a young start-up.”
Then, as your user or customer base grows you can afford to experiment in more niche areas at once. As the number of customers grows, shifting toward a higher volume of tests of even the smallest changes can create big wins.
Fundamental growth equation.
A simple formula that represents all of the key factors that will combine to drive your growth; in other words, your core set of growth levers.
eBay the formula is
NUMBER OF SELLERS LISTING ITEMS × NUMBER OF LISTED ITEMS × NUMBER OF BUYERS × NUMBER OF SUCCESSFUL TRANSACTIONS = GROSS MERCHANDISE VOLUME
Determine your essential metrics
is to identify the actions that correlate most directly to users experiencing the core value of your product
「The North Star should be the metric that most accurately captures the core value you create for your customers.
Which of the variables in your growth equation best represents the delivery of that must-have experience you identified for your product?
big successes in growth hacking come from a series of small wins, compounded over time.
Each bit of learning acquired leads to better performance and better ideas to test, which leads to more wins, ultimately turning small improvements into landslide competitive advantages.
Optimal number of distribution channel
“It is very likely that one channel is optimal. Most businesses actually get zero distribution channels to work. Poor distribution—not product—is the number one cause of failure. If you can get even a single distribution channel to work, you have great business.
ICE Scoring
Impact, Confidence, Ease
language/market fit
which is how well the way you describe the benefits of your product resonates with your target audience, and channel/product fit, which describes how effective the marketing channels are that you’ve selected to reach your intended audience with your product
“PRETEND YOU ARE DRIVING a car in the middle of a thunderstorm and you happen upon three people on the side of the road. One of them is a frail old woman, who looks on the verge of collapse. Another is a friend who once saved your life. The other is the romantic interest of your dreams, and this is a once-in-a-lifetime opportunity to meet him or her. You have only one other seat in the car.
Who do you pick up?
The old woman, of course. Then, give the car keys to your friend, and stay behind with the romantic interest to wait for the bus!
Hotmail： In order to tap into viral quality of web products,
they added a simple tagline “P.S.: Get your free email at Hotmail” in all their communications. This simple P.S. message improved their matrix many-fold.
P&G‘s Febreze communication
Changed from “Cleans bad smell out of fabrics for good” to “for freshness that surrounds you like never before”. This small change brought much-awaited success for Febreze
Tickle (Photo sharing site) changed the communication
From “Store your photos online” to “Share Your Photos Online”. This small change from “store” to “share” completely altered users perceptions and suddenly they started uploading pictures. In 6 months Tickle had 53 million users to service.
Airbnb referral program growth hack
For example, Airbnb used “Your Friend <> gave you $25 off your first trip on Airbnb, the best way to travel. Be sure to say thanks. CTA – Claim your credit.” The result is in front of us.
Referral program growth hack
Referral works well when the overall experience of the people in that ecosystem becomes rich. This mode works well for “product/incentive fit” product. Second, the reward should be related to the core value of the product. Third, the important point is the language used in the referral message should be personalised.
Dropbox referral growth hack
After experimenting with multiple offerings, they came up with giving away 250 MB of storage in exchange for referrals. It ended up going from 1 lakh to 40 lakh customers in 14 months.
BitTorrent survey
Answer of one of the questions of the survey stunned the team members. They had been trying to aggressively promote the paid version of the product. However, the survey revealed that the majority of the customers even the most active customers did not know that the pro version even existed. Immediately they placed a highly visible button “Upgrade to Pro” and this simple change brought instant 92% increase in revenue per day.
Adobe gamification growth hack
LevelUp (Photoshop software of Adobe) converted boring tutorials into missions for trial users to complete. They saw a 4X increase in the trial to purchase conversion
4 elements for loyalty programs are
should give status
Should give access
Should give power
Should give stuff
Identify growth Lever
Matrix that matters a.k.a North Star Matrix
DAU of Facebook, Growth Lever
Daily active users, because of Ads Revenue
Upworthy grow hack
Eli Pariser, the site’s founder, “a good headline can be the difference between 1,000 people and 1,000,000 people reading,” this extra work is well worth it”
Tickle, a start-up James Currier founded in 1999, achieved two breakthroughs by experimenting with small changes to the language describing its social networking and photo-sharing products.
When the response to the original webpage language that described the photo service as a way to “store your photos online” was “anemic,” Currier hypothesized that users weren’t spreading the word because they didn’t see a storage vault of images as a particularly share-worthy product. So Currier and his team experimented with a small change in language, to “Share Your Photos Online.” The test took almost no time to implement and the results were instant and staggering. ”
“The original app featured the tagline “Find a Date,” and once again, growth was sluggish. They thought that maybe they could once again ignite growth by positioning the app as a social product, not just for people to use simply to find a date, but as a hub for connecting singles to one another through their friends’ networks.
So they changed the tagline to “Help People Find a Date,” and sure enough, users started sharing invites with their friends, even sending them to married people because, after all, they can help their single friends with finding dates, too. The service added 29 million users within 8 months of making the single change.”
