Growth Hacking Roadmap
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The growth hacking roadmap that summarizes how startups can maximize the growth of their most valuable customers. It also summarizes the actionable analytics growth hackers should be using including cohort analysis, user testing and key performance indicators.
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Growth Hacking Roadmap
- 1. •GrowthleadersI'mdeeplygratefultofortheirideas orforadvancingmythinkinginspecificareas: •CreateYourBusinessModel:AshMaurya'sLean Canvas(http://leanstack.com/LeanCanvas.pdf),which isadaptedfromAlexOsterwalder's BusinessModelGeneration.com •Product/MarketFit:MarcAndreessen,SeanEllis •Most•MostValuableCustomers:SeanEllis&Qualaroo •EarlyBehaviorofMostValuableCustomers:Josh Elman,NabeelHyatt •Aha!Moment:ChamathPalihapitiya •Virality:CarlaWhite •OptimizeConversionFunnel:TimAsh,Marketing Experiments,TedCooper.com,SeanEllis •Con•ContentMarketing&SocialMedia:KISSmetrics •User&SocialNetworks/AppStores:KISSmetrics •ActionableAnalytics+Research:AvinashKaushik, DaveMcClure,BrianAu,SeanEllis •G•Growthleaderswhohaveinformedmyoverallthinking: SteveBlank,EricRies,JimJorgensen,AndrewChen, BronsonTaylor&GrowthHacker.TV,ErinTurner&Gagan BiyaniandtheirGrowthHackersConference.com,Rand Fishkin,RobWalling,Unbounce,HubSpot,Udemy, HeatherForsythe,ScottHauswirth,AngeliqueVega,Alex Reynolds&myentirecareergroup. @MarkAndersen MarketingandGrowth Executive,Online&Mobile www.linkedin.com/in/markdandersen MarkAndersen@CareerNav.com Cohortanalysis Usertesting •Qualitativetestingjustas importantasquantitative •Gaininsightintotraffic abandoningyoursitethrough onsitesurveys(Qualaroo.com) ••Learnwherethefrictionpoints areinformsorpages (UserTesting.com) •Conductfocusgroups, one-on-oneinterviewsin-person oroverthephone •Analyzinggroupsof customersovertime •Cohortscanbebymonth joined,productbought, acquisitionchanneletc.;goal istoidentifyhighestretention rate ••Afteridentifyingmost valuablecustomers,engineer product&onboardingto continuouslyimprovetheir experience •Virality:usersspreadingyourproducttoasmanyothers aspossible;notasimportantasretention •Viralcycletime:howlongittakesuserstoconvert othersintheirnetwork •Viralcoefficient(KValue):#ofnewuserseachexist- ingusersuccessfullyconverts.WhenKValueis>1you haveviralgrowth •LifetimeNetValuebyacquisitionchannel=Lifetimerev- enue-CustomerAcquisitionCost(CAC) •Acquisition:gettingvisitorstoyour site/app •Activation:userswhosignup,haveused theproductatleastonce&becomepaying customers(ifthat'syourmodel) ••Engagement:%ofcustomerswhoare activelyusingyourproduct(perday,per month...),whichfeaturestheyinteractwith ••Retention:retainingmonetizable customers;docohortanalysistocompare retentionrates;increasingretentionisavital KPI&akeyleverinincreasingLifetimeNet Value KeyPerformanceIndicators(KPIs) OptimizeYourProductRoadmap,MarketingandKeyPerformanceIndicators(KPIs) Anengagement metricidentifying theearlybehavior ofyourmost valuable customers.It's mostpredictiveof futufuturesuccess Thefirsttimeanew userexperiences thebenefitsofyour coreproductvalue Whenpeople spreadyour producttoas manyotherpeople aspossible Optimizethe conversionrateof visitorsinyour marketingfunnel bydoingA/B testing Createawesome educational& entertainingcontent topullinprospects. Usesocialmediato amplifycontent reach&build communitiescommunities Amplifyinvitations, contentsharing, useractivity, notifications& growth Testadsonad networks,social networks,directly withpublishers, in-apponmobile CuCustomerswho clearedyour product/marketfit hurdles&with highestLifetime NetValue;do cohortanalysisto identify&identify&grow "Theon"Theonlythingthat mattersisgettingto product/market fit...beinginagood marketwitha productthatcan satisfythat mamarket." (Andreessen) Strategicallythink throughthe buildingblocksof yourbusiness PurposeToDo Acquisition spend $ $ $ $ $ $$$$ $$$$ $$$$$$ Valuefor customers orgrowth phase? Value Value Value Value Value Growth Growth Growth GrowthValue&growth Cohort analysis, usertesting orKPIs mostlyused? •Facebook:get newusersto7 friendsinthefirst 10days ••Identifythe unique,early behaviorofyour mostvaluable customers&build thatuser experiencefor eveveryone(Elman) •Evaluateyour product& onboardingtoget userstotheirAha! momentasearly& oftenaspossible ••Dousertesting tofigureoutwhere thefrictionisin youronboarding flow&optimize throughA/B testing •Thegreater yourcoreproduct value,themore likelyyourproduct willgoviral ••Buildsharing with&invitingof friendsintoyour product ••Useemail& socialnetworksto spread:Twitter, LinkedIn... ••Positive word-of-mouthis key.Trackyour NetPromoter Score •Optimizingyour funnelisagreat waytoincrease LifetimeNetValue. Thisshouldbedone beforeaccelerating acquisition spendingspending •Useanalyticsto findfrictionpoints wherepeople abandonyour funnel.Identify whytheyabandon throughuser tetesting&online exitsurveys •Publicrelations ••Blog, enewsletters, webinars, infographics, whitepapers, ebooks,video, podcasts ••SEO •Opt-inemail •Publicspeaking ••Build communitieson socialnetworks relevanttoyour users:Facebook, LinkedIn... •Userssend invitations&share contentviatheir email,phone& socialnetworks ••APIintegrations publishuseractivity ¬ifications. Zyngauses Facebook'sAPI.B2B APIs:LinkedIn, Yammer ••SellonAppleʼs AppStore,Google Play,AppExchange •SearchEngine Marketing(SEM) •Affiliate marketing ••Besureyour acquisition channelsareat positiveLifetime NetValuebefore acceleratingspend •Whatistheir userexperience? •Whatbenefits aremostimportant tothem? •Whatistheir onboardingpath? ••Howdidthey discoveryour product? •Whatisthe mostvaluable positioning?(Ellis) •Wouldatleast 40%ofyourusers be"verydisappoint- ed"ifyourproduct wastakenaway? (Ellis)UseSurvey.io todetermineifyour pproductis must-have •Haveyou clearedengage- mentandretention hurdles? •Haveyou clearedyourNet PromoterScore (NPS)hurdle? •Try BusinessModelGene ration.comorthe adaptedLean Canvas: •Problem •Solution ••Uniquevalue proposition •Unfair advantage •Customer segments •Keymetrics ••Channels •Coststructure •Revenuestreams Content Marketing& Social Media Online/ Mobile Advertising User& Social Networks/ AppStores Product/ MarketFit Early Behaviorof MostValuable Customers CreateYour Business Model Most Valuable Customers Aha! Moment Virality Optimize Conversion Funnel Beforeaccelerating acquisitionspending, achieve •Product/MarketFit •Conversionfunneloptimization •Acquisitionatpositive LifetimeNetValueLifetimeNetValueMostimportant stepincreating customervalue Total Customer Value GROWTHHACKINGROADMAP MaximizetheGrowthofYourMostValuableCustomers