The art and science of growth hacking at MassTLC Marketing Summit April 2014
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David Skok, Partner at Matrix Partners presented the Art and Science of Growth Hacking at MassTLC's annual sales and marketing summit "Building a Lean, Self-Perpetuating Marketing Machine." Follow David at www.forentrepreneurs.com
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The art and science of growth hacking at MassTLC Marketing Summit April 2014
- 1. THE ART & SCIENCE OF GROWTH HACKING Upsell/ Cross Sell CAC/LTV Virality Engagement Retention Freemium Conversion Rates BY DAVID SKOK Free Trials
- 2. GROWTH HACKING Accelerate Growth Through Work on Funnel A PERSONAL DEFINITION INCREASE FLOW & CONVERSION
- 3. THIS USED TO BE MARKETING’S JOB WHAT’S CHANGED?
- 4. TODAY’S WORLD • Freely available information • Free Trials • On-line reviews • Social Media commentary THE CUSTOMER IS DOING THEIR RESEARCH BEFORE THEY COME AND TALK TO YOU
- 5. YOUR ON-LINE PRESENCE IS KEY
- 6. THE PRODUCT IS YOUR SALESPERSON
- 7. THERE’S A RICH FLOOD OF NEW DATA
- 8. METRICS
- 9. REQUIRES A NEW COMBINATION OF SKILLS BOTH MARKETING AND TECHNICAL
- 10. Data Science THE GROWTH HACKER Creative Marketing Inbound Marketing Customer Experience & Product Design Funnel Optimization Instrumentation & Metrics
- 11. THE BASICSOF FUNNEL DESIGN
- 12. Suspects Closed Deals Loyal Customers who are Advocates
- 13. Suspects Closed Deals Loyal Customers who are Advocates Virality
- 14. IN A PERFECT WORLD… 1 Step
- 15. IN A PERFECT WORLD… MyProduct.com HOW IT WORKS DESCRIPTION Our product allows you … BUY NOW! Only $9,999.99
- 17. WHAT IS A FUNNEL? ACTION MOVEMENT ACTION MOVEMENT ACTION MOVEMENT
- 18. HOW DO WE DESIGN THE ACTIONS?
- 19. BUYER THE
- 21. TRIGGERS • Moving house • Movers, phones, cable TV, furniture, insurance, etc. • Starting a new software project • PaaS (Platform as a Service), Dev Tools, etc. • Need to hire a lot of new employees • Applicant Tracking System • Just lost my data in hard drive crash • Backup software/service • Read about a new scary computer virus • Anti-virus software
- 22. Suspects ToFU Top of the Funnel MoFU Middle of the Funnel Closed Deals SALES Bottom of the Funnel Loyal Customers who are Advocates CUSTOMER SUCCESS Retention Funnel Retain Expand Upsell / Cross sell Nurture & Qualify Inbound & Outbound Marketing Typical B2B Funnel AWARENESS CONSIDERATION PURCHASE
- 23. METRICS "IF YOU CAN NOT MEASURE IT, YOU CAN NOT IMPROVE IT." - LORD KELVIN
- 24. METRICS FLOW / QUANTITY CONVERSION RATE
- 25. WHAT TO MEASURE FOR EACH STEP / ACTION: NO OF ACTIONS % CONVERSION RATE TIME TIME
- 26. VISITORS CAMPAIGNS TO DRIVE TRAFFIC TRIALS CLOSED DEALS CONVERSION % CONVERSION % THE KEY METRICS OVERALL CONVERSION %
- 27. Visitors Trial 5% 10% $5,000 Customer NOT ALL LEAD SOURCES ARE EQUAL Google Ad Word Funnel FaceBook Ad Funnel Visitors Trial 2% 20% $8,000 Customer
- 28. ROI by LEAD SOURCE OVERALL CONVERSION % (BY LEAD SOURCE) Cost per lead Lifetime value of the Customer
- 29. BUT EVEN IF YOU ARE MICROSOFT, CISCO, ORACLE, OR GOOGLE YOUR FUNNEL WILL HAVE BLOCKAGE POINTS Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects Suspects
- 30. IN DIAGNOSING MANY FUNNEL BLOCKAGE POINTS, I HAVE FOUND THAT THERE IS A CLEAR PATTERN…
- 31. NOT MOTIVATED TO DO THAT THEY ARE CUSTOMERS WILL DO SOMETHING YOU ARE HOPING YOUR
- 32. IN OTHER WORDS… YOU DESIGNED YOUR FUNNEL THE WAY YOU HOPED IT WOULD WORK… BUT YOU MAY NOT HAVE THOUGHT ENOUGH ABOUT THE CUSTOMER’S POINT OF VIEW
- 33. JBOSS EXAMPLE CUT THE DOWNLOAD RATE BY MORE THAN 10X PUT A REGISTRATION FORM ON THEIR WEB SITE BEFORE A FREE DOWNLOAD IMPACT
- 34. FRICTION GET INSIDE YOUR CUSTOMER’S HEAD CONCERNS
- 35. UNDERSTAND WHAT MOTIVATES THEM MOTIVATIONS FRICTION CONCERNS
- 36. JBOSS EXAMPLE • Making $27,000 a month selling documentation • Solution: • Give away documentation to get their email address
- 37. EXAMPLE: DRIVING TRAFFIC TO YOUR WEB SITE GETTING FOUND Not going to find your site unless: - On top page of Google search results - Recommended by a trusted source - Referred to in social media or blogosphere friction & concerns
- 40. LESSONS FROM WEBSITE GRADER • Free tools drive viral spread • Low customer work required • High value delivered • Score leverages competitive urge, and acts as a trigger • Builds trust through clear demonstration of expertise
- 41. GOOD LINKAGE TO NEXT STEP
- 42. using engineering for marketing GROWTH HACKING
- 43. USING DATA TO DRIVE WEB TRAFFIC SYSOMOS: SOCIAL MEDIA MONITORING LEVERAGED THEIR DATABASE TO CREATE BLOG POSTS WITH DATA ON TOPICS OF CURRENT INTEREST: • IRAN ELECTION RIOTS • TWITTER’S GROWTH • FACEBOOK USAGE
- 45. LED TO: SYSOMOS ARTICLES IN ECONOMIST, NY TIMES WEB TRAFFIC TO READ THE FULL REPORT LEADS – IMPRESSED BY THE CAPABILITIES OF THE SOFTWARE
- 46. FREE TRIALS THE PRODUCT IS YOUR SALES PERSON
- 47. WHAT IS YOUR TIME TO WOW! ? Thanks to Gail Goodman of Constant Contact WOW!
- 48. AT CONSTANT CONTACT CREATE AND SEND YOUR FIRST EMAIL WOW!
- 49. TIME TO WOW! • How many steps? • How much time does it take? • How much FRICTION is involved
- 50. REMOVE STEPS & REMOVE FRICTION e.g. Provide Sample Data instead of requiring them to load their own
- 51. WOW! ANALYZE TRIAL STEPS AS THOUGH THEY WERE FUNNEL STEPS Create a full profile Import Contacts Do a search for Prospects See search results Imagine a Sales Rep signing up for the old LinkedIn
- 52. WOW! LOOK FOR BLOCKAGE POINTS Create a full profile Import Contacts Do custom search for Prospects See search results Imagine a Sales Rep signing up for the old LinkedIn HIGH FALL OFF RATES HERE
- 53. For an Outlook/Exchange User WOW!Create a full profile Import Contacts Do custom search for Prospects See search results Download an App Install the App Run the App
- 54. APPLY BLOCKAGE POINT THINKING WOW! FRICTION MOTIVATION CONCERNS Replace the downloaded App with request for email credentials and get contacts from Exchange. Create a full profile Import Contacts Do a search for Prospects See search results
- 55. • Concern: – I have tons of very private and confidential emails. I don’t want anyone to read those. You want me to give you the password to login to my email?!!!
- 56. APPLY BLOCKAGE POINT THINKING WOW! FRICTION MOTIVATION CONCERNS Replace the downloaded App by connecting to Contacts on iOS/Android Create a full profile Import Contacts Do a search for Prospects See search results
- 57. RE-THINK THE PROCESS Source: Josh Porter – Designing for Social Traction CONVENTIONAL APPROACH SIGN UP FOR TRIAL CONVERT TO CUSTOMER WOW! WOW! FIRST, REGISTER LATER WOW! SIGN UP CONVERT TO CUSTOMER
- 58. MAY VARY FOR DIFFERENT CUSTOMER TYPES E.g. LinkedIn • Different personae: – Recruiter – Sales person – Individual looking to find a job MAKE SURE THERE IS A CLEAR PATH FOR EACH ONE WOW!
- 59. BUYER THE THE KEYS TO SUCCESS GET INSIDE YOUR BUYER’S HEAD
- 60. WHAT WE DIDN’T COVER
- 61. • Buyer Persona • Top of the Funnel • Middle of the Funnel • Market Development Reps • Customer Success Management • Virality • Software Tools – The Underlying Database
- 62. For More information • Visit my blog at www.forEntrepreneurs.com