5 principles for product driven growth
DESCRIPTION
5 Principles for Product Driven Growth. Presentation from Forward Partners event #FPLive How do you get a business without spending money on marketingTRANSCRIPT
@nilanp
5 principles for product driven
growth
5 principles for product driven
growth
1. Focus on a single product / market!2. Systemically improve experience for your customers !3. Focus on NPS and your business will grow!4. Supply is usually your biggest scaling lever!5. Once your unit economics are strong look for a scalable acquisition channel! @nilanp
@nilanp!Introductions…
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Startups
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Startups Tequila
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Back to traction
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Revenue
Revenue
Revenue
Death Zone
Revenue
How do I get out of the death zone ?
A typical founder conversation
Anonymised using characters from the
Wire
x
GROWTHDude - we’re running outta cash in 6 months
GROWTH
Lets go see the Man - he can give us funding
Introducing the Man
GROWTH
GROWTH
Come back when you have traction…
GROWTHWe need to get traction, we need to find customers, you know what we need ?
GROWTHMarketing
GROWTHWord. Marketing is what we need… but marketings expensive. You know what we need ?
GROWTHMoney… lets go see the Man.
GROWTH
How do I get out of the death zone ?
A story of 3 companies
5 principles for product driven
growth
A story of 3 companies
32m Trips
We believe holidays should be hassle-free.
Hotels
Books
FX Car Hire
InsuranceParking
Lounges Ski Hire Essentials
the most efficient way of
monetising trips on the internet.
Our role in the holiday value chain.
Customer
A holiday engine. !
A platform
2 levers
Would you recommend us to your friends?
1 2 3 4 5 6 7 8 9 10
Detractors Neutral Promoters
5 Principles for product driven
growth
1. Focus on one product and one market
2. Systemically improve your experience for
customers
Practical adviceFocus on single
userscredit: Klinger.io
Startups are prioritisation problems…
Learn how to prioritise
• Margin per trip!• Impact on
conversion rate!• Impact on NPS
3. Focus on NPS and your business will
grow
Would you recommend us to your friends?
1 2 3 4 5 6 7 8 9 10
Detractors Neutral Promoters
If promoters > detractors you WILL
grow
N.B. This is fucking hard.
It works ! !(But barely)
It works ! !(But barely)
It works with!no significant issues !
It works ! !(But barely)
It works with!no significant issues !
It works. Wow that was slick
It works ! !(But barely)
It works with!no significant issues !
It works. Wow that was slick
You’ve just blown my socks off that was fucking incredible
Every app on your phone has an insanely high NPS
What drives recommendation ?
Rational Emotional
Rational! Emotional• Meeting &
exceeding expectations!
• Product features
• Narrative!• Reason for
sharing!!
!
Rational! Emotional
• Faster!• Cheaper!• More
convenient!• Most routes!
• Narrative!• Reason for
sharing!!
!
For too long we’ve been overcharged and underserved by the old world of banking. !We invented TransferWise 3 years ago to change this. A part of it at least, and what’s happened since has been humbling. !People now use TransferWise in more than 40 countries. Each day proving that you don’t need to play by the old rules. !What we, all of us, have created is a movement. And every movement needs a symbol. !So today we fly a new flag – the Fast Flag. !A flag for everyone who’s already said bye bye to bank fees. And all the people who one day will too. !The fact is, you don’t need banks to move money. Just a community of like minds, willing to be part of something new. People on TransferWise prove that.
!You’ve re-invented how money moves between countries. Without banks. Faster, safer, for a fraction of the cost. The Fast Flag flies for the power of people. !That they can change old unfair regimes. !For a world where the old rules don’t apply. !For a new set of rules based on fairness and honesty. !For conquering the old world of money. !And for building a new one. !For everyone. ! Welcome to Money Without Borders. !Taavet & Kristo Founders of TransferWise.
Supply is your biggest scaling lever
3. Supply is your biggest scaling lever
4. Once unit economics are strong
explore scalable acquisition
1. Performance marketing!
2. Viral growth!3. Inbound marketing!
Money in Money out
1. Performance marketing!
Money in < Money out
The performance marketing landscape
Kwaja slide
• Where to focus ?
Kwaja slide
• Where to focus ?Where to start ?
What I need…
Targeting
Intent
Relevance
Google Everything!else
Practical advicePerformance
marketing in detail
1. Google 2. Facebook 3. Other stuff
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Practical adviceWhen to trial
Google ?
1. When you have a product with better unit economics than the incumbent
2. People already search for your product on Google
Practical adviceGoogle hacks
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Hacking Google - off topic
1. On and off topic traffic!2. Gmail ads
Hacking Google - off topic
1. On and off topic traffic!2. Gmail ads
Gmail ads
Hacking Google
1. On and off topic traffic!2. Gmail ads
Off topic adsOff topic targeting
Hacking Google
1. On and off topic traffic!2. Gmail ads
Hacking Google
1. On and off topic traffic!2. Gmail ads
Practical advice2. Facebook
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Practical adviceWhen to trial Facebook ?
1. No volume on Google 2. Product inherently social 3. You can target an audience
for your product on Facebook
Practical adviceFacebook hacks
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Hacking Facebook
1. Similar audiences!2. Intent targetting:!
Hacking Facebook
1. Similar audiences!2. Intent targetting:!
Hacking Facebook
1. Similar audiences!2. Intent targetting:!
Similar audiences
Practical advice
Performance marketing growth
hacks
1. Google 2. Facebook 3. Other stuff
@nilanp
Practical advice
Performance marketing growth
hacks
1. Google 2. Facebook 3. Other stuff
@nilanp
Why u no ?1. SEO!2. Email!3. RTB!4. Retargetting!5. Content marketing!6. Social / instagram
Practical advicePerformance
marketing summary
1. Performance marketing can get you to scale
2. Focus on scalable channels 3. Look for unorthodox routes
to market@nilanp
Viral growth!
Launch refer a friend programs - play with monetary and non-
monetary incentives
Focus!!
Give away value!NOT money!
Focus!!
=
What amplifies viral growth rate ?
Frequency of use!Relevance!
Shareability
Practical advicePre-requisites
1. Have a great product 2. Have your first 1000
customers 3. Customers are part of high
trust networks with other target customers
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Inbound marketing
Build acquisition into your app
Product driven growth!
5 principles
1. Focus on a single product / market!2. Systemically improve experience for your customers !3. Focus on NPS and your business will grow!4. Supply is usually your biggest scaling lever!5. Once your unit economics are strong look for a scalable acquisition channel! @nilanp
