how to find the big growth opportunities hiding in your data
TRANSCRIPT
Find the Big Growth Opportunities Hiding in
Your Data MORGAN BROWN, COO INMAN
@Kissmetrics
#KissWebinar
@thuelmadsen
Thue is the Kissmetrics Webinar Wizard and Marketing Ops Manager. Before joining forces with Kissmetrics, he was a Lyft driver in SF, which is also how he ended up as a KISSmetrics marketer. Whenever Thue is not trying to automate everything around him, you can find him hiking
in the Sierras.
THUE MADSEN Marketing Operations Manager, Kissmetrics
@ThueLMadsen
Morgan is the COO of Inman and the co-author of “Startup Growth Engines: How Today’s Most Successful Startups Unlock Extraordinary Growth” with Sean Ellis.
Morgan has led growth for a number of prominent startups including: GrowthHackers.com, Qualaroo,
TrueVault, ScoreBig, and Science.
MORGAN BROWN COO, Inman
@morganb
#KissWebinar
@morganb
1 Instrumenting for Growth
Figuring out what matters
Identifying opportunities
Creating hypotheses
2 Finding Growth in Data
3 Testing for Growth
TABLE OF CONTENTS
Launch lightweight tests
Double down on winners
Learn and keep moving
Upping your data game
Being able to answer questions
WATCH WEBINAR RECORDING NOW
We’re drowning in data SO MANY NUMBERS, SO LITTLE INSIGHT
http://static6.businessinsider.com/image/568c42d4c08a8037018b71cc/jack-dorsey-just-admitted-that-twitters-140-character-limit-could-go-away-with-a-super-long-tweet.jpg
“One of my greatest lessons in starting and running Twitter and Square is how important it is to instrument all usage.”
JACK DORSEY
MEASURE WHAT MATTERS TO YOU
What’s most important here isn’t necessarily what’s important to you.
BUILD YOUR GROWTH MODEL
You must understand how your business grows before you can start to find hidden growth opportunities.
http://firstround.com/review/indispensable-growth-frameworks-from-my-years-at-facebook-twitter-and-wealthfront/
BUILD YOUR GROWTH MODEL
Doesn’t have to be exact, but needs to account for the key levers that drive growth for the business.
http://firstround.com/review/indispensable-growth-frameworks-from-my-years-at-facebook-twitter-and-wealthfront/
Build (& implement) a tracking plan
http://bit.ly/1UaBd7V COURTESY OF SEGMENT.COM
SIGN UP NOW
Start Your Free Kissmetrics Trial
INSTRUMENT KEY FLOWS FIRST
Set up tracking for your core activation, engagement, retention, purchase and referral flows
Finding Growth in Data PROCESS AND EXAMPLES
DECIDE WHICH METRIC TO MOVE
What area of your business can give you the biggest wins if you improve it?
http://www.slideshare.net/polvallssoler/pirate-metrics-aarrrprofit-and-key-metrics-to-track
LOOKING FOR OPPORTUNITIES
ANALYZE
IDEATE
PRIORITIZE
TEST
Ask Questions
GenerateHypotheses
Focus &Prioritize
Rapidly Test Promising Ideas
ASK QUESTIONS
What are my best customers’ behaviors? What features do they use? What pages do they visit?
How often do they engage?
What are my best customers’ characteristics? What sources do they come from? What products do they purchase?
What devices do they use?
What events cause users to cancel/churn/abandon? What action didn’t they take? What behavior did they stop?
IDENTIFY BEST CUSTOMERS
Where are inflection points that lead to big wins? 2 session users nearly 4x more likely to convert
AVOID FEATURES THAT EVERYONE/NO ONE USES
Goal is to find overlapping product use and best customershttps://blog.modeanalytics.com/facebook-aha-moment-simpler-than-you-think/
AREAS TO EXPLORE
RETENTION How do I keep more users engaged?
ACTIVATION How do I improve conversion rates? How do I improve trial to paid rates?
MONETIZATION How do I grow transaction value?
How do I improve conversion rate?
GENERATE HYPOTHESES
Ha: By getting more users to make a second visit in 30 days, we can increase the rate at which they convert to new subscribers.
H0: By getting more users to make a second visit in 30 days, we will not increase the rate at which they convert to new subscribers.
PRIORITIZE HYPOTHESES
Growth lead owns focus (North Star, OKR, etc.) Hypotheses are scored and sized (ICE Score)
Growth team nominates experiments for testing
TWEET OF THE DAY
Work on something where if you make a difference, it makes a difference.
@NEILPATEL
@Kissmetrics @MorganB #KissWebinar #YourHashtag
Testing for Growth GENERAL GUIDELINES AND TOOLS
DESIGN SIMPLE TESTS FIRST
We sent simple text email to re-engage people who had only visited once in last 3 weeks.
Variant Sent Orders Conversion Rate Improvement
Original 13963 19 0.14% —
Variant #1 14356 22 0.15% 12.6%
Control 9365 9 0.10 -29.4%
DESIGN SIMPLE TESTS FIRST
Airbnb ads a small sign up bar below main experience to prove out “sign up” test before investing heavily in customizing UX
THEN, BUILD OUT WINNERS
Airbnb invests in polished design once hypothesis proven. Increases sign-up rate 40%.
DESIGN SIMPLE TESTS FIRST
Moved Email collector from bottom to top
Result: 700% Increase in collected emails
GrowthHackers tests email capture with simple change in location, then doubles down on success with further tests.
THEN, BUILD OUT WINNERS
Double down when you find signal to optimize and formalize feature.
+22.1% sign ups +44.5% sign ups
LOOKING FOR OPPORTUNITIES
ANALYZE
IDEATE
PRIORITIZE
TEST
Ask Questions
GenerateHypotheses
Focus &Prioritize
Rapidly Test Promising Ideas
COMPOUND WINS TO FIND GROWTH
PEEP LAJA CONVERSIONXL
A 5% monthly improvement is an 80% improvement over 12 months.
“
What to do next TAKEAWAYS AND ACTION PLAN
Get your data in order CAN YOU TRACK WHAT REALLY MATTERS?
Set your North Star WHAT ARE YOU AIMING FOR?
Image: http://starworlds.blogspot.com.es/2010/07/astro-weather-for-last-week-of-july.html
Identify key success behaviors
WHAT ARE MY BEST CUSTOMERS DOING THAT OTHERS AREN’T?
Image: https://www.theodysseyonline.com/quick-guide-redefining-success
Ideate like crazy CREATE HYPOTHESES TO TEST AND DISPROVE
Image:https://zapier.com/blog/visualize-to-do-list/
Launch lightweight tests MOVE FAST AND LEARN THINGS
Image:http://dailyalchemy.com/law-attraction-experiment-fail/
Double down on winners INVEST WHERE THERE IS SIGNAL
Image: http://www.vegas-aces.com/Root/players/players/pages/blackjack/how-to-play-blackjack/01-how-to-play-blackjack-the-basics.html
Learn and keep moving GROWTH IS NEVER DONE
Image: https://en.wikipedia.org/wiki/Portal:Sharks/Selected_articles
MORGAN BROWN COO, Inman
@morganb [email protected]
THUE MADSEN Marketing Operations Manager, Kissmetrics
@ThueLMadsen [email protected]
Questions?