johannes radig - implementing a high-tempo experiment process at truly: learnings, challenges &...
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Implementing a High-Tempo Experimentation Process at Truly
Learnings, challenges & results
World Forum Disrupt | Dec 7 2016Johannes Radig, Head of Growth Marketing at Truly Experiences
@joradig1
Agenda 🤘
1. What is a high-tempo experimentation process?
2. Why should I care?
3. How do I implement it? [6 step process]
4. 4 Biggest Challenges & Learnings2
Head of Growth Marketing @TrulyEx-PayPal SEO, Display & Paid Social
Startup consultant & 500 Startups Mentor
The destination for people who want memories, not stuff.
UK’s leading marketplace for unique, premium gift experiences, growing 2.4x this year.
web: trulyexperiences.comtwitter: @givetrulyfacebook: @trulyexperiences
WHAT IS HIGH TEMPO EXPERIMENTATION? 🤔
“Growth hacking isn’t about a specific tactic, but rather
it’s about a process of discovering which tactics will be effective for growing your
business.” 4
Sean Ellis (GrowthHackers.com, Ex-
Dropbox, Ex-Lookout)
7Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16
Truly’s Overall Conversion Rate
Ecommerce Conversion Rate
Conversion rate Jan > Nov +100%
HOW? 🤓
“Stop looking for tactics first, and start focusing on
establishing a growth process”
9
Brain Balfour, Founder/CEO @ Reforge, Previously VP Growth @ HubSpot etc.
The process 😍
10
1 ••Identify Growth Levers
2 ••Gather Ideas
3 ••Formalise & Prioritise Experiments
4 ••Implement Experiments
5 ••Analyse & Learn
6 ••Document & Share Experiments
Rinse, repeat every 1-2 weeks
Revise quarterly
#1 Identify Growth Levers
Generate 2.4x total Revenue YOY 💪= OUTPUT ≠ Growth Lever!
Levers = Inputs• Monthly Revenue = # of Transactions x Average Order Value (AOV)• # of Transactions = Website Traffic x Conversion Rate + Offline
Transactions• Conversion Rate = Category > % Product > > % Add to Cart >
Checkout %…
11
Market average: 80%
Market average: 20%
Market average: 65%
Experiment Focus
Get to 40% = £80k monthly
revenue
Get to 15% = £50k monthly
revenue
Process: #2 Gather ideas
• Internal teams: Customer Service, sales team…
• Existing Customers
• Prospects
• Competition
• Best practices & Case Studies: GrowthHackers.com, Hackernews etc.13
20
IMPACT CONFIDENCE EASE
How big is the potential impact of this idea on the KPI?
1-3 🚀
How certain are we it’s going to work?
1-3 🎲
How difficult is it to implement?
1-3 ⚙
ICE SCORE (SUM OF SCORES) 3-9
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KPI
Specific goal of the experiment
Impact calculation & rating
Confidence
Ease
Calculate GMV / Revenue