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Jas P

Defining A Growth Hacker: Growth Is Not A Marketing Strategy | TechCrunch - 0 views

  • “Growth teams are constantly iterating and developing new concepts,” said Dan Martell, founder of Clarity.
  • This process can be an unnecessary distraction to core product development. This is why it is best for an autonomous team to test and focus on growth.” Growth teams and growth hackers are in a perpetual state of “work-in-progress,” which can slow core product momentum with its mindset of iteration and testing.
  • “Ideally, a growth hacker can single-handedly put in a bunch of changes, such as A/B tests for copy and buttons,” said Mike Greenfield, 500 Startups Growth Hacker-In-Residence and co-founder of Circle of Moms. “One person with both technical and marketing skills can reduce friction and facilitate rapid iteration. Growth success comes from a lot of this background work.”
Jas P

How Canadian Entrepreneurs Finance Their Startups - Techvibes.com - 0 views

  • What do entrepreneurs use to fund their startup in its earliest stages? Themselves. According to Profit, 98% of those behind Canada's hottest startups fund their startup with their own capital. 62% continue to do this post-launch for growth capital (check out their infographic after the jump).
Jas P

Why Growth Hackers are Taking Over Startup Marketing | @Technori - 0 views

  • Growth hackers are creative, constantly on the lookout for ways to increase acquisition, adoption, retention, revenue, and referral. They are disciplined, subjecting themselves to an empirical process to determine what works and what doesn’t. They understand that the product itself is the most effective marketing tool. And they are technical enough to leverage existing platforms to reach the billions of users at their fingertips.
Jas P

Sean Ellis on creating a sustainable growth program via Sandi MacPherson - QUIBB - 0 views

  • Behind the term 'growth hacking'The concept for growth hacking grew out of the fact that most startups fail, and needing to not fail. When you think about games, the market is filled with large companies with lots of money to throw into marketing. Sean summed this need up well, with: When you're competing against Sony, you can't go dollar for dollar
  • 2. A Must-Have Experience Sean focused on the importance of a Must-Have Experience (MHX) - you must have a hook that clearly identifies what this is.
  • 3. Uncovering your MHXTo get a clear understanding of what your MHX is, Sean suggested reaching out to your Must Have Users (MHUs)… but what is a MHU?
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  • Sean likes using a pop-up or other survey tool to ask people 'How disappointed would you be if [your product] wasn't available anymore?' on a scale ranging from 'not at all disappointed' to 'extremely disappointed' to identify your MHUs (they'll answer very or extremely disappointed).
  • You can ask these identified MHUs 'What is the primary benefit you receive from [your product]' (as an open-ended question to start, then after getting ~30 responses, you should be able to narrow it down to 3 multiple choice answers).
  • 4. Getting people to your MHXOnce you understand your MHX, you can then maximize the percentage of people that reach this point. This means identifying points of friction and reducing that friction (Sean suggested watching people use your product, and then A/B testing based on insights gained), focus on what a real conversion looks like, building channels to increase user habits/increase revenues/drive sales/etc., and understand intent by A/B testing your messaging and hooks. You need to obsessively optimize everything that is part of this newly formed growth engine.
  • You need to engage with your users, and take those insights to come up with new, breakthrough ideas.
Jas P

Distribution Hacks - 0 views

  • “Hi Elle, what’s the angle?”
  • “Arbitrage on parsing shipping data,” I reply. “Well, everyone has an angle.”
  • My Dad explained that hedge funds are truly a dime-a-dozen in the finance world, not dissimilar from angel investors.
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  • Then he said the thing that was THE THING: You can do a hedge fund anytime, why do it now? Well thanks Dad, for the vote of confidence (more like “holy fuck you think I could raise hundreds of millions of dollars in this economy!?”), but what do I do with that?
  • He continued to explain that creating a hedge fund, or any kind of fund, was something i should be thinking about in my 40s or 50s when I wanted a more traditional role in finance with a lower risk/reward profile.
  • My family is upper middle class, but as service providers to the very wealthy I’ve learned some valuable things about money, at a much younger age than I otherwise would.
  • It has changed how I approach people with money, for better or for worse. I expect this will have an interesting impact on my ability to raise funding for my company (and I’m not saying all positive here):
  • “Yes but what do we sell?”
  • “We sell trust, honey,” he smiles. “We’re honest people just like the steel workers, union laborers, and employees these companies serve. We help them keep their promises.”
  • A series of deaths in my family in the past couple years have made me more aware of mortality than I ever was before. My Dad pointed out, as we discussed the hedge fund business, that it was something I could do without actually leaving a chair. Move to New York, get a Blackberry, iPhone and 3-line desk phone and I could operate from anywhere.
  • But I would never be able to recapture, at 50, the energy of being 25. My Dad had me when he was 28. To him, I am so early in my life (I’m 27 now… this post reflects on a convo 2 years ago).
  • Staring down Demo Day, I hold this conversation in my mind. Have some balls, Elle. I’m pretty sure that’s what he was trying to say.
Jas P

Kyro Beshay: Hacking Behavior: The Behavior Potential - 0 views

  • One of the most popular theories on the phases of behavior change is known as the Transtheoretical Model. It outlines five phases that lead to an alteration in one’s behavior: precontemplation, contemplation, preparation, action, and maintenance. Here is a quick overview of each phase: Precontemplation: Individual is unaware that their behavior is a problem. Contemplation: Individual is aware that their behavior is an issue and is ambivalent as to whether action should be taken. Preparation: Individual plans to take action in the near future – a “window of opportunity” has opened. Action: Individual has made specific overt modifications to their lifestyle. Maintenance & Relapse Prevention: Individual take steps to avoid factors that increase the risk of relapse.
  • The Behavior Potential illustrates the common cycle of awareness, motivation, action and frustration we often experience when trying to change our ways, with each spike representing a single attempt. The goal is to manipulate the phases of the Behavior Potential so that:
  • Phase 0: Precontemplation – Get Views During this phase, no one has seen your product, and so the goal is to get it in front of people, which is where Growth Hacking comes into play.
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  • Phase 1: Contemplation & Preparation – Present The Problem & Solution So you’ve finally found someone to look at your product. Now your goal is to convince them they have a horrific problem and that you have a remarkable solution. This is something I see less and less. Startups will often litter their landing pages with all the great features they’ve developed, which gains them absolutely nothing if they’ve not yet convinced the viewer there’s actually something in their life that could be improved. To do this, there are 4 basic principles: Describe the problem in your viewer’s terms. Walk through examples of life with and without the problem. Outline a plan of attack. Socially validate the legitimacy of the problem with user feedback. Individuals in these stages are often ambivalent as to whether they should actually put forth effort into changing. Individuals in this stage go back and forth between reasons for concern, and justification for lack of it, with awareness of the pros for changing and an acute awareness of the cons. Show them that the benefits of switching outweigh the costs.
  • Phase 2: Action & Maintenance – Reward, Reward, Reward You’ve convinced someone to start using your product, and now you want to ensure that they’ll keep using it. The way we lengthen Phase 2, or sustain a behavioral change, is by simultaneously reinforcing the behavior while recognizing the situations which create an increased risk of relapse.
  • Reinforcement strengthens behavior – a core component of operant conditioning. There are two types of reinforcement: positive and negative. Positive reinforcement is the introduction of a positive stimulus, while negative reinforcement is the removal of a negative stimulus. An example of positive reinforcement is a mother laughing at her child’s joke, positively reinforcing that particular behavior, and likely resulting in her hearing that joke a lot more often.
  • Phase 3: Relapse – Your Rewards Aren’t Rewarding Relapse prevention involves recognizing the factors that may lead to one reverting back to their old habits, so if you find your users becoming disengaged, then there is likely a flaw in your reinforcement mechanism. The user finds it easier to not use your product. You may have convinced them that your solution is better in theory, but in practice it isn’t. To prevent relapse, constantly measure user engagement and adjust your reinforcers accordingly. Work towards bridging the gap between what you’re selling and what your users are experiencing.
Jas P

Why You Should Replace Your Sales Reps with Ambassadors - 0 views

  • With the rise of the glorious interwebs, customer behavior has changed radically. Historically, gathering information about anything required an enormous amount of time and resources. Talking to sales reps was the ideal way to learn about product features and benefits, learn about the market, and see how everything worked.
  • As we all know, that’s no longer the case. With Google, Twitter, Facebook, and every other platform we use to connect, we have an unlimited access to just about any topic. This means we’re more informed as consumers than we’ve ever been.
Jas P

Ten million users is the new one million users - Chris Dixon - 0 views

  • - For consumer startups with non-transactional models (ad-based or unknown business models), you need something closer to 10 million users versus 1 million users to get Series A funded.
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