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Jas P

Growth Hacker is the new VP Marketing | Andrew Chen (@andrewchen) - 0 views

andrewchenblog.com/...an-airbnbcraigslist-case-study

marketing viral Customer development conversion

shared by Jas P on 14 Mar 13 - No Cached
  • The stakes are huge because of “superplatforms” giving access to 100M+ consumers These skills are invaluable and can change the trajectory of a new product. For the first time ever, it’s possible for new products to go from zero to 10s of millions users in just a few years. Great examples include Pinterest, Zynga, Groupon, Instagram, Dropbox. New products with incredible traction emerge every week. These products, with millions of users, are built on top of new, open platforms that in turn have hundreds of millions of users – Facebook and Apple in particular
  • Whereas the web in 1995 consisted of a mere 16 million users on dialup, today over 2 billion people access the internet. On top of these unprecedented numbers, consumers use super-viral communication platforms that rapidly speed up the proliferation of new products – not only is the market bigger, but it moves faster too.
  • Over time, all marketing strategies result in shitty clickthrough rates.
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  • The converse of this law is that if you are first-to-market, or just as well, first-to-marketing-channel, you can get strong clickthrough and conversion rates because of novelty and lack of competition.
Jas P

How To Turn Your Customers Into Marketers - 0 views

blog.kissmetrics.com/turn-customers-into-marketers

conversion customer development viral growth hacking

shared by Jas P on 29 Oct 12 - No Cached
  • So instead of launching a multi-million dollar ad campaign to bring in people, my gym implemented a growth hack. They turned customers into marketers by incentivizing them to bring in a friend. Then the friend possibly could become a member. The math works out for them as well. Let’s break it down: T-shirts ($3 each) x 2 = $6 Complimentary lunch = $0 A total of 100 members bring in a friend. The total cost of the promotion — $600. The result is that 3% of the 100 members convert their friends to members at $55 per month for each membership. The total ROI in the first month — $165/$600.
  • The promotional cost for each customer is very cheap. The t-shirt probably cost a few dollars, and the complimentary lunch probably was a gift certificate to a local restaurant that cost the gym $0.
  • Everything we’ll be discussing has one thing in common — incentives. Economists almost universally agree that people respond to them. Businesses should give their current and prospective customers an incentive to act on their offer. It has to benefit both parties or it won’t be nearly as effective. Not all the incentives are monetary, as we’ll see.
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  • Refer a Friend One of the most common ways businesses spread their product and increase their viral coefficient (how many customers your current customers bring in) is through the use of referrals.
  • Contests Contests help users get energetic about your brand and the thought of winning something. If you’re creative enough with your contest design, it can also get you some PR. Dropbox has gained significant PR by having their annual “Dropquest” contest. Just Google Dropquest and you’ll see all the articles written about it. As a simple contest idea, a business can encourage users to tweet a pre-set message. This message can be about a recent feature. At random, the business can pick a person who tweeted out the message. Be creative and offer a big-time prize. You may get some PR and customers to boot. Avoid giving out a prize that’s unrelated to your business. Instead of giving them a car or a television, give them an upgrade.
  • If I give this card to a friend, they receive a 25% discount. By spreading these products, I’m helping my friends by giving them a discount.
  • If you run a SaaS company, put a Like or Tweet button next to new feature announcements. You might be able to take advantage of user excitement and get them to share it with friends and followers. If your business has a blog, attach the Like and Tweet buttons next to every post. All of these social media buttons help get your product in front of more eyeballs and more prospective customers.
  • If you’re a Netflix customer, you’ve probably noticed their promotional ads that come with the envelope the DVD’s are sent in. Many of them encourage you to give Netflix to a friend as a gift. According to Netflix, 75% of their customers come from these recommendations.
  • Your customers likely know a lot of people who are like them. This is especially true if you’re a SaaS company.
  • a customer could give a friend a trial of your product. So the friend receives the trial, and the customer gets some sort of discount or offer.
Jas P

Growth hacking: leading indicators of engaged users - 0 views

www.richardprice.io/...ng-indicators-of-engaged-users

growth hacking

shared by Jas P on 04 Nov 12 - No Cached
  • One of the themes that came up a lot was the idea of the growth team finding a leading indicator of a user who would turn into an engaged user later on. The growth team would then focus on optimizing for that metric. 
  • Characteristics of leading indicator metrics The various leading indicators fit into three categories: Network density: friend or following connections made in a time frame Content added: files added to a Dropbox folder Visit frequency: D1 retention
  • Other points from the speakers A few other interesting things were mentioned at the conference. Josh Elman mentioned that Twitter has two degrees of an active user: a plain “active user” is someone who has visited their timeline at least once in the last 28 days a ‘retained’ or ‘core’ user is someone who has visited their timeline at least 7 times in 28 days.
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  • Chamath said that, when he was running the growth team at Facebook, he focused on four things: Acquisition: how to acquire users. Activation: how to get users to their ‘Aha’ moment as quickly as possible Engagement: how to ensure users experience the core product value as often as possible Virality: how to get people to get more people onto the platform
  • He said there had been a tendency in growth teams he was aware of to measure the time to the “Aha” moment in days. His view is that it should be measured in hours, and ideally minutes and seconds. The idea is that a user should get an “Aha” moment as soon as humanly possible after signing up.
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