Subject
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쫄지마 창업스쿨 (translation: Don’t be Afraid Entrepreneurship School)
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Place
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Maru 180 B1F, Seoul
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Time
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April 28, 2015 (Mon) 19:30~21:50
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Speaker
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고영혁 (Dylan Ko)
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Host
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Asan Nanum
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Focus
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growth hacking concept, how-to, case
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- Lesson
- concept: intersection between engineering and marketing
- component: analytics in the center, and others (viral growth, landing page optimization, SEO, product management, on-boarding, analytics, PR, etc.) around
- essence: increase conversion by consistent measurement and analysis
- steps to growth hack
- step #1: create PMF (product market fit) in product market
- PMF is similar to lean startup’s MVP (minimum viable product)
- conduct interactive prototyping by observing interviews closely for their quantity and quality
- use tools (e.g. Optimizely for A/B testing)
- step #2: generate leads
- focus on passionate and targeted first 100~1,000 users
- know user cohorts
- step #3: maximize word-of-mouth
- add share buttons to assist users wanting to spread news to fulfill their rewards such as emotional or monetary
- step #4: retain customers and optimize
- watch closely customer experience and conversion: e.g. 5% increase of customer retention generates 30 % increase of company profitability (source: Bain & Company)
- prep for growth hacking based on data analysis
- metrics: standard (i.e. base), milestone (e.g. from a to b, try one scenario, then move to next scenario), stock (i.e. snapshot) and flow (i.e. change over time)
- quantity vs. quality
- investigative vs reportive
- void vs. actionable: void (e.g. click, page view, visit (reach), unique visitor, follower/friend/like) vs. actionable (e.g. when growth rate speed changes from 4.4 to 3.4, find bottleneck)
- number vs. rate
- predictive vs. summarized
- relational vs. causal: relational (e.g. relationship between soft drink and umbrella during rain season) vs. causal (e.g. b/c of a, b occurs)
- CLV (customer lifetime value)
- use this concept in service planning
- life in CLV means from the start and end of the user in using service
- determining factor: decreasing AC (customer acquisition cost)
- Dave McClure’s AARRR
- acquisition: focus on user acquisition cost
- activation: registration rate, email readers rate
- retention
- referral
- revenue
- A/B testing: control other factors when modifying an independent factor
- cohort analysis: pay attention to various factors more than one factor influencing users’ exit (e.g. on x and y axis: put member date on x and exit date on y)
- The Stages of Lean Analysis
- look at checklist
- case
- non-Korean example
- LinkedIn: allowed service appearing organically on Google’s SERP (search engine result page)
- YouTube: used embedding links
- Airbnb: used spam mail to craigslist users by solving users’ pain point
- Hotmail: inserted a tiny ad at the bottom of message
- PayPal: included logo on eBay’s search result page
- Korean example
- 젤리버스 (Jelly Bus)
- finding market: pivoted from photo-editing to photo-collaging
- marketing: visited mad users’ posts and added replies, generating viral through loyalty users
- l10n with SEO: localized translations by using words appeared on Google SERP
- metrics: MAU, monthly app usage frequency
- tool: Appstatics for hot app downloads
- 요기요 (Yogiyo)
- PMF: minimize order and delivery process and touch interactions, and list just contact info and address
- paid attention to rate at each funnel process
- targeted minimizing CAC per channels
- took advantage of IPTV ad by matching users between app and IPTV
- created a success team tracking all data and provided feedback to each member (e.g. asked about meaningful data)
- minimized delivery failure to zero by changing map structure
- iterated test -> action -> optimize
- c.f. implement user’s developed feature in your service
- know-how
- analyze first experience thoroughly to see how new users came, what happened environmentally, how users moved, etc.
- create growth hacking culture from the top and spread within organization
- communicate within departments of development, planning, marketing and design team
- list up success and failure history structurally by sharing which change influenced what, what environment was there when something happened to find out cause and effect
- reuse success patterns by listing up rules from success history
- customize dashboards to meet your needs
- talk about performance through metrics within your organization by creating stories by metrics
- divide measuring subjects? until you can’t divide
- focus on causality not relation-ability?
- share small success within organization
- tools
- Fanpagekarma.com to investigate competitors to know e.g. demographics and topics
- Social Lead Freak to target users
- bit.ly for link tracking
- http://www.usertesting.com/ for outsourced user testing
- personal takeaway
- AC is the most important number to minimize
- growth hack everything
