[500DISTRO] The Scientific Method: How to Design & Track Viral Growth Experiments

Download [500DISTRO] The Scientific Method: How to Design & Track Viral Growth Experiments

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Brian Balfour, VP Growth, HubSpot

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BUILDING A GROWTH MACHINE THE METHOD BEHIND THE MACHINE ! Brian Balfour :: @bbalfour :: http://www.coelevate.com WANT TO KNOW THE #1 QUESTION IM ASKED ABOUT GROWTH? Brian Balfour :: @bbalfour :: http://www.coelevate.com WHAT TACTIC WOULD YOU USE TO GROW MY COMPANY? Brian Balfour :: @bbalfour :: http://www.coelevate.com 4 Brian Balfour :: @bbalfour :: http://www.coelevate.com ONE TIP SECRET HACK TACTIC Brian Balfour :: @bbalfour :: http://www.coelevate.com Brian Balfour :: @bbalfour :: http://www.coelevate.com THE ANSWER TO IS NOT WHAT MOST THINK IT IS WHAT TACTIC WOULD YOU USE TO GROW MY COMPANY? Brian Balfour :: @bbalfour :: http://www.coelevate.com IT HAS NOTHING TO DO WITH TACTICS Brian Balfour :: @bbalfour :: http://www.coelevate.com IT HAS EVERYTHING TO DO WITH PROCESS Brian Balfour :: @bbalfour :: http://www.coelevate.com PROCESS?!?!?! WHAT CAN BE SO SPECIAL ABOUT PROCESS? Brian Balfour :: @bbalfour :: http://www.coelevate.com 4 REASONS TO FOCUS ON PROCESS FIRST, TACTICS SECOND Brian Balfour :: @bbalfour :: http://www.coelevate.com 12 1. WHAT WORKS FOR OTHERS, WONT WORK FOR YOU Brian Balfour :: @bbalfour :: http://www.coelevate.com YOUR AUDIENCE IS DIFFERENT Brian Balfour :: @bbalfour :: http://www.coelevate.com YOUR PRODUCT IS DIFFERENT Brian Balfour :: @bbalfour :: http://www.coelevate.com YOUR BUSINESS MODEL IS DIFFERENT Brian Balfour :: @bbalfour :: http://www.coelevate.com YOUR CUSTOMER JOURNEY IS DIFFERENT Brian Balfour :: @bbalfour :: http://www.coelevate.com YOUR BUSINESS IS DIFFERENT PLAIN AND SIMPLE Brian Balfour :: @bbalfour :: http://www.coelevate.com 18 2. GROWTH = SUM(1, 2, 3, 4.X) Brian Balfour :: @bbalfour :: http://www.coelevate.com What happened here? Brian Balfour :: @bbalfour :: http://www.coelevate.com 20 SILVER BULLETS DONT EXIST Brian Balfour :: @bbalfour :: http://www.coelevate.com 21 3. RATE OF CHANGE IS ACCELERATING Brian Balfour :: @bbalfour :: http://www.coelevate.com SEO No Keyword Data, Author Rank, Content Freshness, Social Shares, Search Result Format DISPLAY RTB, No Cookies, Mobile EMAIL Tabbed Inboxes, Inbox Actions, Unsubscribe, Mobile FACEBOOK Newsfeed Ads (4 formats), Video Ads, Optimized CPM, CTA Format, Custom Audiences, etc, etc CHART CREDIT: JAMES CURRIER Brian Balfour :: @bbalfour :: http://www.coelevate.com 24 4. YOU NEED A MACHINE Brian Balfour :: @bbalfour :: http://www.coelevate.com A MACHINE IS 1 2 PREDICTABLE SCALABLE 3 REPEATABLE Brian Balfour :: @bbalfour :: http://www.coelevate.com THE MACHINE PRODUCES THE TACTICS THE PROCESS MAKES THE MACHINE Brian Balfour :: @bbalfour :: http://www.coelevate.com SO LETS SEE THE PROCESS Brian Balfour :: @bbalfour :: http://www.coelevate.com THE GOALS OF THE PROCESS 1 RHYTHM Momentum is powerful. Establish a cadence to ght through failures, get to successes, and nd momentum 2 LEARNING Constant learning of our customer, product, channels and feeding that learning into the process to improve. 3 AUTONOMY Individuals decide what they work on to achieve the team goals. 4 ACCOUNTABILITY With autonomy, comes accountability. You dont have to be right all the time, but there is an expectation to improve. Brian Balfour :: @bbalfour :: http://www.coelevate.com THE FIRST STEP: KNOW WHERE WE ARE GOING Brian Balfour :: @bbalfour :: http://www.coelevate.com HOW WE SET GOALS OBJECTIVE: Qualitative statement ! TIMEFRAME: 30 - 90 Days ! KR1: Measurable Goal 1 (Hit 90% Of Time) KR2: Measurable Goal 2 (Hit 50% Of Time) KR3: Measurable Goal 3 (Hit 10% Of Time) ! Brian Balfour :: @bbalfour :: http://www.coelevate.com ONCE WE KNOW WHERE WE ARE GOING WE HIT THE ROAD AS FAST AS POSSIBLE Brian Balfour :: @bbalfour :: http://www.coelevate.com 6. Systemize (Playbooks) 1. Brainstorm (Backlog) 2. Prioritize (Experiment Doc + Backlog) 3. Test (Experiment Doc) 4. Implement 5. Analyze (Experiment Doc) Brian Balfour :: @bbalfour :: http://www.coelevate.com FOUR KEY DOCUMENTS 1 BACKLOG The backlog of experiment ideas. 2 PIPELINE Experiments that were ran or are currently running and the highlights of their results. 3 EXPERIMENT DOC Objective, Hypothesis, Experiment Design, Results, Analysis, and Learnings 4 PLAYBOOKS Step by step guides for successful experiments that should be repeated. Brian Balfour :: @bbalfour :: http://www.coelevate.com STEP ONE: BRAINSTORM BRAINSTORM ON THE INPUTS NOT THE OUTPUTS Brian Balfour :: @bbalfour :: http://www.coelevate.com STEP ONE: BRAINSTORM ACTIVATION RATE = STEP 1 CONV * STEP 2 CONV * STEP 3 CONV IF WE WANT TO IMPROVE THIS WE BRAINSTORM ON THESE Brian Balfour :: @bbalfour :: http://www.coelevate.com 4 WAYS TO GENERATE GROWTH IDEAS (Read The Innovators Solution) 1 OBSERVE How are others doing it? Look outside of your immediate product space. Walk through together. 2 QUESTION Question brainstorming. Why? What is What if What about How do we do more of 3 ASSOCIATE Connect the dots between unrelated things. i.e What if our activation process was like closing a deal? 4 NETWORK Growth mastermind groups. Build your network of growth people. Im on the phone every day for ideas STEP ONE: BRAINSTORM CREATE A BACKLOG Brian Balfour :: @bbalfour :: http://www.coelevate.com STEP TWO: PRIORITIZE 1 2 IMPACT PROBABILITY 3 RESOURCES LOW - 20%, MEDIUM - 50%, HIGH - 80% Comes from your hypothesis. Take into account long lasting eects vs one hit wonders. Marketing, Design, Engineering 1 Hour, 1/2 Day, 1 Day, 1 Week Brian Balfour :: @bbalfour :: http://www.coelevate.com STEP TWO: PRIORITIZE CREATING A HYPOTHESIS IF SUCCESSFUL, [VARIABLE] WILL INCREASE BY [IMPACT], BECAUSE [ASSUMPTIONS]. Brian Balfour :: @bbalfour :: http://www.coelevate.com STEP TWO: PRIORITIZE JUSTIFYING YOUR ASSUMPTIONS Brian Balfour :: @bbalfour :: http://www.coelevate.com 1 2 QUALITATIVE QUANTITATIVE 3 SECONDARY Previous Experiments, Surrounding Data, Funnel Data Surveys, Support Emails, User Testing Recordings Networking, Blogs, Competitor Observation, Case Studies STEP TWO: PRIORITIZE CREATE EXPERIMENT DOC Brian Balfour :: @bbalfour :: http://www.coelevate.com STEP THREE: TEST WHAT IS THE MVT (MINIMUM VIABLE TEST) TO UNDERSTAND OUR HYPOTHESIS? Brian Balfour :: @bbalfour :: http://www.coelevate.com STEP THREE: TEST WRITE THE EXPERIMENT DESIGN IN EXPERIMENT DOC Brian Balfour :: @bbalfour :: http://www.coelevate.com STEP FOUR: IMPLEMENT GET SHIT DONE Brian Balfour :: @bbalfour :: http://www.coelevate.com STEP FIVE: ANALYZE 1 2 ACCURACY IMPACT 3 WHY? How close to your hypothesis? The most important question you can ask. Why did you see the result that you did? What were the results of the experiment? Brian Balfour :: @bbalfour :: http://www.coelevate.com STEP FIVE: ANALYZE LEARNINGS + ACTION ITEMS IN EXPERIMENT DOC Brian Balfour :: @bbalfour :: http://www.coelevate.com STEP SIX: SYSTEMIZE 1 PRODUCTIZE Productize as much as you can with technology and engineering. 2 PLAYBOOKS For the things you cant productize, build into step by step playbooks to make them repeatable. Brian Balfour :: @bbalfour :: http://www.coelevate.com 6. Systemize (Playbooks) 1. Brainstorm (Backlog) 2. Prioritize (Experiment Doc + Backlog) 3. Test (Experiment Doc) 4. Implement 5. Analyze (Experiment Doc) REPEAT Brian Balfour :: @bbalfour :: http://www.coelevate.com WHAT A TYPICAL WEEK LOOKS LIKE Monday Tuesday Wednesday Thursday Friday Growth Meeting - Personal Learnings - Goal Review - Experiment Review - This Weeks Experiments Predicting, Prioritizing, Implementing, Analyzing, Systemizing Brian Balfour :: @bbalfour :: http://www.coelevate.com ZOOM OUT (set OKRs) ZOOM IN (4 - 12 weeks) ZOOM OUT ZOOM IN ZOOM OUT. Brian Balfour :: @bbalfour :: http://www.coelevate.com MACRO OPTIMIZATION QUARTERLY REVIEW 1 2 ACCURACY BATTING AVG 3 THROUGHPUT How many successes to failures? Is it improving over time? Are your hypotheses getting more accurate? How many experiments are you running in a given time period? How do you do more? Brian Balfour :: @bbalfour :: http://www.coelevate.com THANKS! MORE ON MY SITE: HTTP://WWW.COELEVATE.COM Brian Balfour :: @bbalfour :: http://www.coelevate.com BRIAN BALFOUR VP Growth @ HubSpot Previously EIR @ Trinity Ventures, Co-Founder @ Boundless, Co-Founder @ Viximo (acq by Tapjoy)

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