growth hacking & traction for startups - the spot, bratislava, feb 2015
TRANSCRIPT
![Page 1: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/1.jpg)
Growth Hacking & Traction for Startups by Can Ertugrul
This is a Traction Engine
![Page 2: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/2.jpg)
The rollercoaster ride in search for growth
![Page 3: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/3.jpg)
“A startup is a company designed to grow fast… The only essential thing is growth. Everything else we associate with startups follows from growth.” - Paul Graham (YC)
Why you should care?
![Page 4: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/4.jpg)
Traction
Team Tech
- Fred Destin (Accel) What Fred Destin and other investors look for
![Page 5: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/5.jpg)
Traction = Growth
![Page 6: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/6.jpg)
10011001
Growth Hacking & Traction for Startups Not binary facts but one perspective
![Page 7: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/7.jpg)
Growth Hacking & Traction for Startups Birdview on Traction
![Page 8: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/8.jpg)
A startup is…
“…is a temporary organization designed to search for a repeatable and scalable business model.” - Steve Blank (author)
![Page 9: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/9.jpg)
In search = exploration
![Page 10: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/10.jpg)
An essential part of your Biz model
“A business model describes the rationale of how an organization creates, delivers, and captures value - Business Model Generation (Book)
![Page 11: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/11.jpg)
Traction is…
“…basically quantitative evidence of customer demand. So if you’re in enterprise software, [initial traction] may be two or three early customers who are paying a bit; if you’re in consumer software the bar might be as high as hundreds of thousands of users. It’s the [U.S.] Supreme Court definition of porn…. You’ll know it when you see it.”
- Naval Ravikant (Angellist)
![Page 12: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/12.jpg)
Startup constitutution: The pursuit of growth
![Page 13: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/13.jpg)
Startup Pyramid (Sean Ellis)
![Page 14: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/14.jpg)
Product-Market-Fit (PMF)
„… being in a good market with a product that can satisfy that market“
- Marc Andreessen (Andreessen Horowitz)
„40% or more of your users would be „very dissapointed“ without our product“
- Sean Ellis (Qualaroo/GrowthHackers)
![Page 15: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/15.jpg)
Product-Market-Fit by Andreas Klinger (Product Hunt)
![Page 16: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/16.jpg)
Life before and after Product-Market-Fit
Before PMF After PMF
Exploration Experiment Initial Traction Often „Manual“
Growth Hacking Optimizing Scaling Automate Death
„Must-Have-Product“
![Page 17: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/17.jpg)
Channels… connecting people
Customer acquistion channels connect your company or your product with (potential) users or customers
YOU
Channel B
![Page 18: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/18.jpg)
Tips out there might not apply to YOU
Fact: ALL channels have been „proven“ to work for some companies at a specific time Flood of information & different „best practices“
![Page 19: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/19.jpg)
Beware of biases
Survivor Bias (typically from Post-PMF companies)
„We we‘re succesful, this channels worked for us“
Your own channel bias „I don‘t like calling people, but I love using Facebook, so it is probably the better way to reach my customers than sales calls.“
![Page 20: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/20.jpg)
Truth: Every company is different
Different channels work differently well for different companies and industries.
Also most channels work even differently well for the same company over time.
![Page 21: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/21.jpg)
The present is never like the past
„Law of Shitty Click-Throughs“ Channels change, become overcrowded, degrade, or become more expensive over time
![Page 22: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/22.jpg)
That is why prediction is difficult
You can rarely predict which channel will work best for your company at particular time and particular stage
![Page 23: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/23.jpg)
In search for a channel
Find channel(s) that will get YOU traction If no channel works: No PMF? Explore channels WHILE Product Dev
![Page 24: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/24.jpg)
A proposed approach
Data
Mindest
Experiment Channels
Fundamentals
![Page 25: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/25.jpg)
Mindset I – Traction from Start
Growing = getting traction = equally your „job“ like building a product (in parallel) Lessons learned from Traction => integrate to Product where possible
![Page 26: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/26.jpg)
Mindset II – Measurement
What you measure is what you get Try to „move the needle“
Users in
Users out
![Page 27: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/27.jpg)
Mindset III - Focus
Corporate Marketing = Startup Traction Building Traction Building = doing everything (or beeing
on every channel)
Focus No „free“ channels (you must invest time)
![Page 28: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/28.jpg)
Fundamental I – Know Your Customer
Unterstanding your Customers Unterstanding their world (spent time,
substitutes, competitors, other used services/ products, regulary consumed channels,…)
![Page 29: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/29.jpg)
Fundamental II – Metrics
Setting „right“ metrics for your startup and its current stage
Paid B2B SaS
FreemiumMobile App
Free B2C Platform
Hardware Search Engine
Acquistion
Engagement
Bottom-Line
Which metrics would you choose here?
![Page 30: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/30.jpg)
Fundamental III – „Right Channel“
Pre-PMF Creating relatively most acquistions Moving needle (now) „Affordable“ / Executable for you
Post-PMF Acquiring at lower cost than other channels Acquiring better than competitors Suiting your Unit-Economics Repeatable & Scalable
![Page 31: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/31.jpg)
Channels I – Structure
Draw here ;-)
![Page 32: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/32.jpg)
Channels II – Do‘s
Understand specific Channel mechanics
Check peers/competitions/industry
Seek out under-utilized channels
Use over-utilized channels more creatively
Re-Test & Re-evaluate channels
Double Down on Winners
![Page 33: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/33.jpg)
Channels III – Difference(s)
Demand harvesting VS. Demand generation Channels with customer intent VS. Channels with user interruption
![Page 34: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/34.jpg)
Highly recommended read!
![Page 35: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/35.jpg)
19 channels
Viral Marketing
Public Relations
Unconventional PR
Search Engine Marketing
Social and Display Ads
Offline Ads
Search Engine Optimization
Content Marketing
Email Marketing
Engineering as Marketing
Targeting Blogs
Business Development
Sales
Affiliate Programs
Existing Platforms
Trade Shows
Offline Events
Speaking Engagements
Community Building
![Page 36: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/36.jpg)
Examples of companies for which a specific channel
worked really well to siginificantly drive growth
![Page 37: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/37.jpg)
Viral marketing
![Page 38: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/38.jpg)
PR
![Page 39: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/39.jpg)
Unconventional PR
![Page 40: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/40.jpg)
Search Engine Marketing
![Page 41: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/41.jpg)
Social and Display Ads
![Page 42: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/42.jpg)
Offline Ads
![Page 43: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/43.jpg)
SEO
![Page 44: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/44.jpg)
Content Marketing
![Page 45: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/45.jpg)
Email Marketing
![Page 46: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/46.jpg)
Engineering as Marketing
![Page 47: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/47.jpg)
Targeting Blogs
![Page 48: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/48.jpg)
Business Development
![Page 49: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/49.jpg)
Sales
![Page 50: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/50.jpg)
Affiliate Programs
![Page 51: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/51.jpg)
Existing Platforms
![Page 52: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/52.jpg)
Trade Shows
![Page 53: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/53.jpg)
Offline Events
![Page 54: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/54.jpg)
Speaking Engagements
![Page 55: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/55.jpg)
Community Building
![Page 56: Growth Hacking & Traction for Startups - The Spot, Bratislava, Feb 2015](https://reader030.vdocuments.us/reader030/viewer/2022032420/55a520941a28abc6348b46aa/html5/thumbnails/56.jpg)
Discussion Time