how growth happens in early stage startups
TRANSCRIPT
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HOW GROWTH HAPPENS IN EARLY STAGE STARTUPS
vincentchan - TGN Bootcamp 2016
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2005 2007 2009 2013
analyst cofounder design
2014
growth
2015
product
Vincent ChanHead of Product at OneSky
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TRANSLATION MADE EASY FOR APPS, GAMES& WEBSITES
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PER WORD PRICINGMONTHLY
SUBSCRIPTION
Professional Translation Service
Translation Management System
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A BRIEF HISTORY OF GROWTH
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Chamath Palihapitiya ex-VP of Growth at Facebook Founder of Social Capital
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10 Friends in 15 Days
Getting Users to the Magic (Aha) Moment
Source: How to Start a Startup
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Source: Andrew Chen
Andrew ChenSupply Growth at Uber
Sean Ellis CEO at GrowthHackers
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BEFORE GROWTH
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BEFORE GROWTH “A startup that prematurely targets a growth goal often ends up making a nebulous product that some users sort of like and papering over this with ‘growth hacking’. That sort of works…but eventually the music stops.”
Sam AltmanPresident of Y Combinator
Source: Sam Altman
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RIGHT INITIAL METRIC
“Do any users love our product so much they spontaneously tell other people to use it?”
Sam AltmanPresident of Y Combinator
Source: Sam Altman
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Build a great product
Talk to Users
Do things that don’t scale
Source: Sam Altman, Paul Graham
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DO THINGS THAT DON’T SCALE
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Which startups did this?
Source: Brian Chesky
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Which startups did this?
Source: Kevin Hale
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This is a huge advantage over larger competitors
Source: Walker Williams
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Do whatever it takes to bring in your first customers
Source: Walker Williams
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All About Hustle low-risk and high-percentage wins
Source: Walker Williams
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PRODUCT/ MARKET FIT
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“40% of users consider the product a “must-have”…40% of surveyed users would be “very disappointed” if they could no longer use your product.”
Sean EllisCEO of GrowthHackers.com
Source: Sean Ellis
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traction, traction, traction, traction, traction, traction, …but how to get it?
Source: Andrew Chen
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Source: Eric Ries
Customer development
Accelerate feedback loop
Validated learnings
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WHEN TO GROWTH
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Retention is the single most important thing
for growth.
Source: Alex Schultz
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DEFAULT DEAD? “If the company is default alive, we can talk about ambitious new things they could do. If it's default dead, we probably need to talk about how to save it.”
Paul Graham Founder of Y Combinator
Source: Paul Graham
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BUILD SOMETHING PEOPLE LOVE
“Even the best marketing will fall down if they are not supported by the experience people have when they hit our site…and when they start using it day in, day out.”
Stewart ButterfieldFounder of Slack
Source: Stewart Butterfield
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WHAT IS GROWTH HACKING?
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GROWTH
PRODUCT
MARKETING ENGINEERING
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“What we did right: Measured, tried and tested many things. It's not that complicated. Without ego to keep doing the above over and over again to understand what's really happening in the product. The learnings tell you whether you should keep doing what you are doing or stop doing what you are doing… It’s all about a simple understanding of product value & consumer behaviour.”
Chamath Palihapitiyaex-VP Growth of Facebook
Source: Chamath Palihapitiya
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Source: Andy Johns
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NO SILVER BULLET
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Growth owns (measure, understand and improve)
the flow of customers in and out of a product
Source: Andy Johns
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“Select channels with high volume, high conversion and low cost. Measure all the way down the funnel to revenue to find the highest converting channels.”
Dave McClureFounder of 500 Sartups
Source: 500 Startups
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“Things picked up dramatically at Facebook when we started to focus not just on in-product friction but the friction in people's lives outside the product that influenced their actions.”
Meenal Balarex-Intl. Growth of Facebook
Source: Meenal Balar
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GROWTH IS ALL ABOUT PROCESS
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Which tactics would you use to grow my company?
Source: Brian Balfour
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“You need a growth machine that is predictable, scalable and repeatable.”
Brian BalfourVP Growth of HubSpot
Source: Brian Balfour
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Source: Sean Ellis
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HOW TO GROWTH
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BUILDING YOUR OWN GROWTH MODELS
DEVELOPING EXPERIMENTATION MODELS
BUILDING CUSTOMER ACQUISITION CHANNELS
Source: Andy Johns
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BUILDING OWN GROWTH MODELS
1
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Source: Andy Johns
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Source: Andy Johns
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DEVELOPING EXPERIMENTS
2
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Source: Andy Johns
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Source: Andy Johns
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Source: Andy Johns
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Source: Andy Johns
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Source: Andy Johns
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BUILDING CUSTOMER ACQUISITION CHANNELS
3
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Source: Traction
Viral marketing
Public relations
Unconventional PR
SEM
Social and display ads
Offline ads
SEO
Content marketing
Email marketing
Community building
Engineering as marketing
Targeting blogs
Business development
Sales
Affiliate programs
Existing platforms
Trade shows
Offline events
Speaking engagements
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CREATE YOUR OWN PROPRIETARY
DISTRIBUTION CHANNELS
Source: Tomasz Tunguz
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CONTENT MARKETING
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Keyword Research SEO
Blogging Repurpose Content
Guest Blogging White paper Cheat sheet
Source: Moz
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Email Social Media
Content Syndication Press SEM
Influencers Email Newsletter
Source: Moz
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ENGINEERING AS MARKETING
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TRADE SHOW
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LEVERAGE EXISTING PLATFORMS
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Build your product to be independent. Only use the platform for acceleration.
Source: Josh Elman
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HOW TO BUILD TEAM
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Product Engineering
Sales Marketing
Growth
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PRODUCT GROWTH
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Most important is mass adoption by the user base.
Creates an engagement loop that allows you to email or notify users on a regular basis. (e.g. tagging)
A step-change improvement in the core value of the product for a majority of the user base. (e.g. newsfeed)
Source: Pinterest
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GROWTH TOOLS
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HOW
GROWTH HAPPENS AT ONESKY
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Product Engineering
Inbound Outbound
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GROWTH PROCESS TIMELINE
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WHAT A TYPICAL WEEK LOOKS LIKE
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Credit: Leslie Lai, Vincent So @OneSky
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ONE MORE
THING…
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RULES? “You can’t play by the exact same rules as everybody else and expect exponential growth…look for competitive advantages and innovation for distribution.”
Mark SusterVC at Upfront Ventures
Source: Mark Suster
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UNFAIR? “If you hire a marketer and tell them to execute “by the book” you will get average results. For startups, average is usually failure.”
Danielle MorrillCEO at Mattermark
Source: Danielle Morrill
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ADDITIONAL RESOURCES Traction Book
GrowthHackers.com
Brian Balfour, VP Growth at HubSpot
Andrew Chen, Supply Growth at Uber
Weapons Of Mass Distribution - 500 Startups
List of World-Class Growth Hackers