Implementing a High-Tempo Experimentation Process at Truly

Learnings, challenges & results

World Forum Disrupt | Dec 7 2016Johannes Radig, Head of Growth Marketing at Truly Experiences

@joradig1

Agenda 🤘

1. What is a high-tempo experimentation process?

2. Why should I care?

3. How do I implement it? [6 step process]

4. 4 Biggest Challenges & Learnings2

Head of Growth Marketing @TrulyEx-PayPal SEO, Display & Paid Social

Startup consultant & 500 Startups Mentor

@joradigjohannes@trulyexperiences.com

The destination for people who want memories, not stuff.

UK’s leading marketplace for unique, premium gift experiences, growing 2.4x this year.

web: trulyexperiences.comtwitter: @givetrulyfacebook: @trulyexperiences

WHAT IS HIGH TEMPO EXPERIMENTATION? 🤔

“Growth hacking isn’t about a specific tactic, but rather

it’s about a process of discovering which tactics will be effective for growing your

business.” 4

Sean Ellis (GrowthHackers.com, Ex-

Dropbox, Ex-Lookout)

So what is it?

A process that enables you to run as many tests per period of time as possible.

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WHY? 😳

TO BUILD A 🚀 SCALEABLE🚀 PREDICTABLE🚀 REPEATABLE

GROWTH ENGINE.6

7Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16

Truly’s Overall Conversion Rate

Ecommerce Conversion Rate

Conversion rate Jan > Nov +100%

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Driven by: >60 Experiments since March 16

HOW? 🤓

“Stop looking for tactics first, and start focusing on

establishing a growth process”

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Brain Balfour, Founder/CEO @ Reforge, Previously VP Growth @ HubSpot etc.

The process 😍

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1 ••Identify Growth Levers

2 ••Gather Ideas

3 ••Formalise & Prioritise Experiments

4 ••Implement Experiments

5 ••Analyse & Learn

6 ••Document & Share Experiments

Rinse, repeat every 1-2 weeks

Revise quarterly

#1 Identify Growth Levers

Generate 2.4x total Revenue YOY 💪= OUTPUT ≠ Growth Lever!

Levers = Inputs• Monthly Revenue = # of Transactions x Average Order Value (AOV)• # of Transactions = Website Traffic x Conversion Rate + Offline

Transactions• Conversion Rate = Category > % Product > > % Add to Cart >

Checkout %…

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Market average: 80%

Market average: 20%

Market average: 65%

Experiment Focus

Get to 40% = £80k monthly

revenue

Get to 15% = £50k monthly

revenue

Process: #2 Gather ideas

• Internal teams: Customer Service, sales team…

• Existing Customers

• Prospects

• Competition

• Best practices & Case Studies: GrowthHackers.com, Hackernews etc.13

Truly example 1: Go out there and talk to people!

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Truly example 2: Online Customer Research

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#3 Document & Prioritise ideas

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Process: #3 Document & Prioritise ideas

• Document ideas & Prioritise experiments (> Pipefy)

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Brief, simple description of the experiment

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IMPACT CONFIDENCE EASE

How big is the potential impact of this idea on the KPI?

1-3 🚀

How certain are we it’s going to work?

1-3 🎲

How difficult is it to implement?

1-3 ⚙

ICE SCORE (SUM OF SCORES) 3-9

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KPI

Specific goal of the experiment

Impact calculation & rating

Confidence

Ease

Calculate GMV / Revenue

#4 Implement experiments

G S D22GET 💩 DONE

Process: #4 Implement experiments

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#5: Analyse & Learn

SUCCESS🎯or FAIL ❌?

What’s the IMPACT 💣🐳 ?

WHY 🤔? 25

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#6 Share & document results

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Process: #6 Share experiments

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4 Biggest Challenges & Learnings

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#1 When asking for ideas: be specific.

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#2 Run big, bold tests

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#3 Dedicate time to analysis & documentation

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#4 Stick to the process!

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#5 Bonus!

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Have Fun & Grow!

Questions? Comments?

🎄Visit Truly @ trulyexperiences.com0

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