The Scientific Method: How to Design and Track Growth Experiments

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Post on 17-Jul-2015

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startup experiments

The Scientific Method: How to Design and Track Growth Experiments@jacksonlindauer1Background & ContextBegan with Lean StartupSteve Blank, Eric RiesLean Startup MachineRunning experiments with teamsWorkshop/training modelFollow-on engagementsFocus on systems#GEW at Kauffman FoundationInternal metrics at Fordham Foundry

@jacksonlindauer

2AgendaDefinitions Jargon CommunicationWhere growth comes inScientific Method for StartupsFormulating Hypotheses & AssumptionsDesign & Implement Systems of ExperimentationCreate your Growth PlaybookCustomer Acquisition Channels

@jacksonlindauerDefinitionsHypothesis falsifiable supposition made on the basis of limited information, as a starting point for further investigation

vs.

Assumption something believed to be true, without proof

Experiment controlled procedure carried out to test hypotheses

vs.

Planning a detailed proposal for achieving something

@jacksonlindauer4What is growth hacking?A strategy that seeks measurable, repeatable, and sustainable growth as the result of continuous experimentation @jacksonlindauer5What is growth hacking?Growth hacking isjust GET USERS!-Gary Vaynerchuk@jacksonlindauer6JargonMethodologiesLean StartupDesign ThinkingAgile DevelopmentBuzz Words/PhrasesGrowth hackingPivotsMVPs@jacksonlindauer

UltimatelyWe want to practice disciplined entrepreneurship. That means setting intention to our vision, fleshing out underlying assumptions, tracking our activities effectively, and making the smart business-related decision.@jacksonlindauer8Where growth comes in@jacksonlindauer

The Startup Pyramid by Sean Ellis9Where growth comes in@jacksonlindauerProblem-Solution fitProduct-Market fitScale GrowthWhy Growth Hacking Could Be Killing Your Startup-Ramli John10Hypothesis FormationI believe __specific action__ will result in __measurable outcome __ by _set_ date

@jacksonlindauerIdentifying Assumptions@jacksonlindauerImplicit Explicit

WHY??? Because

Assumption 1:Assumption 2:Assumption 3:

12Creating your Growth PlaybookWhat youll need

Team buy-inShared vocabularyStructureConsistency@jacksonlindauerCreating your Growth PlaybookWhat it entails

Brainstorm backlog of ideasPrioritize as a teamCreate hypotheses and assumptionsSet SMART goalsTrack, analyze, feedback loop @jacksonlindauerExperiments Need a HomeCreate an Experimentation Strategy folderStore and prioritize backlog of ideasTrack current experimentsUtilize Experiment Docs to stay organized@jacksonlindauer

Experiments Business ActivitiesCreate sprints that work for your teamsDaily vs. weekly?Aligned with dev. sprints?Share learnings, challenges, feedbackHold each other accountableReward validation with autonomy/action@jacksonlindauerCustomer Acquisition ChannelsThought/market leadershipContent (E-Books), white papers, blog postsWhere your audience isLarger channels work well for conversion #sWhere your audience will beDont be afraid on non-traditional channelsLess-saturated; lots of early adopters@jacksonlindauerRelevant Reads@jacksonlindauer

Hooked@nireyalTalking to Humans@giffco with @rimalovskiTraction@jwmares with @yeggSourcesBrian Balfour (VP, Growth @ Hubspot) @bbalfourSean Ellis (Founder @ Qualaroo)@seanellisRamli John (Founder @ Growth Huddle)@ramlijohnMelissa Perri (Founder @ ProdUX Labs)@lissijeanGary Vaynerchuk (Founder @ Vayner Media)@garyveeEric Ries (Author @ The Lean Startup)@ericriesJustin Mares (Author @ Traction Book)@jwmares

@jacksonlindauerContact@jacksonlindauerEmail jackson@knownunknowns.cojackson@fordhamfoundry.org

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