Published on February 4, 2014
Startups & Growth Learn Early. Learn Often.
Most of the startups go through the same phase and face the same set of problems.
You create a product which you think is the best solution to a problem already existing in the market.
expecting virality and exponential user adoption. You launch the product
It’s important for us to remember that every product will not be an Instagram. 99% of time, the traffic falls off after a initial spike.
You’re in a stage of your startup called as The Trough of Sorrow Source: @andrewchen
Trough of Sorrow because you launch your product hoping You fall into the that the market would accept it and not because the market wanted it.
It’s important for a startup to understand the different phases in it’s growth cycle and realize when to launch.
3 Stages of Product Growth Cycle
Each stage in the product growth cycle has got certain success end goals. Finding First Set of Customers Validating Your Product Exponential Growth • Problem/Solution Fit • Product/Market Fit • Scale Exponentially
Measure.Measure.Measure. Reference: Dave Mcclure’s pirate metrics
Identify metrics each stage. that matter during
Maximize for speed, learning. Build Learn Measure
Iterate. Optimize/ Pivot.
Always find your Product/Market fit before scaling. Else You Fail.
What Product/Market fit Source : @andrewchen looks like.
Traction This is what you should aim for. Pre P/M Fit Post P/M Fit
How to scale after P/M Fit?
Distribute cheaply to as many people as possible.
Use a mix of Paid and Non-Paid Strategies to distribute and acquire.
Use the power of Social Media Get your Viral Loops right : (k=invites/user*invite acceptance) k>1
Leverage Platforms that work for your product
Blog end goal • Establish and identify your target audience. • Churn out world-class content your target audience would be interested in. • Guest-Blog: •Builds natural links •Increases your online authority •Builds Relationship •Opens up your product/ service to a large audience quickly
“Solely through guest blogging we've acquired around 100,000 users within the first 9 months of running Buffer.” – Leo Wildrich, Co-founder, Buffer Take a leaf out of Kissmetrics & Moz’s Book. Remember this takes time & effort.
Create & Distribute Infographics “KISSmetrics was able to generate 2,512,596 visitors and 41,142 back links from 47 infographics. This strategy helped take the KISSmetrics blog from 56,380 to 146,197 visits per month.” – Neil Patel
Search & Connect with Influencers niche. Leverage their reach. in your
E-books, Guides and White papers Presentations & Slideshare ( Traffic, SEO)
SEO done right.
Run Contests & Give-aways
Use Paid Channels Keep a check, @LTV = 3*CPA
What do I do after acquisition?
Build your conversion funnels. Measure.
Optimize for conversions in each stage. Get this fixed first. 5000 16% 800 Acqusition Activation 300 Retention 50 Revenue
If conversions from visits to sign up is low. Fix that first. A small landing page tweak helped cloudsponge increase conversion by 33%
If Activation is low, work on user onboarding. Twitter has a step-by-step onboarding Process. Makes you follow 5 people. Users tend to be more active. 40% of Twitter users use the platform without publishing. 4x number of monthly visitors who don’t login. Just read the stream.
If retention is less focus on getting users to come back to the platform. Use both transactional emails and autoresponders to get people back in.
LinkedIn was successful in increasing engagement & retention using the double viral loop. Prompting users to connect/ invite during onboarding led to 16% increase in invitations sent & 41% increase in page views. Source: http://www.slideshare.net/joshelman/josh-elman-threegrowthhacksgrowconf81413
Not all hypothesis & the resulting experiments result in a better conversion.
So A/B Test Version b is better than a. Roll out version b. Source: Smashingmagazine
Not just the landing pages and calls to action, but A/B Test product features as well.
Iterate on features and use cohort analysis to track engagement/ retention/ revenue/ referral Fig Above : Twitter’s cohort shows how the product improvements resulted in an increase in the percentage of engaged users in the second month.
Find your AHA Moment! Turn a visitor to a engaged user. Facebook : 7 friends in 10 days. Twitter : Follow 30 people. Zynga : Day 1 retention. Drop Box : Atleast one file in dropbox folder.
Remember the mantra : Learn early, Learn often.
Thank You Email me: firstname.lastname@example.org Follow me: @freaks007
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