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Dan Martell, Founder of Clarity.fm, is hosting a free webinar on growth hacking tomorrow. What he is going to teach:
  • The 4 engines of growth
  • 3 step framework for viral growth
  • The 5 metrics that matter
  • 3 must-use customer survey templates
  • 12 tools every growth hacker should be using
Due to the limitations of the webinar (100 attendees max) please do not register unless you pass the criteria below, and are sure you can make the scheduled time. Who should attend this webinar?
  • Tech entrepreneurs that have a product in the market
  • Already have paying customers, or users using your product on a consistent basis
  • Have full-time developers working on your team
I will be taking notes tomorrow and if Dan is cool with it, I'll post my notes right here on GrowthHackers for those who can't attend the webinar.
  • DH

    Dave Howe

    about 6 years ago #
  • DH

    Dave Howe

    about 6 years ago #

    Here are my notes from the webinar this afternoon. I apologize if I missed anything. It was a "one-shot to watch" webinar and he did not record it for future use.

    Dan’s definition of Growth Hacking: “Metrics based marketing,” he knew using the term Growth Hacking in the title of the webinar would attract a crowd.

    Growth companies have to be customer-centric. Nobody was more customer centric then Steve Jobs. He would read every email from customers and would even hide in the bushes to watch customers interacting with his product.

    The Four Engines of Growth: These are the four ways to grow, no questions asked.

    1. Paid Acquisition Engine: SEM, Banner Ads etc
    Transactional in nature. Need to get cost of acquisition at or below 1/3 of your customers lifetime value. If it costs you $50 to get a customer who pays you $150, that's a great beginning for a paid growth engine. A lot of people (especially in tech) don’t want to admit that they’re growth engine is paid.

    2. Viral Engine: Facebook, Instagram etc
    Viral meaning there is a network effect. Your users are incentivized to share product with other people

    3. SEO Engine: Houzz.com is a great example of this.

    4. Sales Engine: Sales people who pick up the phone and sell. Very unsexy, but works. Don’t discount this engine, can be support by great content and inbound marketing, but sales will close. Hubspot is an example of the sales engine.

    The key to making these growth engines work is to make them repeatable and scalable. Put $1 in and get $1.50 back.

    3 Step Framework for Viral Growth (must have viral coefficient above 1)

    Step 1: Have to Have a Great Product
    How do you build a great product? Through qualitative feedback. Talk to your users. A lot of technical founders hide behind the product when you need to talk to your users more (surveys, phone calls etc.) This is how you build a great product.

    Step 2: Distribution
    Shareable moments: For example Dropbox’s invite your friends and get free storage space. The moment has to offer the friend your sharing with something of value that they wouldn't otherwise get, and the person sharing also gets a benefit

    What makes a great shareable moment? It’s in line with customer needs (makes sense to ask them to share at that step, right place right time) & able to streamline the process (makes it super easy for the customer.) The moment also has to be a logical time to ask user (AngelList asking users to confirm a reference, for example.) How can you logically ask customers to share your service?

    Step 3: Measure
    Instrument funnel, A/B test steps. adjust copy & focus on activation and retention (are people getting to experience the product value and sticking around? - if not retaining, will not work)

    5 Metrics That Matter:

    1. Qualitative feedback: Talking to users is imperative. Pick up phone and call them. Use surveys. Watch users use the product.
    2. Product/Market: Use Sean Ellis test. Get 40 % of users to answer very disappointed.
    3. Churn (Retention): Are people continuing to use product?
    4. Life Time Value
    5. Cost of Acquisition: At minimum, needs to break even. Ideally, make a profit to reinvest in growth engine.

    Action items for 5 metrics:
    1. Choose one metric at a time.
    2. Instrument it
    3. Run an experiment
    4. Test and iterate

    3 Must Use Customer Survey Templates
    1. Survey.io
    2. NPS Score
    3. Funnel steps survey - Use Qualaroo to ask questions mid-funnel.

    12 Tools Every Growth Hacker Should Be Using
    -Wufoo (test demands for a new feature and actually ask them to pay for it, can connect to stripe account)
    -KissMetrics (w/ intercom is a powerful combination)
    -Delighted (automate NPS score surveys)
    -HelloBar (great for experiments)
    -Compete.com (use to do research on competitors)
    -ClicktoTweet (test viral flows/viral sharing)

    Something else that Dan said that I found interesting was when he first moved to San Francisco for the first time he spent his first year studying marketing (going to conferences, talking to entrepreneurs, etc.) He says people (friends, mentors etc) have taught him everything he knows about marketing and “if you know marketing, you will win”

    I found this interesting because he didn't say books or anything else taught him the most, it was his friends and mentors who taught him everything. Lesson: Get out there and learn from the best!!