Post on 09-Jan-2017
transcript
Andy Young // @andyy // andy@500.co
7 Growth Lessonsfrom the 500 Startups
Andy Young, EIR @ 500
@andyy
Andy Young // @andyy // andy@500.co
Hi, I’m Andy!@andyy
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Andy Young // @andyy // andy@500.co
Andy Young // @andyy // andy@500.co
train post-seed, pre-A companies to do better Growth Marketing
give them the Funding to do it
Andy Young // @andyy // andy@500.co
Andy Young // @andyy // andy@500.co
So WTF is this Growth Hacking thing?sounds like some kinda bullshit to me..
Andy Young // @andyy // andy@500.co
Andy Young // @andyy // andy@500.co
7 Growth Lessonsfrom the Distro Dojo
Andy Young // @andyy // andy@500.co
#1 - nail down yourvalue proposition
& messaging
Andy Young // @andyy // andy@500.co
- 10,000 ft view exercise -
- bit.ly/10kftview -
Andy Young // @andyy // andy@500.co
� What product/service, for which target market?
� Why do our customers love us? Why do they choose us over the competition?
� How do we make money?
� What is our primary way to get new customers?
� Our business will become a huge, runaway success if…
� During the next 3 months we need to focus on…
� What ONE target do we want to hit?
10,000 ft viewbit.ly
/10kftvi
ew
Andy Young // @andyy // andy@500.co
#2 - get Product/Market fitbefore you try and grow
Andy Young // @andyy // andy@500.co
Andy Young // @andyy // andy@500.co
Early stage Growth stage
Goal Product/Market fitScalable, repeatable, predictable growth
Metric Engagement Growth rate
Primary Data Qualitative Quantitative
Growth Strategy Hustle
Build a growth machine
Andy Young // @andyy // andy@500.co
#3 - build a Modelto understand your business
Andy Young // @andyy // andy@500.co
Andy Young // @andyy // andy@500.cobit.ly/
kpi-sheet
Andy Young // @andyy // andy@500.co
Not an operational dashboard:metrics related to growth
1. Identify top-level KPI2. Add nuance3. Add drivers
4. Add funnel for these drivers
Template Google Sheet: bit.ly/kpi-sheet
Andy Young // @andyy // andy@500.co
#4 - identify Leversand prioritise your backlog
Andy Young // @andyy // andy@500.co
Levers:things you can push
to get growth
Andy Young // @andyy // andy@500.co
Identify yourOne Metric That Matters (OMTM)to get everyone pushingin the same direction
Andy Young // @andyy // andy@500.co
Prioritise using ICE framework:
-Impact-Chance of Success-Effort (time/resources)
Andy Young // @andyy // andy@500.co
#5 - drive growth viaexperimentationand learnings
Andy Young // @andyy // andy@500.co
“Learning is the essential unit of progress for startups”
Andy Young // @andyy // andy@500.co
Make predictions in advance!
Andy Young // @andyy // andy@500.co
#6 - it’s a Mindset
Andy Young // @andyy // andy@500.co
The world is constantly changing
(channel efficiency/effectiveness, etc)
Experimentation & learnings
Build a machine
Naturally curious
Motivated by helping the customer achieve their goals
Growth Mindset
Andy Young // @andyy // andy@500.co
#7 - maintain discipline with a Weekly Growth Meeting
Andy Young // @andyy // andy@500.co
Agenda
1. Review KPIs2. What did we learn last week?
3. What experiments are we running this week?
No work is to be done during the meeting!
Weekly Growth Meeting
Andy Young // @andyy // andy@500.co
BONUS #8Talk to your users
Andy Young // @andyy // andy@500.co
User testing script - cheers Steve Krug!www.sensible.com/downloads/test-script.pdf
Andy Young // @andyy // andy@500.co
Takeaways
Andy Young // @andyy // andy@500.co
Takeaways
Andy Young // @andyy // andy@500.co
#1 - nail down your value proposition & messaging
#2 - get Product/Market fit before you try and grow
#3 - build a model to understand your business
#4 - identify Levers and prioritise your backlog
#5 - drive growth via experimentation & learnings
#6 - it’s a mindset
#7 - maintain discipline with a weekly growth meeting
Talk to your users!
Andy Young // @andyy // andy@500.co
Thanks, & good luck!
Andy Young // @andyy // andy@500.co
● 10,000ft view worksheet● Bryan Balfour: The Scientific Method: How to Design &
Track Viral Growth Experiments● Dave McClure's Startup Metrics for Pirates● Eric Ries’s Three Engines of Growth● My deck on Analytics for Startups● 500 Startups Accelerator Marketing Hell Week:
videos, templates & goodness● DISTROSNACK: daily growth hacks
Further references..