A PM's Intro to Growth Hacking (ProductTank Karlsruhe and Bern)

What product folks need to know about growth hacking - An introduction to "growth hacking" for product managers. Including how to think about growth and why it matters

Transcript

1. Growth An introduction to "growth hacking" for product managers
2. Hi! !☕$
4. TAIICHI OHNO (CREATED THE TOYOTA PRODUCTION SYSTEM) “Stop trying to borrow wisdom and think for yourself. Face your difficulties and think and think and think and solve your problems yourself.”
5. Your goals, customers, and resources are different from everyone else. Learn from others (ask why), but don’t blindly follow.
6. growth hacking?
9. It’s not…
10. growth hacking
11. the new marketing
12. Magic
13. Scale ∞
14. It is…
17. product + marketing + data + engineering + design
18. Processes & models to drive growth
19. growth?
20. Product Build a product that people get value from Marketing Get someone to the product
21. Getting people to your product has become competitive and almost impossible
22. Growth is getting more people to experience the value of your product by using every aspect of the customer experience
23. “It’s not my job” Why should I care about growth?
24. Product managers are responsible for the success of their product
25. Success was creating value for your customers (aka adding and improving features)
26. It doesn’t matter how amazing your new feature is if no one is using it
27. Success is creating more value and getting more people to experience that value
28. Product is the foundation of growth. The best growth hack is your product
29. Fundamentals
30. Value
31. Growth is getting more people to experience the value of your product by using every aspect of the customer experience
32. What is the value of your product?
33. Value indicates how important or beneficial something is for us
34. Value = Benefits – Cost
35. Value Social connections
36. Value Fun Enjoyment
37. Value Making money Getting sales
38. Value ∝ Revenue ‐value ‐revenue
39. ‐revenue ‑value
41. Metrics
42. How do you measure “value”? What metric should you grow? How do you track your progress?
44. A north star metric is only a proxy for value
45. helping out with the new influx of Tweets yesterday. People are really, really excited about yesterday's announcements. 2 ! 1 " 8 ✨ 3 $ Kiné Camara 12:55 PM No! It was my pleasure! People are very excited. ⚡ Jason Stewart 2:14 PM What are our policies in regards to pets in the office? I'm assuming it's a no-go, but thought I would ask here just to make sure what was the case. Acme Culture Mee6ng 2:15 PM Event starQng in 15 minutes: Culture Weekly Mee,ng Today from 2:30 PM to 3:00 PM Johnny Rodgers 2:18 PM shared a post . . Building Policies & Procedures Last edited 2 months ago Jason Stewart 2:22 PM Thanks Johnny! Salesforce APP 2:24 PM BigCo Account Account Owner: Todd Huge … 1 #culture 3:48 PM Message #culture Send Value Communication North Star Daily Active Users
46. Value Learning North Star Total Reading Time
49. Find a counter metric Increased production of nails and quality of each nail Concept from Julie Zhou
50. helping out with the new influx of Tweets yesterday. People are really, really excited about yesterday's announcements. 2 ! 1 " 8 ✨ 3 $ Kiné Camara 12:55 PM No! It was my pleasure! People are very excited. ⚡ Jason Stewart 2:14 PM What are our policies in regards to pets in the office? I'm assuming it's a no-go, but thought I would ask here just to make sure what was the case. Acme Culture Mee6ng 2:15 PM Event starQng in 15 minutes: Culture Weekly Mee,ng Today from 2:30 PM to 3:00 PM Johnny Rodgers 2:18 PM shared a post . . Building Policies & Procedures Last edited 2 months ago Jason Stewart 2:22 PM Thanks Johnny! Salesforce APP 2:24 PM BigCo Account Account Owner: Todd Huge … 1 #culture 3:48 PM Message #culture Send Counter Metric Feature Usage
51. Counter Metric “Claps” (feedback on article)
52. What is your north star and counter metric? (hint: if you could have a magic wand, what would you want to know?)
53. Moonshots Roofshots
54. Moonshots are crazy ideas with a risky but significant return on investment
55. Roofshots are small changes with the biggest possible impact
56. 1.25X per month (roofshot) > 10x in a year (moonshot)
57. Your approach to growth should be a series of roofshots.
58. The Building Blocks
59. The steps to user value
60. A “Funnel” is an approach to breaking down the steps of getting to value
61. Acquisition Activation Value Retention Awareness
62. You search on Google how to sell online You sign up for an online store You set up your store You keep selling You want to sell t-shirts online You get your first sale
63. There could be hundreds of funnels for your product (you need to rank and prioritize them)
64. Think of the steps for your product, where are the roadblocks?
67. When did you last sign up for your product?
68. How do people find out about your product? Where do your ideal users go? What language do they use? Is your onboarding up to date? Can people pay for your product?
69. Don’t worry about churn
70. Focusing on churn won’t solve churn
73. To solve churn… Build a product that continuously delivers value (it’s that easy )
74. “AHA” Moments
75. “AHA” Moment Connect with 7 friends
76. VALUE TIME
77. VALUE TIME LIKELY TO CHURN THRESHOLD
78. VALUE TIME ONBOARDING “AHA” Moments
80. Flywheels Cycles Loops
81. A system that feeds energy back into itself increasing speed and growth via @jessholbrook
82. Amazon’s Virtuous Cycle
83. Create 
 Campaign Promote
 Campaign Visit
 Campaign Sign
 Up
85. Are there any opportunities to create a flywheel to drive growth? (hint: What touchpoints do you have with people who are not your users?)
86. Warning: Flywheels will take time to get going. Don’t expect immediate results.
87. Final Thoughts
88. Growth is getting more people to experience the value of your product by using every aspect of the customer experience
89. Success, as a product manger, is creating more value and getting more people to experience that value
90. Determine the value of your product and how to measure it Sign up for your product Think about growth
91. Connect on LinkedIn https://www.linkedin.com/in/longchris/