Week 11-Dani Flashcards
What is growth?
A company’s growth can be defined by growth in revenue, recurring revenue, or number of users, etc.
Companies may grow through being bought (acquisitions) or through mergers, through growing complexity, learning/experience growth, risk growth, etc
What is ‘scaling’?
When x amount of growth necessitates less than x amount of growth in the number of employees.
Ex. users increase 10x, but employees only need to increase 2x
What are the two key methods for pitching?
The “without us” way:
“Without us, [customer segment] will continue to struggle with [unmet need]”
EXAMPLES: Google, Expedia, Dropbox
The “with us” way:
“With us, [customer segment] will be able to [unmet need] and benefit by [unexpected benefits] because [our product or service] can [attribute A & B]”
EXAMPLES: Kickstarter, Shopify
What was Michael Litt’s perspective with his company, Vidyard?
Companies with the best understanding of the market have founders that started the sales process themselves
Basically, he started the sales process and built the pipeline for his start-up, then eventually hired and personally trained business development reps
What are the three “ingredients” of the growth hacking framework?
(Digital) Marketing Techniques
Coding & Automation
Data Analysis & Testing
Surrounded by a cycle of “Lean Philosophy”, with Digital Transformation as a catalyst
What are the stages in Bohnsack & Liesner’s customer lifecycle stage model (Taxonomy)?
Acquisition
Activation
Revenue
Retention
Referral
What are some common examples of growth hacking tactics?
Content marketing
Viral marketing
Influencer marketing
Stunt marketing
Waitlists and scarcity
Referral marketing
What are the risks of growth hacking?
Risks:
- mistakes are messy
- mistakes piss people off
- growth hackers with the requisite mix of skills are rare
- trends change (complacency is your enemy)
What are the requirements of growth hacking?
Requires:
- cross-functional effort
- user focus
- attention to resource intensity & lag time
- data responsiveness
For the acquisition stage in the Growth Hack Taxonomy, what are some of the growth hacks?
Cross-publishing
Custom audience
Demotic and negative keywords
Inbound- and content marketing
Keyword-based emailing
Leverage other people’s audiences
Micro-targeting
SEO: Copywriting
Voice search marketing
For the activation stage in the Growth Hack Taxonomy, what are some of the growth hacks?
Call-to-action
Flipping the funnel
Focused landing page
Freemium
Friction eradication
Gamification
Lead magnet
Learn flow onboarding
Re-targeting
Single sign-on
For the revenue stage in the Growth Hack Taxonomy, what are some of the growth hacks?
Depiction of scarcity
Dynamic pricing
For the retention stage in the Growth Hack Taxonomy, what are some of the growth hacks?
Engagement loop
Exit-intent po-up
Increasing value
Lead nurturing
Loyalty program
Mass personalization
Ongoing onboarding
Social community building
For the referral stage in the Growth Hack Taxonomy, what are some of the growth hacks?
Directed sharing
Automated sharing
Referral program
Organic virality: Network effects
Promo swap
In the growth hack classification chart, what are the two axes?
Resource intensity
Time lag to effect
Most of the growth hacks reside in the high resource intensity, low time lag to effect quarter, and fewest in the low resource intensity, high time lag quarter
