Growth Hacking: Part II- Product
First things first, and that’s your product. I’m going to give an overview on the importance of product and how that relates to growth marketing/hacking. It’s vitally important for your startup to create a product people love, a product that will solve a problem, or a product that truly improves the daily life of it’s target audience. If you haven’t proven out this concept it’s absolutely pointless to think about growth.
Below we’ll discuss some aspects of product that are important, key questions to ask before thinking about growth, and methods to answer those questions with informed data-driven decisions.
User Experience: the overall experience a person has using your product, service, or website.
- It needs to be simple, one Call-to-Action (CTA) per step of the funnel is ideal.
- Design- should have a balance between copy & images that’s easy on the eyes.
- Copy- it should entice people to click on the CTA and move along through the funnel.
- Users should be able to gain the info needed in order to make a decision about continuing through the website within 3–5 seconds.
- What stage (or page) of the funnel are we losing the most people?
- What will the reaction be if we change an aspect of the User Experience?
- Are we seeing industry AVG conversion rates at each step of the funnel? If the answer is no, or if you want be above industry standards keep reading.
Pricing & Features: the aspects that provide benefits to the users for improving their daily life
- Features- these should solve a problem, cut costs, add value, or save time.
- Value Prop- the unique selling proposition of why someone should use your company versus a competitor. It’s ideal if it’s one sentence.
- Proof of Concept- will people pay the price you’re charging at scale for the product you’re providing.
- Do we have the features people want? (not the features you think they want)
- Is there aspects of the features we can change that take minimal time/effort and can have drastic results?
- How does a small change in price effect conversion, LTV, churn, and retention?
Methods to Answer Your Questions:
There’s many schools of thought on how to do this-everything ranging from entire teams and multi-month processes to quick 1-week tactics. As a young startup one of your competitive advantages lies in the ability to be agile and react quickly. For that reason we’re going to start simple and I’ll give you actionable steps you can do today for close to free.
Overview: To answer any of the questions above you need to collect data from your actual onsite visitors on what they want and why they feel a certain way.
Here’s the 2 types of data collection, and a process for a quick experiment that can and will have drastic impacts.
- Quantitative- asking questions or getting data on facts, numbers, statistics
→ Google Analytics is easy and great for a quick understanding of what’s happening.
a.) Look at conversion rates at each step of your funnel.
b.) Look at pages with the highest bounce rate.
c.) Compare those to industry standards to figure out areas/pages to focus on.
2.) Qualitative- used to gain an understanding of underlying reasons, opinions, and motivation (for behavior in specific areas of your website)
a.) Pick a software & integrate it with your website and let them run for a week to pick up data.
b.) Insert intent based pop-ups on the pages that need work, here’s some examples of copy & questions:
— “Quick question: How can we improve this page? Is it missing anything?”
— Website exit intent on the buy page: “ Would you rather pay X, Y, or Z for this service?”
c.) Collect this data, look it over, and use it to prioritize changes to the UX, pricing, or features of your website.
Stay Tuned, coming soon is 10 growth techniques for 2016, in the meantime get your product dialed :)