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NPS Driven growth or How to grow your startup without spending money on marketing.

NPS Driven growth or How to grow your startup without spending money on marketing.

Slides from the GrowthHackingConference

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NPS Driven Growth or How to grow your startup w Presentation Transcript

  • 1. @nilanp NPS driven growth! OR! How to grow without spending a fuckload on marketing! ! Nilan Peiris! VP Growth TransferWise
  • 2. @nilanp
  • 3. Startups @nilanp
  • 4. Startups Tequila @nilanp
  • 5. Helped startups get to traction
  • 6. Opinion is an outcome of experience
  • 7. Back to traction @nilanp
  • 8. Revenue
  • 9. Revenue
  • 10. Revenue
  • 11. Death Zone
  • 12. Revenue
  • 13. How do I get out of the death zone ?
  • 14. A typical founder conversation
  • 15. Anonymised using characters from the Wire
  • 16. x
  • 17. GROWTH Dude - we’re running outta cash in 6 months
  • 18. GROWTH Lets go see the Man - he can give us funding
  • 19. Introducing the Man @nilanp
  • 20. GROWTH
  • 21. GROWTH Come back when you have traction…
  • 22. GROWTH We need to get traction, we need to find customers, you know what we need ?
  • 23. GROWTH Marketing
  • 24. GROWTHWord. Marketing is what we need… but marketings expensive. You know what we need ?
  • 25. GROWTH Money… lets go see the Man.
  • 26. GROWTH
  • 27. How do I get out of the death zone ?
  • 28. 4 principles for NPS driven growth @nilanp
  • 29. 1. Supply is your biggest scaling lever! 2. Systemically improve your experience for your customers through curating supply! 3. Once product is working, focus on building NPS to drive growth! 4. Once product is growing add marketing @nilanp
  • 30. Supply is usually your biggest scaling lever PRINCIPLE 1
  • 31. Focus on supply or customers first ?!
  • 32. Chicken Egg OR
  • 33. Chicken Egg OR I came first
  • 34. SUPPLY CAME FIRST!
  • 35. SUPPLY IS THE BIGGEST DRIVER OF YOUR CONVERSION RATE! @nilanp
  • 36. e Drivers of conversion rate
  • 37. Availability of product I WANT A T SHIRT!
  • 38. Availability of in right size / date I WANT A MEDIUM T SHIRT!
  • 39. Availability at price point ITS GOT TO BE UNDER £30!
  • 40. MARKETING BULLSHIT (CRO)
  • 41. 1. Availability of product! 2. Availability of product on right date / size! 3. Availability at right price point! 4.Marketing bullshit (CRO)! Drivers of conversion rate
  • 42. Start with one market and build from there @nilanp
  • 43. Learn how to systemically acquire supply! @nilanp
  • 44. Understand your value to suppliers! @nilanp
  • 45. Summary! 1. Acquiring supply solves the chicken / egg problem! 2. Focus on availability of product at price point! 3. FIgure out how to scalable acquire supply and get clear over time on your value proposition to suppliers! 4. Focus on growth through systemically improving your supply base @nilanp
  • 46. PRINCIPLE 2! ! Systemically improve the experience of your customers!
  • 47. Practical advice Focus on single users credit: Klinger.io
  • 48. Figure out your supply curation metrics @nilanp
  • 49. CookIt optimises recipes to keep customers come back for more
  • 50. Amazon’s! recommendation algorithm curates their supply optimising for conversion rate
  • 51. HouseTrip’s recommendation algorithm measures quality of stay
  • 52. Facebook’s news feed optimises for engagement
  • 53. Uber takes into account driver and passenger quality when you hail a cab
  • 54. • Prioritise !
  • 55. 1. Systemically improve your customer experience by improving the quality of supply! 2. Focus on outcome metrics for your customers! Summary
  • 56. Focus on NPS and your business will grow PRINCIPLE 3
  • 57. Would you recommend us to your friends? 1 2 3 4 5 6 7 8 9 10 Detractors Neutral Promoters
  • 58. Would you recommend us to your friends? 1 2 3 4 5 6 7 8 9 10 Detractors Neutral Promoters Total Promoters - Detractors = NPS
  • 59. If promoters > detractors you WILL grow
  • 60. N.B. This is fucking hard.
  • 61. It works ! ! (But barely)
  • 62. It works ! ! (But barely) It works with! no significant issues !
  • 63. It works ! ! (But barely) It works with! no significant issues ! It works. Wow that was slick
  • 64. It works ! ! (But barely) It works with! no significant issues ! It works. Wow that was slick You’ve just blown my socks off that was fucking incredible
  • 65. ONLY focus on NPS once the product is working
  • 66. Every app on your phone has an insanely high NPS
  • 67. What drives recommendation ?
  • 68. Rational Emotional
  • 69. Rational! Emotional • Meeting & exceeding expectations! • Product features • Narrative! • Reason for sharing! ! !
  • 70. You can’t copy that !
  • 71. ONLY focus on NPS once the product is working
  • 72. Summary! 1. Focus on NPS and you will grow! 2. Understand the drivers of NPS and align your product and marketing organisation behind this
  • 73. ! ! Once product is growing add marketing ! ! PRINCIPLE 4
  • 74. ! ! Once unit economics are strong explore marketing ! ! PRINCIPLE 4
  • 75. 1. Performance marketing! 2. Viral growth! 3. Inbound marketing!
  • 76. Money in Money out 1. Performance marketing!
  • 77. Money in < Money out
  • 78. Practical advice When to focus on performance marketing ? 1. If your unit economics are better than anyone else in the industry 2. You can target relevant traffic @nilanp
  • 79. Viral growth!
  • 80. Viral growth =! Word of Mouth Referral programs! Crazy social sharing
  • 81. Referral programs = tracked Word of Mouth
  • 82. Focus! ! Give away value! NOT money!
  • 83. Focus! ! =
  • 84. What amplifies viral growth rate ?
  • 85. Frequency of use! Relevance! Shareability
  • 86. Practical advice Pre-requisites 1. Have a great product 2. Have your first 1000 customers 3. Customers are part of high trust networks with other target customers @nilanp
  • 87. Inbound marketing
  • 88. Build acquisition into your app
  • 89. NPS driven growth! 4 principles
  • 90. 1. Supply is your biggest scaling lever! 2. Systemically improve your experience for your customers through curating supply! 3. Once product is working, focus on building NPS to drive growth! 4. Once product is growing add marketing @nilanp
  • 91. @nilanp