Startup School 2019 - 009 Gustaf

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Working on growth before you have product-market fit and good retention is not a good idea.

There's only one way to grow when you're really small, and that is doing things that don't scale.

The founders, you guys, are the ones who make the startups take off. You're going to have to do unconventional things, you're going to have to do things that don't feel right, certainly going to do things that you didn't learn in business school, and you're just going to do the things that are needed.

Product Market Fit

How to use data to understand If you've made something people want

1. Identify the metric that represent the value my users get from my product
2. Measure the repeat usage of that metrics

Retention is the best way to determine product market fit.

Something that should be a paid product, you're giving it away for free, is not a good sign of product-market fit.

Two ways ways to grow at scale

1. Product Growth / Conversion rate optimization
2. Growth Channels

Conversion rate optimization areas
• Internationalization
• Authentication
• Onboarding
• Purchase conversion

If word of mouth is a strong driver of your product, then referrals is going to be one way that you can amplify that word of mouth. How do I define referrals? Financial incentive to tell your friends about the product.

you want to start measuring each of these steps. Like what is that referral offer? How many people go to that page? How many people send invites? How many of those invites are being clicked on? How many of those people sign up from those invites? How many of those people are signed up and are booking? Each one of those steps is a step in this funnel.

Paid Growth
• Don’t do paid growth if you don’t have revenue
• CAC = Customer Acquisition Cost
• CAC / Payback time (Most important metric in online marketing)
• Attribution
• Channels: Facebook, Instagram, Google, Youtube

SEO is zero sum game. Basically you're competing against others, so what you do in SEO is going to be a matter of would you compare to others.

Making Decisions using A/B testing
Build a culture of experimentation

Why do people stop using my product? Talk to them. Call them. Email them. Do anything you can to understand why someone stopped using your product because that's the things you have to fix.