Last week, I was watching a few case-studies about how companies were using Mixpanel to track events. Specifically, they were looking at their data in order to find where the value was in their product. These videos included testimonies from growth hackers of Disqus, Uber, Autodesk and other data-driven startups. And as always, when you are talking about growth hacking, Airbnb is not far away.
#1. The 3 components of every growth hack.
During Vlad Loktev’s presentation (who is currently the growth manager at Airbnb), something very interesting caught my attention. When you’re trying to hack growth, there are 3 important variables that you must think about:
1. The Moment: Refers to the specific time you start to create an interaction with your target in order to reach it.
2. The Channel: The means you use to deliver your message (by email, push or in-app notifications, SMS…). This also includes other networks of people like Facebook, Craigslist, Slideshare or Linkedin. For instance, I’ve recently coded a macro to visit every Linkedin profile who previously joined a Group in order to send them a notification and to drew their attention. In this case, the channel is nothing but Linkedin.
3. The Copy: The way you write your message to efficiently deliver information to your target and to encourage them to make a decision. Recently, I was thinking about including in the title of an email one of the recipient’s favorite topics or influencers (using a specific pattern). If you know your target’s twitter username, you can access all that by using the Klout API. That would be a way to attract attention within a mailbox and hack the opening rate for an email campaign.
These 3 variables represent the important cogs and are deeply embedded in every successful growth hack. Take the time to think about your favorite growth hacking story, you will find out that it used a perfect combination of these three elements: delivering a message/feature at the right time, with the right mean, in the right way. And that’s one of the reasons why retargeting is so powerful.
#2. What you should remember.
“The right moment is 2x more effective (CTR) than the right channel.”
So before thinking about copy or channel, you must step back and define precisely when interact with your user to get their attention. What are they going to feel? Are they going to be ready to commit to something? Are they going to question about something?
But there is another powerful thing to know. After running tens of different multivariate tests with button changes and call-to-action optimizations, they noticed that there were only a few incremental gains. Which leads them to an interesting conclusion: the moment and the channel together are just so much more impactful than any kind of copy tweaks you can do.
In a nutshell, next time you’re thinking about an acquisition strategy or about releasing a new feature to increase your retention or your referral, don’t underestimate the moment at which you run things. This is also a powerful variable you must understand, test and optimize.