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Hacking Acquisition - Coggle Diagram
Hacking Acquisition
Traction
Bullseye
The Middle Ring: What's Probable
Run cheap tests in the channels that seem most promising
Promote the best tractional channel ideas to the middle ring
Test channels sequentially as opposed to in parallel
Stop promoting ideas where there is a drop-off in excitement
This drop-off often occurs around the 3rd channel
Keep your tests strategic at this phase
Design smaller-scale tests
Determine if it's a channel that
can
move the needle
Your goal is to answer these 3 questions:
How much does it cost to get customers through this channel?
How many customers are available through this channel?
Are these the type of customers I want right now?
The Inner Ring: What's Working
Find the single-best / most promising core channel
Become the expert in that channel
Focus your resources and tests on 2 goals:
Optimize and extract the most traction from your core channel
Find new strategies / tactics within your core channel
The Outer Ring: What's Possible
Brainstorm at least one idea for every channel
Brainstorm what you can do for
every
traction channel
Define what success looks like for that channel
Talk to other founders / research similar companies
How similar companies acquired customers over time
How unsuccessful companies wasted their marketing dollars
Traction Testing
Inner Ring Tests
IRTs are designed to do two things:
Optimize your chosen CS to make it the best it can be
Uncover better strategies / tactics within the channel
Focusing on a TC takes significant time and resources
Only do this once you an indication the channel will work
You should be continually testing your chosen CS
Goal = Increase its effectiveness
These tests should be scientific so you have confidence
A/B Testing
Make A/B Testing a habit (at least one test per week)
Also test additional strategies within your core channel
These should resemble MRTs
Conduct small experiments / traction tests
Cheap and Fast
Answer the same basic questions
Goal = See if there's a better CS within the CC
Brainstorm new channel strategies (CS)
Online Tools
Organize and Execute
Understand and Assess
Conversion Rate (%)
Customer Acquisition Cost ($)
Customers (#)
Lifetime Value ($)
Rank and Prioritize
Only consider CS that have chance of moving the needle for your goal
How many customers do you need to really move the needle?
20–30 for mid-market
50+ for SMBs
6-8 for enterprise
Middle Ring Tests
Goal = Find a promising channel strategy (CS) to focus on
CS = Particular way to acquire customers within a channel
When you test a channel, pick one strategy to pursue
Ideally the most promising one from your brainstorm
Your tests should be designed to answer 3 questions:
How much does it cost to acquire customers through this CS?
How many customers are available through this CS?
Are the customers you're getting through this CS the ones you want?
You shouldn't spend more than $1K or a month's time on MRTs
Traction Thinking
The 50 Percent Rule
Test Traction Channels
Develop Your Product
Moving The Needle
Traction Goal
Raise Funding or Become Profitable
How many customers do you need and at what rate?
Critical Path
Defining Your Traction Goal
Traction Goal
Profitability
Funding
Market Share
Subgoals
Quantitative
Time-Based
Defining Your Critical Path
Milestones
Overcoming Your Traction Biases
Competitive Advantage
Three Reasons
Traction Channels
Hacking Growth
Acquisition
Find the most cost-effective way to acquire new users
Channel-Product Fit
Discovery
Consider channels that are appropriate for your:
Business Model
User's Characteristics
Once you have ideas, score / prioritize them:
Cost
Expected cost of running the experiment
Targeting
Ease of targeting or reaching your audience
Control
How much control you have over the experiment
Input Time
How much time is needed to launch the experiment
Output Time
How much time is needed to extract the results
Scale
???
Explore channels across 3 key categories:
Organic
Paid
Viral
Optimization
Refine the channels that work
Eliminate those that don't
Customer Loops
Language-Market Fit
Lean Analytics