Framework for Running Minimum Viable Tests (MVT)
- 2. Is it possible to progress in a
smallish, but growing market
with 20+ competitors?
- 10. Co-Founder
& Advisor
3 years growth
consulting
An email list of 17,000
founders and
practitioners.
Built a repeatable
growth machine through
1M users and $3M ARR.
- 11. Right now, I’m bringing together
thoughts on product-led growth
on: http://growhack.com before
launching my next product in
2017.
- 16. Which is when we transitioned
to Monthly Recurring Revenue
(MRR) as core metric.
- 17. For the next year, we hit an
aggressive 20%+ MRR MoM
growth (net of churn).
- 18. Actually it was more like 30-40%
MoM, but shut down all growth
activities in December and
January due to support overload.
- 19. MRR works for us because it
took into account all parts of our
business like churn and
retention.
- 20. Your metric is likely different.
Not an easy answer, so it’s
okay to spend time thinking it
through.
- 21. Find yours, then make all
decisions from the context of
what will move that north star
number 20% every month.
- 22. Step 2: have good ideas and prioritize
them.
Step 1 Step 2 Step 3 Step 4 Step 5
- 23. Early on, you care mostly about
prioritizing for impact and effort.
- 26. Step 3 is about actually
running tests, quickly.
Step 1 Step 2 Step 3 Step 4 Step 5
- 28. To improve your odds of
success, increase the rate
and quality of your growth
experiments.
- 32. We found out that a post
Noah Kagan did within his
Facebook group led to 40
Teachable sign ups.
- 38. From this we learned there were
many use cases for Teachable.
- 43. To test our referral program, we
just asked for users to email their
audiences.
- 45. We co-hosted one webinar with
user Mariah Coz generated
$100,000 which we split. Mariah’s
now trained hundreds of
Teachable users.
- 49. My challenge to you is: When
you’re looking at your list of growth
experiments to help, how can you
launch each in 1 day?
- 51. Notorious projects that fit this
category include:
• Site redesigns
• Metrics overhauls
• Marketing automation builds
- 53. I created an email
course called
profitable course
idea designed to
improve
engagement.
- 56. …but I didn’t build for a process
to upsell was tacked on later
and conversion to our new MRR
goal was low :(
- 58. The webinar was a small
test. It was a simple product
demo, and took almost no
time to prepare for.
- 59. But yet, our attendee to
paid conversion was
~10% on our first
demo. Woah..
- 60. Step 1 Step 2 Step 3 Step 4 Step 5
Optimize and THEN figure out
how to automate.
- 63. Step 1 Step 2 Step 3 Step 4 Step 5
And automation you ask?
- 64. We now have a team to run webinars
with our Head of Growth Andrew
Guttormsen leading up the effort. We
also our own webinar software on top of
YouTube and hired a full team to run
them.
- 65. We took this to the next step with
the Teachable Summit, which is a
series of 7 live online events that
brought an audience of 20,000
people and generates $250k/event.