Learn how to fuel your Web3 project By Praneeth Patlola

up next we've got to talk about fueling your web3 project and I heard there's some really great tidbits in there about growth hacking so please give a warm welcome to praneeth petlola CTO and growth hacker atopolis thanks Tiffany hello everyone good morning I guess everyone has their morning coffee and you're all jogged up my name is pranit patlula I'm the CTO and growth hacker at opolis if you're curious about our policeopolis is a co-op we are kind of a web 3 crypto Payroll Company making employment kind of accessible and independent and we help a lot of Freelancers in Independence across the world so why am I here you know when I was talking to John uh John paler he was indicating like you know web3 as our industry we come together and build amazing products game changing products challenging the status codes and growth but one of the key elements which is missing around is like how do you actually achieve growth hacking or enabling your product adoption at a mass market and that's kind of where we started out discussing maybe we'll share some tidbits my background is as a developers trade for several years I used to build this shittiest ideas ever which came to my mind and still struggle to figure out after building how do I sell this to Market rather than trying to figure out what is the right thing to build going to several of these failures I got my life lesson to learn that kind of led to two exit which are okay and find its place in a bigger better place where they're now residing but you know I took those life lessons and started adopting to a lot of products around me and helping friends and that's when we started figuring out what is really growth hacking in in our sense so growth like we built this amazing products who doesn't want growth I think we all build with this vision of building an amazing products and making sure it actually creates impact and that impact can only be created if it reaches enough audience around the world that we intend to now um we are at e Denver and you could probably have seen so many hackathons happening around I don't think I have to explain what is in hackathon or hacking but in general you know we want all want humans as us have always figured out hacking ourselves into multiple ways across our lifetime can that be applied for your products and how can that be applied with products is actually a very streamlined discipline process let's look at a little bit more of what is really growth hacking growth hacking in general in Industry philosophy has like this three primary things that come together to make that happen one you come up with a very cost effective or in a scrappiest Creative Marketing initiatives that you think might work and you don't know whether it works or not that's where you need to iterate and test it's an iterative process but once you are formulate this idea of this is what I want to test you build that test and you build an automation to figure out it actually can scale and then bring that to optimize and measure that without measuring that you'll be lost in all this marketing cycle and growth hacking now in let's look at some examples like you know one of the most popular examples in product world is Airbnb if somebody called me up and said a long time ago like 10 15 years ago that I'm going to put a stranger in your home for a day I don't know whether it worked or it wouldn't work so it's kind of a journey on how actually it would work so um airbn did something very very interesting is they went to where a market is this Market of listings were already using Craigslist which has several cities and several listings coming up every day so how do you reach to this audience and create and sell their better product and service and that's exactly what they did is go and build an automation process to find out all these listings generated an automation to pre-fill a listing with a single click which enabled them to scale all their listings into their platform but they didn't stop there but also build the demand and reached out to the same email addresses of the host who was listing the Craigslist so they actually brought supply and demand together and it is at a high scale they can repeat this again and again this is not just one experiment but you know each product and company goes through multiple of these experiments to find out what is that they can grow in what stage of a process you know I would assume everybody is familiar with Robin Hood they have a different uh case study we have seen that you know curiosity how do you build curiosity before launcher the prelon techniques it's like when you're bar hopping you're walking past two bars one is totally empty and others there's so much of noise there's too many people and it has a line which one would you go for possibly you want to go there in the line and stand in there but to bump yourself up you probably want to tip the door when to get in there faster but you're you're still waiting to go and get into that Curiosity of because everybody is joining in there but also how do you enable a user to take an action that's exactly a referral mechanism which is much more actionable is what another example of hacking strategies people have done and Linkedin you know when LinkedIn came out an initial when Reid Hoffman and his team were building this you know social networks was already there and professional social network seems like freaking boring but how did they come to bring that adoption together was not one but numerous amount of growth hacks as one of the big thing was building a widget to bring your existing network from your address book with a single click which will change the game for every user and several other engagements on an ongoing basis to enable existing users to bring external in their own network that's kind of fun I I think it will take a day to talk about each of these case studies so I guess uh my intent is to kind of find out and tell like what is this process really about the most important thing about growth hacking never ever ever touch growth hacking talk about scale if you do not have a product Market fit now what is product Market fit I think it will take another day to talk about this one topic there's so many practices of how to find a product Market fit but the most important thing is build something which users want or need and that can be categorized whether it's kind of a 1x or 2x which does better than an existing product a user uses for productivity which means they're getting the job done or is it something which users cannot live with and your challenging the status go of an existing way people or humans do things but build something which people want and ensure you have a large addressable Market if you don't have enough large addressable Market you'll build something awesome for a very small amount of users and you can't even scale that so understand your Tam and also understand the serviceable Market within that you know you would probably think that on days here of the product that every human in this world would be a user of your product but you can't reach all of them and if you even want attempt to do that you lose the Journey of what is called as a crossing the chasm which we'll talk about in the next slide so what is this crossing the chasm which is very popular in the product world is many a times we see large market and say you know we want to go and address everybody but it's very challenging without a proof point if people really wanted to actually use your product now um I would highly recommend you read this book Crossing the chasm if you get a chance to learn more what is that but the most important thing is walking through your serviceable addressable Market journey and building your fan base and proof of or what is another words called as Cult of user base to grow that mechanism over a period of time to actually end up into the large mass adoption Market if you started the large mass adoption Market early on you may there are so many case studies in Industry that you actually fail out even though you'll see initial success you know um while you're actually trying to find out it surprised me every time I go into a marketing meeting that people talk about messaging people talk about Target people toward cost and everything else but many of those marketing meetings misses out users personal if you do not get your user person or right in each iteration correctly your marketing attempts will fail you'll just lose all your time and energy effort selling wrong messaging to wrong person it's like trying to sell the hair all I oil or comes to a person who doesn't have hair so you can't really do that you understand your user base much in depth which will enable you to actually build a very effective mechanism of reaching out that audience now all this putting together growth hacking is not like a one-time done Exercise it's kind of an iterative process you come up with this nonsensical idea sometimes or some gut feel ideas or some market research ideas but build this list of all the campaign ideas that you can which will enable you to actually prove to the market and build and prioritize that many people use what is called as an ice framework IEC it stands for you know impact how much impact can it make confidence and how easily can you build it you don't want to build a big experiment and fail at it you build some tiny experiments I trade that measure that see if it works it doesn't work if it work then how do you repeat that and rinse it but the big question people ask me one time is how many times do you have to do this how many experiment does it take to scale well it depends on your product and the market and this is a great example like in Twitter initially when they were doing just a few tests or even like less than one test in a week week they are doing some results but when the product team actually grow team actually migrated the strategy to do maximum amount of tests per week the growth curve increase and I don't think we have time to talk about what kind of experiments it's run but you can find all this information once you get into that uh the most important part of growth hacking or the journey is optimization you have to optimize and know when to optimize and how to optimize because something Fair like you are having 0.1 persons of conversion rate that's not the end of it you need to know how you're going to increase that conversion what impact can you bring with conversion and there is no limit to the conversion it's all it's based on your addressable market and how much you can actually achieve from the conversion points lastly how do you measure this you know in the product well people call this as pyrate metrics in one word or not star metrics it's actually too many metrics around but pick what is most important for measuring the impact of that experiment how do you measure the impact of your experiment how do you mention that it actually created impact for your users or those iteration for the experiment super super important but there's so many standards of analytics that you can build today readily using several tools online that's about it uh I I kept it short enough because I think we're running five minutes behind already but if you guys have any questions and wanted to actually talk about more or use me as a sounding board to run off one of your shitty experiments I'm happy to do that anytime thanks a lot and I want to thank Denver I think I've been to so many conferences but this is the amazing confidence for my life thank you and thanks to all of you for patient listening thank you [Applause]