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Acquisition Strategy Chat: Brian Balfour and Georgina Hill
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In this session from the 2018 edition of Amplify, Amplitude’s annual product conference, product thought leaders Brian Balfour and Georgina Hill discuss user acquisition strategy. Brian is a founder and CEO at Reforge and the former VP of Growth at HubSpot. Georgina is VP of Growth at Weebly, which was acquired by Square. As you’ll learn, their top three takeaways include: - Acquisition is governed by three laws: law of habit transition, law of product channel fit, law of model channel fit. - Acquisition is getting harder! - Acquisition is getting harder, but there are still several strategies that companies can put in place to improve it. Learn more about how Amplitude can help you build better digital products and experiences: https://amplitude.com #customeracquisition #productledgrowth #amplitude Learn more: https://amplitude.com https://amplitude.com/blog Stay connected: https://www.linkedin.com/company/amplitude-analytics https://twitter.com/Amplitude_HQ https://www.g2.com/products/amplitude-analytics About us: Amplitude is a leading digital analytics platform that helps companies unlock the power of their products. Nearly 2,500 customers, including Atlassian, NBCUniversal, Under Armour, Shopify, and Jersey Mike’s, rely on Amplitude to gain self-service visibility into the entire customer journey. Amplitude guides companies every step of the way as they capture data they can trust, uncover clear insights about customer behavior, and take faster action. When teams understand how people are using their products, they can deliver better product experiences that drive growth. Amplitude is the best-in-class analytics solution for product, data, and marketing teams, ranked #1 in multiple categories by G2. Learn how to optimize your digital products and business at https://amplitude.com.
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Introducing Georgina Hill
Georgina Hill, VP of Growth at Weebly, shares her journey and experiences in growth strategy. She discusses Weebly's mission to empower entrepreneurs and the significance of their recent acquisition by Square, setting the stage for her insights on user acquisition.
"so what I'd like to do next is welcome George inna Hill VP of growth at we believe now part of square she's going to talk a little bit about some of her experiences of growth across Weebly and Square ..."
Introducing Georgina Hill
Georgina Hill, VP of Growth at Weebly, shares her journey and experiences in growth strategy. She discusses Weebly's mission to empower entrepreneurs and the significance of their recent acquisition by Square, setting the stage for her insights on user acquisition.
"so what I'd like to do next is welcome George inna Hill VP of growth at we believe now part of square she's going to talk a little bit about some of her experiences of growth across Weebly and Square ..."
Weebly's Evolution and Mission
Georgina provides an overview of Weebly's history, highlighting its pioneering role in drag-and-drop website building. She emphasizes the company's focus on supporting entrepreneurs from idea to growth and the impact of its acquisition by Square on their mission.
"[Applause] [Music] welcome all right why don't we kick it off why don't you talk a little bit about sort of your professional journey as well as kind of when you joined Weebly and sort of the last cou..."
Georgina's Growth Journey
Georgina Hill recounts her professional journey from a music major to a software engineer and product manager. She highlights her transition to working with startups and her hands-on approach to growth at Weebly, emphasizing the importance of building a growth culture and the initial challenges faced.
"[Applause] [Music] welcome all right why don't we kick it off why don't you talk a little bit about sort of your professional journey as well as kind of when you joined Weebly and sort of the last cou..."
Building a Growth Culture
In this segment, Georgina discusses the importance of establishing a growth culture at Weebly. She shares her strategies for overcoming resistance to A/B testing and how building a robust testing infrastructure helped the team gain confidence and traction in their growth initiatives.
"when I joined I was the growth team so it was very hands-on and I think it was a bit of an experiment to see if we could get this thing called growth working at the company so I was basically given yo..."
From Music to Growth: Georgina's Journey
Georgina recounts her unique professional journey from being a music major to becoming a software engineer and product manager. She shares her experiences in both large media companies and startups, leading to her role at Weebly and the establishment of a growth team.
"as you mentioned were acquired by square about six months ago that's great and we're very similar missions focused on helping entrepreneurs succeed and economic empowerment and now we're focused on bu..."
Understanding Acquisition Dynamics
Georgina explains the evolution of Weebly's acquisition strategy, detailing how the product's initial organic growth shifted to a focus on paid channels due to increased competition. She emphasizes the importance of understanding the customer journey and identifying leverage points in the acquisition funnel.
"get some traction and we started to running running a lot of tests and was really able to grow out the team from there so now the team is a combination of growth marketing product marketing and growth..."
Building a Growth Culture at Weebly
Georgina discusses the initial challenges of establishing a growth team at Weebly, including resistance to A/B testing. She explains the importance of creating a culture of growth, investing in testing infrastructure, and reframing failure as a learning opportunity.
"when I joined I was the growth team so it was very hands-on and I think it was a bit of an experiment to see if we could get this thing called growth working at the company so I was basically given yo..."
Evolving Growth Strategies
This segment covers the strategic decisions made by Georgina and her team regarding their growth channels. She discusses the transition from word-of-mouth to paid marketing, the complexities of a freemium model, and the importance of aligning product features with user needs to drive growth.
"hypothesis fair in one example specific example was homepage and that our product appealed to a whole bunch of these different segments so we'd make a change you know to appeal to some of the segments..."
Understanding Acquisition Strategies
Georgina delves into the evolution of Weebly's acquisition strategy, highlighting the shift from organic growth to paid channels. She emphasizes the importance of understanding the product's market fit and the need to adapt strategies based on competitive dynamics.
"get some traction and we started to running running a lot of tests and was really able to grow out the team from there so now the team is a combination of growth marketing product marketing and growth..."
Optimizing the User Journey
Georgina explains how Weebly focused on optimizing the user journey, particularly onboarding for new users. She discusses the balance between catering to super users and simplifying the experience for newcomers, which ultimately led to increased growth.
"hypothesis fair in one example specific example was homepage and that our product appealed to a whole bunch of these different segments so we'd make a change you know to appeal to some of the segments..."
Navigating Freemium Challenges
The discussion shifts to the challenges of a freemium business model, where Balfour outlines the long conversion times and the need for effective paid marketing strategies. He introduces the concept of 'qualified sign-ups' to optimize marketing campaigns.
"other channels that would be more would just be different right and sort of layer on those new waves of growth you mentioned that previously so you you the evolution was kind of initially word-of-mout..."
The Role of SEO in Growth
Georgina highlights the significance of SEO as an organic growth channel for Weebly, particularly in the context of their freemium business model. She addresses the complexities of conversion timelines and the strategies employed to enhance user acquisition.
"mentioned that previously so you you the evolution was kind of initially word-of-mouth and then sort of evolved to paid marketing and I see maybe talk a little bit about like how did you make those st..."
Developing Predictive Metrics for Conversion
Balfour elaborates on the analysis behind developing a scoring model for potential customers based on their actions within the product. He discusses the complexities of a non-linear funnel and the importance of identifying leading indicators for conversion.
"they would provide value in terms of word-of-mouth so when we're thinking about paid we couldn't do this sort of traditional like growth tactic of you you run the campaign and it's based on engagement..."
Optimizing Paid Marketing Strategies
Balfour explains the challenges of traditional paid marketing tactics for freemium products. He introduces the concept of 'qualified sign-ups' (QSU), a metric developed to identify users with a higher propensity to convert, allowing for more efficient campaign optimization.
"word-of-mouth so when we're thinking about paid we couldn't do this sort of traditional like growth tactic of you you run the campaign and it's based on engagement objectives and you can figure out th..."
Learning from Past Acquisition Strategies
Reflecting on his experiences at various companies, Balfour shares successful acquisition strategies, including leveraging user behavior and optimizing content sharing on platforms like Tumblr and Facebook to drive growth.
"complex model to be able to score them okay and and of course we've Lee isn't the only company you've worked at maybe talk a little bit about some of the acquisition strategies or how they evolved and..."
Adapting to Competitive Landscapes
Balfour discusses how Weebly adapted its growth strategy after being acquired by Square. He emphasizes the importance of finding leverage points and utilizing the existing user base to enhance acquisition efforts in a competitive market.
"do you tap into that I love those two examples because they're they're perfect examples of the law of habit transfer like figuring out where they have to have it and how you plug into it and of course..."
Analyzing Conversion Predictors
Balfour discusses the analytical methods used to identify leading indicators of conversion for their freemium model. He describes the use of regression analysis and tree analysis to develop a scoring model that tracks user actions within the product, adapting over time to improve conversion rates.
"mean talk a little bit more about that so it sounds like you wanted to speed up the iteration to get paid marketing working and so you ended up identifying the leading predictor to paying what did tha..."
Leveraging Acquisitions for Growth
In the final segment, Balfour highlights the opportunities that arise from acquisitions, such as cross-selling to existing user bases. He underscores the strategic advantages that come with being part of a larger organization like Square.
"some of those channels so kind of like the chart that you showed with the higher kind of jack with paint it's definitely something that you have to be thoughtful about yeah so one of things I mentione..."
Growth Strategies from Past Experiences
Reflecting on his diverse experiences, Balfour shares successful acquisition strategies from previous roles, including leveraging user behavior on platforms like Tumblr. He emphasizes the importance of understanding target user behaviors to create effective growth loops.
"okay and and of course we've Lee isn't the only company you've worked at maybe talk a little bit about some of the acquisition strategies or how they evolved and some of your previous companies as wel..."
Leveraging Social Media for Growth
Balfour recounts his experience with a fashion brand in Latin America, where he utilized Facebook's algorithm to optimize engagement and build a substantial following. He highlights the significance of understanding platform dynamics to tap into audience behaviors effectively.
"back of tumblr that was pretty good for us yeah another company that I worked for it was a fashion brand on Latin America and a behavior there for that audience was they were super social so we decide..."
Creating a Safe Space for Users
Georgina Hill reflects on Weebly's strategy to create a safe online environment for users, particularly targeting teenage girls. By focusing on positive engagement and avoiding negative interactions, Weebly cultivated a loyal user base that contributed to organic growth.
"through paid and then also you know a lot of squirts business is driven off of payments so that gives us the opportunity to really think about a business model and so that can also help unlock opportu..."
Freemium Impact on Acquisition Strategy
Balfour discusses how the freemium model influences acquisition strategies, particularly in identifying the right user segments for paid marketing. He stresses the need for thoughtful targeting to ensure effective channel utilization amidst increasing competition.
"the Facebook algorithm like how how would you approach that if or how do you approach that when you're evaluating a new channel and trying to figure out you know how it works you know what do you go t..."
Finding Your Point of Strength
Brian Balfour emphasizes the importance of identifying a company's unique strengths in user acquisition. He warns against the scattergun approach often seen in startups and advocates for a focused strategy that leverages core competencies.
"and engagement and retention so I think you really want to figure out what is that point of strength that you can really hone in on and use this leverage yeah so I love the concept a point of strength..."
The Challenge of Strategic Focus
Georgina Hill discusses the complexities of determining a strategic focus for growth. She shares insights on how Weebly and other companies reassess their strengths post-acquisition to adapt to changing market dynamics.
"decide so I'm interested in how that conversation or how that decision happened to it sounds like in we beliefs case double down on commerce right or and we heart its case sort of really double down o..."
Finding Leverage in Competitive Markets
In this segment, Balfour talks about Weebly's acquisition by Square and how it opened new growth opportunities. He emphasizes the importance of leveraging existing user bases and cross-selling to enhance acquisition strategies in a competitive landscape.
"some of those channels so kind of like the chart that you showed with the higher kind of jack with paint it's definitely something that you have to be thoughtful about yeah so one of things I mentione..."
Creating a Safe Space for Users
Georgina Hill reflects on Weebly's strategy to create a safe online environment for users, particularly targeting teenage girls. By focusing on positive engagement and avoiding negative interactions, Weebly cultivated a loyal user base that contributed to retention and word-of-mouth growth.
"through paid and then also you know a lot of squirts business is driven off of payments so that gives us the opportunity to really think about a business model and so that can also help unlock opportu..."
HubSpot's Persona Analysis
Brian Balfour recounts HubSpot's pivotal decision to focus on mid-market companies through a detailed persona analysis. He illustrates how this strategic choice streamlined product development and acquisition efforts, showcasing the impact of targeted decision-making.
"is where a point of leverage is now yeah so we had this that you know there's actually an HBS case study written about this where HubSpot had to go through a very similar thing about three years into ..."
Navigating Attribution Challenges
Georgina Hill shares Weebly's journey in developing a robust attribution model. She explains the transition from third-party solutions to a custom multi-touch attribution system, highlighting the importance of understanding causation versus correlation in marketing efforts.
"entire model and you know from product model Channel makes it hard is there's no real formula for it yes it's one of these messy discussions exactly if you get it right then everything else everything..."
Finding Your Point of Strength
Brian Balfour emphasizes the importance of identifying a company's unique point of strength in the competitive landscape. He warns against spreading resources too thin and advocates for a focused approach to leverage strengths effectively in user acquisition.
"and engagement and retention so I think you really want to figure out what is that point of strength that you can really hone in on and use this leverage yeah so I love the concept a point of strength..."
The Long Road to Attribution Confidence
Georgina Hill discusses the nine-month journey to establish a reliable attribution model at Weebly. She emphasizes the need for a comprehensive approach that considers multiple perspectives to ensure accurate measurement of marketing effectiveness.
"into redshift and then work with our analytics and data science teams to build out our own model but then we also run a lot of incrementality tests really to get into kind of causation versus correlat..."
The Challenge of Defining Strengths
Georgina Hill discusses the complexities of determining a company's point of leverage, particularly after significant changes like acquisitions. She shares insights on how understanding user behavior can guide strategic decisions in growth and acquisition.
"decide so I'm interested in how that conversation or how that decision happened to it sounds like in we beliefs case double down on commerce right or and we heart its case sort of really double down o..."
HubSpot's Persona Analysis
Brian Balfour recounts HubSpot's experience with persona analysis to identify their target market. He explains how focusing on mid-market companies became a pivotal decision that streamlined product development and acquisition strategies, illustrating the impact of targeted decision-making.
"is where a point of leverage is now yeah so we had this that you know there's actually an HBS case study written about this where HubSpot had to go through a very similar thing about three years into ..."
Building a Cohesive Growth Team
Georgina shares insights on structuring Weebly's growth team, which integrates growth marketing, product marketing, and growth product functions. She explains how collaboration across these teams fosters a holistic approach to customer value, driving better results than siloed efforts. The discussion highlights the significance of diverse perspectives in achieving innovative growth strategies.
"and so I just want to repeat so it wasn't you know you went with one tool or one model it was really this exercise of well let's look at it from multiple angles right to understand different perspecti..."
Key Milestones in Growth Strategy
In this segment, Georgina reflects on the evolution of Weebly's growth strategy, detailing the key milestones from a single growth product focus to a comprehensive marketing approach. She emphasizes the importance of achieving initial wins before expanding efforts, providing practical advice for organizations starting their growth journey, particularly in a data-driven environment.
"young it's worked well for us yeah I mean I think it comes even more important where I feel in specifically in acquisition I feel like so much of acquisition strategy is becoming more technical more d..."
Navigating Attribution Challenges
Georgina Hill addresses the complexities of attribution in marketing, detailing Weebly's transition from third-party solutions to a custom multi-touch attribution system. She explains the importance of triangulating data to understand growth drivers and the need for continuous model adjustments.
"entire model and you know from product model Channel makes it hard is there's no real formula for it yes it's one of these messy discussions exactly if you get it right then everything else everything..."
The Journey to Confident Attribution
Georgina Hill shares insights into the nine-month journey Weebly undertook to establish a reliable attribution model. She emphasizes the importance of a multi-faceted approach to understanding marketing effectiveness and the iterative process of refining their strategies.
"data but we basically all pipe it all into redshift and then work with our analytics and data science teams to build out our own model but then we also run a lot of incrementality tests really to get ..."
Building a Cohesive Growth Team
Georgina shares insights on structuring Weebly's growth team, which integrates growth marketing, product marketing, and growth product functions. She explains how collaboration across these areas leads to better customer value delivery and maximizes growth potential, stressing the importance of diverse perspectives in driving innovation and achieving a global maxima in growth strategies.
"and so I just want to repeat so it wasn't you know you went with one tool or one model it was really this exercise of well let's look at it from multiple angles right to understand different perspecti..."
Key Milestones in Growth Strategy
In this segment, Georgina reflects on the evolution of Weebly's growth strategy, detailing the key milestones from starting with a growth product focus to expanding into product marketing and lifecycle marketing. She emphasizes the importance of achieving early wins in one area before scaling efforts, providing practical advice for organizations beginning their growth journey.
"young it's worked well for us yeah I mean I think it comes even more important where I feel in specifically in acquisition I feel like so much of acquisition strategy is becoming more technical more d..."