2018 Taiwan Growth Hacker Annual Conference: Fan Bing talks about growth hacking, pursuing user growth is also a process of cognitive improvement
Time flies, but I still remember that the 2017 Taiwan Growth Hacker Annual Conference just ended, and in the blink of an eye, the 2018 Growth Hacker Annual Conference ushered in.
This Taiwan Growth Hacker Annual Conference invited “Growth hackers: the new talents most needed in the next ten years, using low-cost creative thinking and analysis technology to double the user, traffic and revenue growth of startups (opens in a new tab)” Fan Bing, author of the book, gave a speech titled “The Best Combination of Growth Hacking Theory and Practice”. In addition to sharing information from the front lines of the Chinese market, the meeting also focused on actual cases close to the Taiwan market.
My personal definition of Growth Hacking (opens in a new tab) is that an innovative team uses technical means to obtain spontaneous growth of market operation technology based on data analysis.
In addition to publishing “Growth Hackers (opens in a new tab)”, Fan Bing has also been quite active in the field of growth hacking in recent years. In addition to continuing to write related articles, he also launched “Growth Hacking Introductory Training Camp (opens in a new tab)” in 3 classes. This year, the “Growth Officer Research Institute (opens in a new tab)” was also established, which can be called a media-based think tank.
“Growth Officer Research Institute (opens in a new tab)” educates the market and builds the brand by outputting content related to Growth Hacking on the front end, and at the same time attracts traffic for subsequent service monetization. In June 2018, it had received a multi-million yuan angel round of financing led by Gao Zhang Capital. According to 36kr’s report (opens in a new tab), this round of financing will be used for product construction, including increasing the frequency of content output and preliminary attempts at commercialization.
He mentioned that “Growth Officer Research Institute (opens in a new tab)” has already had two rounds of financing in just six months, with a valuation reaching tens of millions of yuan.
Why I wrote this book “Growth Hacking (opens in a new tab)” is actually a coincidence. I got a personal computer when I was very young. After I got tired of playing with it, I started to teach myself programming. I even sold the programs abroad. I also started to take outsourcing jobs in college and became a full-stack engineer.
Fan Bing is also a blogger (opens in a new tab). He shares new software knowledge at home and abroad on the blog “Synchronic Control”. He believes that the hardware itself is not valuable, but the business thinking of the software is more valuable. He published a total of 532 original articles and spent a very fulfilling college period.
Later, after graduating from college, he joined Shanda Network and worked as a product manager. He joined Shanda Innovation Institute at that time and was engaged in the research and development of many future strategic products. The most famous product is undoubtedly WiFi Master Key (opens in a new tab).
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Fan Bing takes stock of his growth stages. He has switched between technicians, programmers, bloggers and product managers. From the current perspective, he can be regarded as a slash young man (opens in a new tab). In 2015, he moved from Shanghai to Beijing to start a business. He and his friends launched an app called “Gao Neng Miao”. The product also experienced the process from 145 million yuan to surviving the capital winter, the valuation dropped to 50 million, and finally the team was acquired.
Later, his works published on the Internet were noticed by a publishing house, and he had the opportunity to publish “Growth Hacker (opens in a new tab)”. Although this is my first time writing a book and I don’t have a lot of experience, I have put a lot of effort into it and have written different versions. Looking back now, he humbly expressed that he was very lucky that the book was quite popular among readers, so the market response was very good.
Fan Bing used a growth hacker’s mindset to write this book, inserting data, charts or pictures every 700 words. When writing this book, he also retained English names, terms, and proper nouns, while adding subtitles and list structures for easy scanning. In addition, he also added proverbial phrases of wisdom, photos and manuscripts to enhance the sense of presence, and of course also included reference links and citations.
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Beginning in August 2015, the concept of “growth hacking” began to be introduced into China. You can see the clues from Baidu’s search popularity trends. This year, perhaps due to the recession, everyone began to pay attention to the development of growth hacking.
Companies in Beijing, Shanghai, and Hangzhou have begun to set up “growth”-related positions, and the salaries offered are also very high, with annual salaries ranging from 600,000 to 800,000 yuan.
Since he has now started to run a company, he has a deeper understanding of growth thinking: the process of user growth for startups is also a process of cognitive improvement.
Image source: Wang Xinwen | Crossing the Valley of Despair (opens in a new tab)
He also quoted Meituan Wang Huiwen’s statement during the meeting (https://mp.weixin.qq.com/s/PaWsAFYRtwPtNCX21M5ogg?fbclid=IwAR2I0xjJnfvxcbh2ubUd (opens in a new tab) wXjeEV8qW5xt4Bf4ThklGp9zSIzUKwbAXb3Nrbg), “The important responsibility of a responsible founder is to push employees from the peak of ignorance to the valley of despair. As for whether you can climb back to the slope of enlightenment, it depends on your personal destiny!”
When it comes to growth, not every company is created equal.
The horizontal axis is the ability to scale content output, and the vertical axis is the ability to scale consumption channels.
As the saying goes, “there is no master in everything,” in fact, the teams that best implement the concept of growth hacking are those that are willing to keep trying, practicing, and making mistakes. At this conference, he specifically cited the case of Didi Taxi’s dominance in China to share:
In the “Guang Ji Liang” stage, we first attract new users by spending a lot of money, competing for territory, using red envelopes for rides, invitations and then sending them, etc. When it entered the “building a high wall” stage, Didi Taxi began to compete with Uber on two things. First, it received investment from Tencent, which allowed it to send red envelopes and advertise through WeChat. Second, Didi also received investment from Weibo, so many of Uber’s promotions were hindered. As for the final stage of “slowly becoming king”, Didi Taxi has become the market leader, but how can it compete with traditional taxi companies? The strategies they adopt are layered operations and customized services, such as launching private car membership levels, one-click rescue and other services.
What kind of companies are suitable for growth hackers to intervene? Fan Bing pointed out:
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The start-up team does not need to set up a dedicated growth hacker role, but everyone in the early stage must have a growth hacker mindset.
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Full-time positions are more suitable after Series A.
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Growth Team (Growth Team) is more suitable to be started by “virtual group” method and strive for “Quick Win”.
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When multiple teams collaborate, independent manager roles need to be set up.
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The biggest obstacle is (unconsciously) self-imposed limitations.
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Growth hacking is not a silver bullet. Don’t ignore other necessary links and roles in running a business because of this.
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The familiar AARRR model (opens in a new tab), after years of testing, everyone has begun to feel that retention is very critical and important, and should even be put first.
He cited the case of “Uboche Valet Parking App (opens in a new tab)” to show how to use data to discover growth opportunities. First of all, the industry found that valet parking has greater business opportunities in the B2B field, so it cooperated with high-end car dealers such as BMW, which not only promoted the growth of high-end membership in shopping malls, but also saved customers 41 minutes each time, in other words, increased shopping time by 25%.
The most popular one in mainland China now is Fission Marketing (opens in a new tab). For example, the popularity of payment for knowledge in recent years has led to the rise of fission marketing, which can achieve great benefits in acquiring customers. For example, Chaos University or Get are very familiar with this method. They send out beautiful admissions posters through WeChat, and users can share the posters to their circle of friends. As long as someone scans the QR Code on the poster and purchases the course, the original user can get discounts or benefits such as price reductions.
Of course, there is a set of group control technology behind Fission. The typical user profile of Fission Marketing (opens in a new tab) is also quite clear: for projects with tens of millions of revenue, 60% to 70% are women. Focusing on the market between 30 and 45 years old (young mature women), the interesting thing is that this group of people may not care about feathers so much and are easily influenced by small profits or interesting things.
Finally, Fan Bing suggested that everyone think about something, that is, “pessimists are often correct, but optimists are often successful.” Even though we are entering a capital winter, as long as everyone can have the mentality of thinking about the end result, don’t do things that are not worth doing, and coupled with the technology and techniques of growth hackers, there is a chance to achieve success!
“Taiwan Growth Hacker Annual Conference” Fan Bing: The best combination of growth hacking theory and practice (opens in a new tab) from awoo Bros. Internet, Inc. (opens in a new tab)
★ Master “2016-2018 Taiwan Growth Hacker Annual Conference Essence Lazy Pack” in one hand!
★ Do you want your copywriting to be liked by more people? Come and watch “Slow Reading and Understanding in Seconds (opens in a new tab)”.
★ To improve your content power, please don’t miss the online course “Content Power: The Super Power of Building Brands (opens in a new tab)”
★ Photo Credit: Vista (opens in a new tab)
Further reading
- 2018 Taiwan Growth Hacker Annual Conference: Growth hacking emphasizes accumulation from one to a hundred, and only by doing it can you get everything
- 2018 Taiwan Growth Hacker Annual Conference: “Pinecone Shopping” has suddenly emerged, and the key to success lies in the introduction of artificial intelligence
- 2018 Taiwan Growth Hacker Annual Conference: To face the second half of the Internet, you must know about “fission marketing”
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Vista Cheng speaks and runs workshops on AI workflows, writing and content systems for companies, schools and public agencies.
