Bisq exchange growth experiments

Issues capturing ideas and experiments designed to grow Bisq.

See the #growthhacking channel in Slack.

Following structure is strongly inspired by Brian Balfour, Sean Ellis and many others.

Goals of our Growth Process

• Learning

  Constant learning of our customer, product, channels and feeding that learning into the process to improve.

• Rhythm

  
Momentum is powerful. Establish a cadence to fight through failures, get to successes, and find momentum.

• Autonomy

  
Individuals decide what they work on to achieve the OKR’s (Objectives and Key Results)

• Accountability

  With autonomy, comes accountability. You don’t have to be right all the time, but there is an expectation to improve to be eligible for compensation.

Zoom Out Phase

Happens roughly (every ~2-3 month).

Finding Levers

Goal is to find the highest impact area that we can focus on right now given limited resources.

Evaluate
To evaluate each goal we should think about following key points:

1. Baseline

2. Ceiling

3. Sensitivity Over Time

Set Goals/OKRs (Objective and Key Results)

OKR Principles

1. Inputs not outputs

OKR’s will never be set on the output, they will always be set on the inputs.

2. In our face

OKR’s will be displayed at a place, where we can’t forget them. Review daily and weekly.

3. Concrete

Goals will change mid-OKR VERY rarely.

Objective:

Define qualitative statement

e.g. „Make Virality a Meaningful Channel“
KR1: "1.5% Viral/Weekly Active User"
KR2: "2% Viral/Weekly Active User
KR3: "3% Viral/Weekly Active User

Timeframe: 30-90 Days

Explore Data

Qualitative, Quantitative and Intuition

1. Qualitative

User Surveys, 1 on 1 Conversations, User Videos, Forum, Arbitration Tickets

2. Quantitative

Google Analytics, Market API and other data sources we can access. Goal is to answer questions we don’t know about our user, product, or channel. Break it into pieces.

Find always new ways how to collect input from our customers without violating their right for privacy.

Continuous Weekly/Daily Process

We run a weekly growth meeting to foster this process.

1. Brainstorm

Never stop putting new ideas into our Backlog!

Inputs not Outputs

Focus on input not on the output parameters

1. Observe

   How are others doing it? Look outside of your immediate product space. Walk through it together.

2. Question

   Question brainstorming. Why? What is… What if… What about… How do we do more of…

3. Associate
   
Connect the dots between unrelated things. I.e What if our activation process was like closing a deal?

2. Prioritize

(Experiment issues in Backlog)

Prioritize considering following key parameters:

1. Probability

Low -20%, Medium - 50% or High - 80%

2. Impact

Comes from your prediction. Take into account long lasting effects vs one hit wonders.


Create a Hypothesis:

If successful, [VARIABLE] will increase by [IMPACT], because [ASSUMPTIONS].


Look at:

1. Quantitative
   (Previous experiments, surrounding data, funnel data
)

2. Qualitative
   (Surveys, forum, arbitration tickets, user testing recordings
)

3. Secondary
   (Networking, blogs, competitor observation, case studies

)

Create Experiment Issue
See issue template for guidance and inspiration.

3. Test

What do we really need to do to test our assumption?

Setting up a Minimal Viable Test

1. Efficiency

What is the least resource intensive way to gather data about the hypothesis?

2. Validity

The experiment must take into account how to get a valid result by designing a control group and required amount of data.

4. Implement

Get shit done.

5. Analyse

1. Success/Fail

Be prepared for a lot of failures.

2. Impact

How close have you been to your prediction?

3. Why?

The most important question you can ask: Why did you see the result that you did?



Update and close the issue as soon as you’ve finished analysing.

6. Systemize

This is all about how we could systemize our approach in growth.

1. Productize

Productize as much as you can with technology and engineering.

2. Playbooks

For the things you can’t productize, build into step by step playbooks to make them repeatable.