In today’s Product Prompts you’ll learn:
how to use ChatGPT to create a detailed growth hacking plan
what the new ChatGPT API really means for products
how to create personalised content for your brand
how to chat with your PDFs
and more 👇
I’m Martin of Product Prompts. I’ve co-founded multiple startups (fintechs) and led corporate ventures, and now offer product strategy consultancy services, including helping forward-thinking clients with the knowledge, tools and training to figure out their AI strategy for their products and internal workflows. Get in touch to learn about how I could help you.
💬 PROMPT DEEP-DIVE: CREATE A GROWTH HACKING PLAN
Growth hacking is a term that refers to marketing strategies focused solely on the growth of a company. It’s about coming up with innovative ideas and testing them to see what works best. It can help you gain and retain new customers for your app by using data and analytics to develop effective techniques.
Non-marketers (like me) often need to devise a growth hacking plan. I needed to do it for this newsletter in fact, and that’s where ChatGPT came to my assistance. I think it’s most effective when you use your creativity and wits in a resource-light and cost-effective way, and ChatGPT can be our growth hacking intern / coach for just that!
And it turned out to be one of my most surprisingly effective use cases 🥁
You are an expert growth hacker. Use the following structure to create a growth hacking plan for my hotel booking app. Work through this one section at a time, asking me any questions you need to be clarified in order to generate a response.
1) Evaluate current marketing initiatives. Do a full audit that determines your best sources of leads, traffic, and page views. Figure out which channels are working for you.
2) Set achievable goals. Determine where you'd like to improve these numbers and start to think about how you can do so.
3) Plan experiments to test your hypotheses. Come up with two, three, four, or twelve ways of testing your theories, and how you can reach your goals.
Do you understand your role and these instructions?
Yes, I understand. As a growth hacker, my role is to evaluate your hotel booking app's current marketing initiatives, set achievable goals, plan experiments to test hypotheses, and document the winning results to improve your app's growth.
Ok so rather than merely starting off with a basic “make a growth hacking plan for my app” prompt, we’ve clarified up front exactly what we’re looking for.
Pro tip: Just as importantly, we’re getting ChatGPT to ask us the questions it needs to give the best responses, instead of us having to use follow-up prompts.
Great! To begin with, can you tell me a bit about your hotel booking app? Who is your target audience, what features does your app offer, and what are your current marketing initiatives? This information will help me evaluate your current marketing initiatives and determine your best sources of leads, traffic, and page views.
Target audience: young couples with children
Features: Pay by installments; Child-friendly hotels and locations; non-touristy hotels
Current marketing initiatives: Google ads; daily Instagram posts; Word of mouth
Thank you for sharing the information about your hotel booking app. Based on this, I would like to conduct a full audit to determine your best sources of leads, traffic, and page views.
Here are a few questions that will help me evaluate your current marketing initiatives:
What is your target Cost Per Acquisition (CPA)?
What is your average conversion rate for your Google ads and Instagram posts?
What is your customer lifetime value (CLV)?
What is your app's churn rate?
These metrics will help me determine the effectiveness of your current marketing initiatives and identify areas for improvement.
1. CPA: £25
2. Conversion rate: Google ads 3%; Instagram posts 1%
3. CLV: £2,500
4. Our retention rate is 31%
Thank you for providing this information. Based on this, I have conducted an audit of your current marketing initiatives and identified the following best sources of leads, traffic, and page views:
Google Ads: With a conversion rate of 3%, Google Ads seems to be one of your best sources of leads and traffic. However, the CPA of £25 seems a bit high. We need to optimize the ad campaigns to improve the conversion rate and reduce the CPA.
Instagram posts: Although Instagram has a lower conversion rate of 1%, it's still generating traffic to your website. However, we need to explore ways to improve the engagement rate on your Instagram posts to increase the conversion rate.
Word of mouth: Word of mouth is a great way to generate leads and traffic, but it's difficult to measure. However, we need to encourage happy customers to refer their friends and family to your app. One way to do this is by offering a referral program.
Based on this audit, we need to set achievable goals to improve these numbers. What are your goals for your hotel booking app?
We'd like to acquire 20,000 users over the next 3 months, which is a 40% increase over the last quarter, and materially reduce our churn rate.
Great! Based on your goals, we can now move on to planning experiments to test our hypotheses and achieve these goals. Here are a few ideas:
Google Ads Experiment: Since Google Ads is one of your best sources of leads and traffic, let's test different ad formats and keywords to improve your conversion rate and reduce the CPA. We can also try targeting more specific audiences, such as families with young children or users who have shown interest in child-friendly hotels.
Instagram Experiment: To increase the engagement rate on your Instagram posts, we can test different types of content, such as user-generated content, behind-the-scenes photos, and videos showcasing child-friendly hotels and locations. We can also try running Instagram ads to increase the reach of your posts.
Referral Program Experiment: To encourage happy customers to refer their friends and family to your app, we can test a referral program that rewards both the referrer and the referred user with discounts or other incentives. We can also experiment with different referral incentives and messaging to see what works best.
Email Marketing Experiment: Email marketing can be a powerful tool to retain users and reduce churn rate. We can test personalized email campaigns based on user behavior and preferences, such as reminding users of upcoming bookings or offering exclusive discounts for returning customers.
These experiments will help us test our hypotheses and identify the most effective strategies to achieve your goals. Let's plan these experiments in more detail and start testing.
OK! let's plan a referral program experiment.
Great! Let's plan the referral program experiment in more detail. Here are the steps we can take:
1) Define the referral program incentive: We need to determine the referral program incentive that will motivate users to refer their friends and family to your app. The incentive should be valuable enough to encourage referrals but not too expensive that it negatively impacts your CLV. We can test different incentives such as discounts on future bookings, cashback on referrals, or loyalty points.
2) Determine the referral program messaging: We need to come up with the messaging that will be used to promote the referral program. The messaging should be clear and concise, highlighting the benefits of the referral program and how users can participate.
3) Implement the referral program: Once the incentive and messaging are finalized, we can implement the referral program on your app. We can use referral program software to track referrals and automate the reward process.
4) Measure the results: We need to measure the results of the referral program to determine its effectiveness. We can track the number of referrals, the conversion rate of referrals, and the impact on your CLV.
5) Optimize the referral program: Based on the results, we can optimize the referral program to improve its effectiveness. We can experiment with different incentives, messaging, and placement of the referral program on your app.
Does this plan sound good to you? Let me know if you have any questions or concerns.
Can you suggest incentives and the messaging we could use?
Sure! Here are some referral program incentives and messaging ideas we can test:
Referral Program Incentives:
Discount on future bookings: Offer a discount code to both the referrer and the referred user, which they can use on their next booking.
Cashback on referrals: Offer cashback to the referrer and the referred user, based on the value of the referred user's booking.
Loyalty points: Offer loyalty points to the referrer and the referred user, which they can use to redeem rewards on your app.
Referral Program Messaging:
"Get £50 off your next booking for every friend you refer! Plus, your friend will get £50 off their first booking too!"
"Spread the love and get cashback! Refer your friends and get 5% cashback on their booking value, plus they'll get 5% off their first booking."
"Refer a friend and earn loyalty points! Earn 1000 points for every successful referral and use them to redeem exciting rewards on our app."
These are just some ideas, but we can customize the incentives and messaging to fit your brand and target audience. Let me know what you think!
🛠️ COOL NEW TOOLS
ChatPDF - Knowledge access
Talk with your PDF
Get on the waitlist
Typeface - Content creation
A generative AI app to create engaging, personalised content for work, faster and easier than ever before. Typeface has just emerged from stealth with $65M to bring generative AI to the enterprise. This looks like a genuine category-defining product.
Youtube - Creator tools
In the next few months YouTube is launching generative AI tools for their creators. Soon you’ll be able to virtually swap outfits and locations… that’s all we know at this stage!
🚨 BREAKING: THE CHATGPT API IS HERE
This is a BIG event. Yesterday OpenAI announced (sooner than many were expecting) the launch of the new ChatGPT API. But we’ve had access to the GPT-3 (less conversational) model for around 8 months (see the Roast My Startup Idea drop we did which uses that API), so how is this different?
Some of the benefits of ChatGPT API compared to GPT-3 API are:
It has lower costs - it’s one tenth of the cost! Crazy affordable.
It offers continuous model improvements and dedicated capacity options (so it should be more stable and reliable)
It supports multiple languages
It integrates with other OpenAI products, such as Whisper API for speech recognition.
The Whisper API was in fact revealed at the same time. Some potential use cases could be:
Creating voice assistants that can understand natural language commands
Transcribing podcasts, videos, lectures, interviews, etc. into text for accessibility or analysis
Translating speech from one language to another for communication or learning purposes
Generating captions or subtitles for video content
And taking this one step further, by combining the Whisper API with ChatGPT, you could be:
Creating voice assistants that can understand natural language commands and generate relevant responses or actions
Transcribing podcasts, videos, lectures, interviews, etc. into text and then summarising or analysing them
Translating speech from one language to another and then generating natural language feedback or suggestions
Generating captions or subtitles for video content and then enhancing them with humor, emotion, or personality
👀 Look out for Sunday’s AI Audit.
AI Audit - an analysis of AI growth opportunities for a well-known product.
Each week, in addition to the weekday newsletter like this one, I put myself in the shoes of a product team, ideate the generative AI opportunities and call out what I think would add the most value to the customers. Let me know if there’s a product you’d like to see featured.
📝 AI-DRIVEN INNOVATION WORKSHOPS
Every software company is about to become an AI company. So you need an AI product strategy. I’m now offering workshops for companies who want to figure it out fast, and to explore what AI means for their product and the business.
If you’re interested, reply to this email and let’s talk!
Thanks for reading, and happy prompting,