Title: Growth Hacking, with Turo’s Anna Cheng
Session context
- Format: Masterclass + live Q&A with screenshare examples
- Speaker: Anna Cheng, Head of Marketing at Turo (car-sharing marketplace); ex-Spaceship (3rd employee), ex-HealthMatch
- https://www.linkedin.com/in/annaqcheng/
- Key achievement: Built 40k waitlist → $100M AUM in 4 months at Spaceship
Core growth framework: Full-funnel thinking
| Traditional Marketing | Growth Marketing |
|---|---|
| Top-funnel focus (awareness, acquisition) | Full-funnel: Acquisition → Activation → Retention → Revenue → Referral |
| Team of specialists | Cross-functional: marketing + data + product + engineering |
| Linear metrics (downloads, sales) | Trend analysis (WoW, MoM growth rates) |
The flywheel effect: Each stage feeds the next; happy users refer more users, creating compound growth
Growth fundamentals (3 pillars)
- Product-market fit: Stop feeling like pushing a boulder uphill; users beg for features
- Activation: Get users to core value as quickly as possible (remove friction)
- Retention: Help users experience core value as often as possible
Customer research framework
| Research Type | Key Questions | Why It Matters |
|---|---|---|
| Jobs-to-be-done | ”What are you hiring this product for?” | Reframes competition (Uber vs. walking/taxi/public transport, not just Lyft) |
| Pain points | ”What are your biggest challenges?” | Identifies messaging hooks |
| Behavior | ”Walk me through the last time you…” | Shows actual vs. stated behavior |
| Language | ”How would you describe this to a friend?” | Gets customer’s words for your copy |
Pro tip: Phone/Zoom > surveys for follow-up questions and nuance
Idea prioritization: ICE framework
Rate each idea 1-10 on:
- Impact: How much will this move the key metric?
- Confidence: How sure are you it will work?
- Ease: How much time/money/resources needed?
Analytics foundation (critical for growth)
- Central data system: Segment, RudderStack to pipe data everywhere
- Track every step: Email sent → opened → clicked → landing page → form click → form submit
- Find drop-offs: Biggest conversion killer = highest priority fix
- Example: Spaceship saw 20% conversion boost by adding tooltip for tax file number field
19 Growth channels (Bullseye Framework)
| Channel | Best For | Key Insight |
|---|---|---|
| Viral/Referral | B2C, network effects | Must hit 3 metrics: Acquisition + Activation + Retention |
| Targeting Blogs | Niche B2C, B2B | Leverage existing trust vs. building your own |
| PR/Publicity | Trust building | Need repeatable angle, not just funding announcements |
| Search Engine Marketing | High-intent capture | Limited by search volume; great for existing demand |
| Social/Display Ads | Brand awareness | Lower intent than search |
| SEO | Long-term, cost-efficient | ”Owning vs. renting” - compound returns |
| Content Marketing | B2B thought leadership | Pairs well with SEO |
| Engineering as Marketing | B2B lead generation | Tools/calculators that provide value (HubSpot Website Grader) |
| Affiliate Programs | Performance-based | Only pay for conversions |
Golden rule: Focus on 1-2 channels, not 19. Most successful companies grew primarily from one channel.
Spaceship case study: 40k waitlist → $100M AUM
The viral waitlist mechanics:
- Enter email → “You’re in group 36”
- Complete profile + verify mobile → “Now you’re in group 26”
- Each referral = 5 groups up → “5 referrals gets you to group 1 (early access)”
Why it worked (consumer psychology):
- FOMO: Limited spots, group progression
- Social proof: Showing tweets from excited users
- Gamification: Clear path to “win” (early access)
- Ease: Pre-written share messages, one-click posting
Trust-building tactics:
- Mike Cannon-Brooks (angel investor) in ads
- Portfolio company logos people recognized
- Photoshopped user faces on planets → natural retweets
- Hand-written notes with swag to 5k+ follower users
- Events with known speakers (Jane Lu brought 400 attendees)
Core insight: Consumer psychology hasn’t changed in thousands of years (FOMO, social proof). Only our ability to reach people has changed. Apply timeless psychology through modern channels.
Key takeaways for early-stage founders
- Start with customer insights: Survey continuously, use their language
- Build analytics foundation early: Track every funnel step to find bottlenecks
- Focus on one channel: Do it world-class vs. spreading thin
- Leverage existing trust: Partner with established brands/influencers vs. building from scratch
- Test with MVPs: Waitlist before product, landing page before building
- Think psychology first: What motivates your user to take action?
AI and SEO opportunity
Current AI search is easy to game - create branded review pages, optimize for AI overviews. “It’s like 2008 SEO all over again” - early movers will compound advantages.
Selected Q&A highlights
| Topic | Takeaway |
|---|---|
| Channel vs. message testing | Test messaging within each channel; stay consistent on core use cases |
| AI replacing SEO | AI search is nascent but growing; now is the time to optimize (like 2008 SEO) |
| Community building | Don’t use for acquisition - too much work. Use existing communities instead |
| Data visualization tools | Mixpanel, Amplitude, Hotjar - focus more on central data management system |
Final advice: Nothing in marketing is truly new. Master timeless psychology, apply through modern channels, and measure everything.