As home buying juggernaut and TCV portfolio company Zillow grew, it placed employee engagement and company culture at the forefront of its operations — even as it scaled and acquired large companies with their own cultures and moda operandi. While improving hiring and retention is a key part of any leader’s growth strategy, Zillow took it a step further by treating employee engagement as a central component to future growth.

In the latest episode of Growth Hacks, Katja and Kunal are joined by TCV Venture Partner Amy Bohutinsky, who worked at Zillow as CMO and later became COO, before joining the company’s board. Amy discusses why Zillow focused on employee engagement and treating employees like other companies do end customers as a driver for growth. She also walks us through her unique perspective on navigating operational challenges such as successful corporate mergers, and the metric she thinks more C-suite leaders should be paying attention to. In addition to Zillow, Amy serves on the boards of Modsy and Duolingo, and tells listeners about the issues that are top of mind in the boardroom.

Here’s what you’ll learn:

  • Why Zillow focused on product over marketing to drive early growth
  • Strategies for successfully merging companies post-acquisition
  • How shared values in a shared language build connective tissue between disparate teams
  • The most important metrics all C-suite leaders should be paying attention to
  • What corporate boards are most concerned with today

Please find the transcript below, which has been edited for brevity and clarity.

Katja Gagen: I’m thrilled to have Amy Bohutinsky with me today. Former CMO and COO of Zillow, a venture partner at TCV, and board member of Zillow, Duolingo, Modsy and many others. Amy your career has been highly unusual. You went from journalist to CMO, to COO reporting to boards, and now being on multiple boards yourself. We’re so excited to have you today. Welcome to Growth Hacks.

Amy Bohutinsky: Well, thank you for having me. I’m excited to be here.

Kunal Mehta: Well, thanks, Amy. Thanks for joining us. Where does this podcast find you today?

Amy Bohutinsky: It finds me in Seattle, hiding in my bedroom, which is the quietest place in the house right now, hoping my dog doesn’t bark in the middle of this.

Kunal Mehta: Awesome. And maybe you can tell us a little bit about yourself and how you got started in tech.

Amy Bohutinsky: Sure. I started my career as a broadcast journalist. And within a couple of years the first big tech boom was happening in San Francisco. I transitioned over to doing PR for tech companies and within a number of years, that broadened to a couple of different tech companies. From PR into marketing, I was on the ground floor at Zillow when it first started and over the next 14 years, went from PR to CMO to COO. Today I’m on the board of Zillow and a couple of other awesome companies.

Katja Gagen: And at Zillow, which is also a TCV company, you started with zero marketing budget. Tell us how you made things work.

Amy Bohutinsky: When we started Zillow, we started with let’s see if we can build a household name off of organic traffic. You know, here it was in 2005, we had all been in tech to see this first round of internet companies kind of boom and bust, many of them blowing a lot of money on expensive brand marketing before they had a fully proven out revenue model.

It was a point in time where we didn’t want that to happen. We wanted our venture capital dollars to stretch, but we also saw an opportunity to build a company in a really different way, which was to focus deeply on product. Product as the absolute best marketing we could have. So yeah, for many years there wasn’t a marketing budget. It was focused on product, and when I was CMO, we probably didn’t start spending significantly on the brand until about seven or eight years in and after we’d become a public company.

Kunal Mehta: I think the scrappiness and the growth hack of no budget is amazing. You know, a lot of our companies want to use PR and brand to generate demand, but they struggle with it. How did you guys make that successful?

Amy Bohutinsky: We were constantly asking ourselves not just is this what we think people want but is this something that we think people will talk about. Real estate is such a stress driven transaction. How do we make this fun and provocative and visual and exciting, and actually draw out some of the fun of looking into homes and dreaming about homes?

Acouple of key decisions we made. One was, we decided in the early days, instead of just putting a whole bunch of data about individual homes on a page about that home to empower people, what if we boil it down to one number? And we give it a snappy name and call it the Zestimate. We visually put that on top of every rooftop in America so that you can come on our site, and you can fly over rooftops and get an idea. And pop into any single home and say, what’s that home worth? This was pretty revolutionary back in 2005, when before that, nothing had been online at all about homes and real estate.

Katja Gagen: That’s awesome. And as you evolved as a company, what were some of your biggest learnings?

Amy Bohutinsky: We did a lot of things well. One thing we did not do well in the early days is we didn’t pay enough attention to SEO and the big impact that could have on our business in a category where people are constantly searching in the category of real estate.

It was probably not until about four years in that we started getting serious about it. Others in our category had been serious about it for a couple of years and we had a lot of years of catching up to do. I see companies make that mistake all the time.

Katja Gagen: After you became CMO that you then transition to COO, which is a little unusual. So what were some of the skills that you carried over from your CMO role and what surprised you?

Amy Bohutinsky: A big part of that role was internally looking at our employees and understanding how we hire the absolute best people we can, but also how do we retain those people. How do we create company where people really want to work and feel like they can do the best work of their career and that they belong. And a big part of that is skills that are really relevant to marketing.

Number one, it’s understanding your end consumer, your employees and really listening to what they have to say as you make decisions throughout the company, and as you scale and grow the company and build teams. So, I actually found that a lot of my skills within marketing were pretty transferable into the COO role, which for me was all about helping to scale our employee base, helping to retain what was so special about our culture from the early years. And as we made various acquisitions, focusing on a lot of the people sides of those acquisitions as well.

Katja Gagen: That’s a good segue, Amy, because Zillow has been very active in the M&A space, acquiring more than a dozen companies in less than a decade. And that included Trulia, which was a 2.5 billion acquisition. Tell us about how you made this unusual marriage between the two companies work.

Amy Bohutinsky: One of the things we found in many of the acquisitions we made is that culture and core values really matter in the post-acquisition stage and those really should be a part of the due diligence. With Trulia in particular, right around the time I became COO, we had just acquired Trulia and our employee base at the time went from I think, 1,200 to 2,400 overnight. Two companies that had been rivals for many years.

Something that was really important frankly, was just listening to what was important to Trulia employees. And then moving forward, how do we combine what’s great about the two companies? One example was each company had a different set of driving core values. We came out with a new set for the combined company the next year that combined both sets. That gave a nod to what was great about both, but also showed that we were bringing two companies together and two different cultures together and creating something new.

The small things really matter too. And I’ll give you an example of this. When Zillow acquired Trulia, Trulia had had a tradition in the 10 years it had been around that whenever a new employee joins Trulia, they get a Trulia backpack. That was something that was actually very culturally important to the company. People walked around the streets of San Francisco with their Trulia backpacks. Everybody loved these backpacks.

Within the HR department, a decision was made at Zillow of, okay, well, we have this other package of stuff we give people, let’s just make that universal across the company. And that really upset people, the kind of taking away of the backpack. It may seem from a numbers basis or efficiency basis to be a very small thing, but from a cultural basis, it was meaningful. It was something that after a couple months of it, we brought it back and we said, you know what? All our different brands can have different ways that they welcome people. Let’s let the local teams make this decision and let’s not have this be something that comes from corporate. Because sometimes something small like that can do much more harm than good. It can be bruising to people who are already feeling some uncertainty around all of the newness with being a part of a new company.

Kunal Mehta: I think that’s so important to bring that up. And as you moved into your COO role, you had this obligation almost to drive more connective tissue with sales, marketing, products. Three groups that often work in silos. Maybe you can talk a little bit about your playbook.

Amy Bohutinsky: Well, one thing that we always believed in very strongly were shared values across all departments. While different departments may operate under different leaders and different constructs, they all share a common set of core values, which are ultimately how work gets done. The other thing were our product personas or the people we build for. This is another thing that, a lot of companies talk about personas or demographics, but at Zillow, we actually had a set of personas. They had names, they had photos, they had a whole life construct. And if you walked into any meeting at Zillow, and if you walk into any meeting at Zillow today, you will hear people talking about Beth and about Allen and about Susan.

These are individual personas that everyone across every department at the company understands deeply as to who are the people that we build for? Who are the people that we communicate with? Who are the people that we sell to? Who are the people that we market to? And how do we see them as actual individuals? When you have those shared values in that shared language, and frankly that shared north star, it makes it a lot easier for collaboration and decisions across different areas of the company.

Kunal Mehta: Fantastic. If I shift your lens over to being on boards, what do the executive team ask you about the most?

Amy Bohutinsky: In recent years, there has definitely been more of an emphasis in the boards I’m on, on the people side of the business. It used to be in many boards that boards talked about financials and business and strategy and the business side, but never really got into the people. And a really important shift that I’ve seen happening in the last, 7, 8, 9 years that I’ve been on boards, is much more conversation about employees, employee mental health, about equity and belonging within the company and looking deeply at diversity stats.

These are conversations that used to be relegated to an HR department that are now, across leadership teams, and I’m happy to say, across boardrooms too. Because this is an incredibly important emphasis that frankly should have been there all along, but I’m happy to see, on all the boards I’m on certainly, we spend quite a bit of time on that. But I’m hearing from other board members it’s happening in a lot of places as well.

Katja Gagen: And that’s so important, Amy. I’m glad you are also a catalyst for these conversations. I do hope we’ll see more of them across the board. We always finish with a quick fire. So we’re gonna shoot a few at you.

Kunal Mehta: Hey, what’s your go-to book? The one that provides you the most value.

Amy Bohutinsky: I read a book a couple of years ago. It was called The Second Mountain by David Brooks. At its core, it was talking about the human journey of, so much of what you want in life is ego-driven and we all drive up this first mountain. A lot of it has to do with career, things we want in our career that are frankly driven by our ego. Not necessarily driven by our curiosity or what we’d like to learn or what fulfills us the most. And the crux of the book is about getting to this second mountain.

So everyone kind of climbed the ego-driven first, but how do you get to the second mountain where you’re work and your home life and how you spend your time ultimately becomes more fulfilling and less about the ego and more about what you offer to the world outside of you. I found this book super compelling and it’s something that just on a very frequent basis, I think back on in decisions I make and in people I come into contact with, and I find application in the business world all the time.

Katja Gagen: I love that. I read the book as well. And what really struck me, Amy is what you’re saying is you go from that ego-driven mountain to a life that is in service of others. And that probably ties into the current conversations you have in board meetings that are also aimed at how can you make a team feel healthy and happy?

Amy Bohutinsky: That’s right. And it ties into, the broad practice of marketing, which is so much about understanding the customer or the consumer at the other end, having empathy for that person and then doing your work in service of that north star and that customer. And I found out there’s a lot of parallels in that as well.

Katja Gagen: Right. What are some fun facts about Zillow?

Amy Bohutinsky: Well, one fun fact is that there is meaning behind the name. It may sound like a nonsensical word. But early days when we were trying to figure out what we would call this. We were looking at two categories of words that were evocative of what we were trying to build. And Zillow comes from the word zillions, as in zillions of data points, and pillow, where you lay your head to rest at night.

It was this combination of data to empower you to make smarter decisions about this important emotional place — where you have your family and your life, and you lay your head to rest at night. And how do we combine the two? So zillions of pillows.

Kunal Mehta: Fantastic. When you were a CMO, what was the most critical metric you followed?

Amy Bohutinsky: Well, I’m going to say this in retrospect, with some wisdom, many years past being CMO. What I think the most important metric CMOs and leaders should follow is employee engagement. The absolute best work you can do comes from hiring and retaining the absolute best people you can. And that data point of employee engagement at your organization, being able to look at that both broadly across the organization, but by team and understand which teams of people and which individuals are happy and likely to stay and satisfied.

When they’re not understanding why, that is, I think, the most important metric you can follow any day. And if you get that right. Then it’s a whole lot easier to meet all of the business-related metrics that you need.

Katja Gagen: And speaking of hiring and employee engagement, what’s your favorite question that you ask during an interview?

Amy Bohutinsky: As an interviewer, I like to get people to tell stories. And I like to ask open-ended “tell me about the situation” type questions, where they have to walk me through a story. It helps me to understand their curiosity, their different decision points and why they made the decisions they did. What I want to hear from people is, do they approach problems in their career with, the question of what can I learn in this? Not what can I achieve in this? Sort of going back to The Second Mountain, the book we talked about, is trying to understand, do they make decisions when it’s about them or do they make decisions when it’s about broadening their scope of learning, being curious about others.

Do they see that as a core foundation of leading them to sort of their ultimate goals. Another question kind of like that, that I like to ask, is just tell me the story of your career. And then as they go through it, I’ll ask some questions and there’s a lot you can learn just from how people approach that story, what lens they approach it with and how they summarize the different decision points and the decisions they made.

Katja Gagen: Well, thank you so much, Amy. It was wonderful to have you on the podcast today. Thanks for being on Growth Hacks.

Amy Bohutinsky: Thank you for having me this was fun.


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