Do you know what is common to the poster childs of customer-centricity such as Uber, Google, Facebook and other unicorns? All of them have user-focused teams driving their growth strategies. Growth teams are not a new gimmick. Industry giants have successfully put them into practice for years and validated their usefulness like never before.
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Growth teams, as the name suggests, focus on growing the business as quickly as possible. What sets them apart from other teams in an organization is that they are cross-functional. Organizations that boast successful growth mindset teams combine the expertise of multiple disciplines into a single unit dedicated to achieving exponential growth. Such a team has members from sales, marketing, product development, engineering and even research and analytics.
By virtue of them being multidisciplinary and collaborative, growth teams have the potential to recognize and improve performance across the funnel. And they constantly use this potential to achieve a single, unrelenting target - providing creative solutions that deliver rapid growth through all-round product improvement.
In start ups, it is common to see almost all employees chasing growth targets no matter what their role or function. Growth teams fuel this constant action by bringing in much-needed focus. They ensure that despite their obsession with growth, organizations continue to drive constant product improvements. Even large organizations such as Facebook, recognize that product improvements are what ultimately lead to user acquisition and retention.
To achieve their goal of delivering rapid growth, growth mindset teams undertake a number of activities in a step-by-step manner.
Through systematic data analysis and experimentation, cross-functional growth teams provide rapid acceleration to business success in an age where rate of customer acquisition and retention is key to survival.
We have seen how growth teams speed up decisions and optimize actions to help business grow quickly. That’s only the surface of deep-rooted advantages that organizations can derive from growth mindset teams. Here are some of them:
A great example of the benefits of having such teams is Dropbox, which saw its user base increase from 100k to an astronomical 4 million users, within the space of a year in 2009. By using growth techniques and constantly focusing on product feedback, Dropbox created a revolutionary referral program, which led to high product success.
When utilized effectively, growth teams can be versatile and high-impact assets for businesses no matter what stage they are in. In the next blog, we will learn how to build the foundations of such a team.
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