A guide to setting up teams, processes & technology stack for your growth program.
> You will gain a deep understanding of forming and managing a growth strategy.
> Learn how growth teams affect businesses - startups & enterprises alike.
> Know how to set goals, define key metrics and identify growth channels for an effective growth strategy.
> Explore the tools and technology stacks that are used by growth teams across industries.
Every journey starts with an idea. A giant leap for mankind started with a small step by a man. Before you start strategizing your growth journey why don’t we assess where you stand and how far you need to go?
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What does a growth team do? What kind of roles does it have? Who’s a good fit for a growth team? How does a growth team structure look? Arm yourself for a long expedition ahead by learning the answers to these questions.
MoE, our Growth bot is a stickler for processes. This is because a growth strategy is only as good as its processes are. How would you know where you’re headed without a set of goals? And a set of key metrics to track your growth?
It’s a frightful mess out there, with thousands of tools contesting to be picked up. What are some of the key considerations for selecting a tool that matches your growth strategy? Should you buy or invest time in building one?
Why is growth strategy important?
An effective growth strategy can help you in following ways:
⦿ Creates customer relationships, not just transactions
⦿ Helps in making an evergreen lead generation engine
⦿ Reduces churn rate
⦿ Keeps customer experience as the centrepiece
⦿ Focuses on long-term, holistic growth of the entire organization.
What are the 3 stages of building a sound growth strategy?
1. Build growth teams: Once your company has reached a product-market fit, hire for the right growth roles. Zero down on a growth model for your team – independent or functional
2. Establish growth Processes: Setup absolute goals and key metrics for your growth team.
3. Choose the right growth technology stack
What do growth teams do?
⦿ Set strategic goals.
⦿ Analyse data, generate hypotheses and create growth experiments.
⦿ Rapidly test new concepts and tactics, in order to effectively adapt to changing market realities.
⦿ Provide multiple solutions to a single problem, test them and find the optimal solution quickly.
What are the different steps involved in building a growth team?
1. Lay a foundation for growth – by setting goals, key metrics, gaining leadership approval
2. Identify a growth model that suits your organisation – Independent or Functional
3. Hire ideal growth team members
How is growth hacking related to growth strategy?
As important is to build and scale a growth strategy in your organisation, the success of growth teams are measured by the rapid experimentation (hacks) they perform in order to reach the North Star Metric. Therefore, growth hacking is an integral though short-lived part of the larger growth strategy.
In a growth strategy plan, what is the North Star Metric?
Growth teams always focus on a single metric which is also known as the North Star Metric(NSM). The improvement of this metric anchors every test run by the team. These key metrics will differ based on the nature of the business, but are most likely to be related to customer acquisition in the growth stage.
How to set up goals for your growth team?
⦿ Set absolute numbers as targets
⦿ Create Measurable Responsibilities
⦿ Use of purely experimental data
⦿ Account for seasonality and overlap
How to identify growth channels?
⦿ Step 1: Align channels with growth team goals
⦿ Step 2: Identify limitations
⦿ Step 3: List Channels and Performance Indicators
⦿ Step 4: Evaluate channels on KPIs
⦿ Step 5: Choose 2-3 channels for running experiments
