Building a Growth Strategy and Team: Insights and Actionable Advice

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Hatched by Glasp

Sep 21, 2023

3 min read

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Building a Growth Strategy and Team: Insights and Actionable Advice

Introduction:

Setting up a growth strategy and team is crucial for accelerating the overall growth trajectory of a company. Successful companies like Facebook have attested to the impact of a dedicated growth team in driving rapid expansion. However, before hiring a full-fledged growth team, it's important to ensure long-term retention and address any "leaky bucket" problems.

1. Focus on Long-Term Retention:

To build a strong foundation for growth, it's essential to benchmark long-term retention against companies in the same vertical. Stable long-term retention indicates product improvement and value proposition. Aim for retention targets specific to your business vertical, ensuring that newer cohorts perform better than older ones.

2. Pouring Gasoline into Product Market Fit:

The primary purpose of a growth team is to fuel product market fit by conducting structured experiments to drive desired behaviors and actions. Sustainable retention is a prerequisite before building a dedicated growth team. Once proven, the team can focus on further improving retention while acquiring, activating, and retaining new users.

3. Setting Realistic Growth Goals:

When setting growth goals, it's crucial to strike a balance between "Sandbagging" and setting targets that are too challenging. Aim for goals that stretch the team's capabilities while remaining realistic to achieve. The entire team should work collectively towards these milestones, which should be absolute numbers rather than vague aspirations.

4. Identifying Relevant Channels:

Identifying the most effective channels for growth is a key aspect of a growth strategy. Start by understanding existing user behavior and identify 1-2 relevant channels that work best for your product. Referrals often emerge as a top channel within the first year. Experimentation is key, and a company at scale typically runs 1 experiment per growth engineer per week.

5. Subtext: Simplifying Note-Taking Markup:

The Subtext markup language offers a unique approach to note-taking. It treats each line as a discrete block of content, resembling index cards. This block-oriented structure allows for easy composition, decomposition, filtering, and reorganization of thoughts. By simplifying the markup format, Subtext enables more efficient note-taking and avoids unnecessary complexity.

6. Addressing Markup Limitations:

Markdown and HTML, commonly used for publishing, may not be ideal for note-taking. Their complex structures make it challenging to meaningfully merge or decompose documents. Subtext resolves this issue by limiting the format to a flat list of blocks, allowing for easier manipulation and enhancing the capabilities of software.

Conclusion:

Building a growth strategy and team requires a combination of strategic thinking and practical implementation. Prioritize long-term retention, experiment with channels, and set realistic growth goals. Additionally, consider adopting simplified markup languages like Subtext for efficient note-taking. By incorporating these insights and taking actionable steps, businesses can foster sustainable growth and drive success.

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