10 growth tactics that never work | Elena Verna (Amplitude, Miro, Dropbox, SurveyMonkey)

TL;DR

Elena Verna shares growth tactics that often fail and alternative strategies.

Transcript

growth is a fairly new field you have a lot of renowned interest in growth hacks like what is the like sure things to get growth in the age of social media everybody and anybody tries to share their tips and tricks often times I things that are completely out of context or they are very specific to one example and actually do not apply as a pattern... Read More

Key Insights

• Hiring a head of growth too early can be detrimental; founders should lead initial growth until product-market fit is achieved.
• Rebrands and homepage redesigns rarely drive growth; they often result in performance setbacks.
• Copying competitors' strategies without context can lead to subpar results; use them as inspiration instead.
• Focusing solely on SEO and SEM can be risky; developing owned or earned channels like virality is crucial.
• Growth models need constant evolution; relying on a single strategy can lead to stagnation.
• Hiring advisors can provide valuable insights and accelerate growth by learning from others' experiences.
• Over-experimentation can paralyze growth teams; not everything needs to be tested.
• Simplifying processes isn't always the solution; focus on solving the right problem instead.

Questions & Answers

Q: Why is hiring a head of growth too early problematic?

Hiring a head of growth too early can be problematic because the initial stages of growth should be led by the founder to ensure a deep understanding of product-market fit. Outsourcing this responsibility can lead to misaligned strategies and wasted resources.

Q: What are the risks of relying on rebrands for growth?

Rebrands and homepage redesigns rarely lead to growth and often result in performance setbacks. They are usually driven by personal tastes rather than strategic needs and can consume significant resources without delivering meaningful results.

Q: How should companies approach competition analysis?

Companies should use competitors as a source of inspiration rather than directly copying their strategies. Each business has unique contexts and customer bases, so blindly implementing competitors' tactics can lead to ineffective outcomes.

Q: Why is it important to develop owned or earned channels?

Owned or earned channels, like virality and user-generated content, provide sustainable growth that is not reliant on external platforms. These channels reduce dependency on algorithms and can lead to more stable and cost-effective growth.

Q: How can growth models be evolved effectively?

Growth models should be constantly evolved by layering new strategies over existing ones. This prevents stagnation and ensures that the company can adapt to changing market conditions and continue to grow sustainably.

Q: What role do advisors play in growth strategy?

Advisors provide valuable insights and shortcuts to solving growth challenges by sharing their experiences and expertise. They can help avoid common pitfalls and offer fresh perspectives that internal teams might overlook.

Q: What are the dangers of over-experimentation?

Over-experimentation can lead to paralysis within growth teams, causing delays and inefficiencies. Not every initiative requires a scientific measurement; some decisions can be made based on intuition and past experiences.

Q: Why is simplifying processes not always the best approach?

Simplifying processes should be a solution to specific problems, not a goal in itself. Removing friction indiscriminately can strip away important elements that contribute to a product's identity and functionality.

Summary & Key Takeaways

• Elena Verna discusses common growth tactics that often fail, such as hiring growth teams too early and relying on rebrands for growth. She emphasizes the importance of founders leading initial growth efforts until product-market fit is established.

• Verna highlights the risks of over-relying on SEO and SEM, suggesting that companies should focus on developing owned or earned channels like virality and user-generated content to ensure sustainable growth.

• She advises against over-experimentation and stresses the importance of hiring advisors to gain insights from experienced professionals. Simplifying processes should be a solution to specific problems, not a standalone goal.