in Growth, Podcast, Startup Basics, Video

Make a Growth system and culture in your startup

#StartupBasics | Series by Insights Alley (Hosted by Arun Verma)

S01E02 – How to make a Growth system and culture in your startup after product market fit?

Guest: Dani Hart, Former Head of Growth at GrowthHackers

 

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In this episode of #StartupBasics, we discussed:

– Why not build a Growth System or Team before Product Market Fit? and How to define Product market fit?

– The method by Sean Ellis to identify if you have got PMF: Link to the Survey

– Understanding the NorthStar Metric & Growth objectives.

– The Growth Process:

  • Ideas –> Prioritize –> Test –> Analyze
  • Rapid testing drives Growth.
  • The growth process is a feedback loop.
  • Growth meetings.

– Prioritization of growth ideas and speed of testing, resource management and rate of ideation.

– 2 Big Challenges: Just getting started with the process and then maintaining consistency.

– “Hypothesis” in a growth experiment/idea.

– Determining Success or Failure criteria of your experiments & statistical significance. Link to Statistical Significance Calculator.

– Which part of the funnel to focus on? Acquisition, Activation, Usage, Retention?

– Feeding the growth system with ideas: Empower your entire team to contribute to your growth idea generation process.

– Organized & Documented Learning:

  • Learn from each experiment (failed or successful).
  • Keep a good track of what has been tested in the past for your own learning & future team members.
  • Revisiting failed ideas.
  • Don’t give up on the growth system. Failed experiments are a part of the process.

– Component of a growth team & contribution of founders. Common mistakes & example of a successful experiment.

Resources mentioned:

  • Book: “Hacking Growth: How Today’s Fastest-Growing Companies Drive Breakout Success” by Sean Ellis & Morgan Brown
  • People: Brain Balfour
  • People: Sean Ellis
  • People: Morgan Brown

 

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