#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?
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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?
– Understanding the NorthStar Metric & Growth objectives.
- NorthStar Metric – To be Customer centered OR Revenue centered?
- Thoughts about NorthStar by Amplitude: Link to the Article
- NorthStar tool by GrowthHackers
- Brian Balfour’s Zoom-In Zoom-Out Approach
– 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.
- 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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