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5 Phases of Startup Growth

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My talk on startup growth from the #GetTraction Virtual Growth Event

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5 Phases of Startup Growth

  1. 1. 5 PHASES OF STARTUP GROWTH THE STARTUP GROWTH GRIND
  2. 2. *YMMV 5 STAGES OF STARTUP GROWTH
  3. 3. GET LEAN 1. GET PRODUCT • Get to problem/solution fit • Build your MVP • Don’t be too minimum, or it’s probably not viable http://www.meeteor.com/blog/lean-startup/
  4. 4. STAGE TO-DO LIST • Study the Lean Startup framework and apply it to your discovery process. • Conduct problem/solution fit interviews like crazy. • Run demand tests with landing pages/ads or crowdfunding campaign. • Use learnings to define/refine your MVP. • Iterate as new information flows in.
  5. 5. NOT TOO ‘M’ 2. MVP • Learn what people want • Prove demand/need • Keep risk/burn low http://www.meeteor.com/blog/lean-startup/
  6. 6. STAGE TO-DO LIST • Build your MVP • Instrument product for visibility into usage • Conduct ongoing user feedback • Iterate to improve retention • Invest in growth to prove retention and initial flow of users, not looking to scale
  7. 7. IT’S A JOURNEY, NOT A DESTINATION 3. HEAD FOR PMF • Must Have Score > 40% • Pass the Sam Altman test • Measure Net Promoter Score (NPS) – benchmark it • Stable, sustainable retention rates Sean Ellis Startup Pyramid
  8. 8. EVERYONE IS RESPONSIBLE FOR GROWTH ASSEMBLE YOUR TEAM • PM Growth • Analyst / Data Scientist • Growth Engineer • Digital Marketers • Specialist(s) Zuckerberg poses with some of his deputies at Antonio’s Nut House in Palo Alto, a popular staff hangout:Chamath Palihapitya, vice president for growth, mobile and international; Zuckerberg; Mike Schroepfer, vice president of engineering; Jonathan Heiliger, vice president of technical operations; Chris Cox,vice president of product.
  9. 9. RAPID EXPERIMENTATION DRIVES GROWTH GROWTH PROCESS • Ideate: Unbridled idea generation • Prioritize: Focus on Impact • Test: Rapid experimentation • Analysis: Applicable learning Ideate Prioritize Test Analyze
  10. 10. WORDS ARE EVERYTHING FIND LANGUAGE/MARKET FIT What do your users think you’ve built for them? Store Your Photos Share Your Photos Find a Date Help Friends Find a Date Source: James Currier
  11. 11. LEAKY BUCKETS ARE GROWTH KRYPTONITE OPTIMIZE FLOWS • Build Desire, Reduce Friction • Maximize % of users who get to must-have experience • Understand motivators and hurdles to improve
  12. 12. BATTLESHIP - MARKETING EDITION CHANNEL/PRODUCT FIT • Identify where your customers are (and where your competition isn’t) • Ask “How does what I offer map to channel experience?” • Do things that don’t scale • Test for signal, double down on what works • Keep searching http://leanentrepreneur.co
  13. 13. IT’S GO TIME 4. SCALE • Hire channel specialists to ramp growth • Increase experimentation velocity • Seek out high impact opportunities • Keep close eye on core metrics
  14. 14. GROWTH IS NEVER DONE 5. MATURITY • Horizontal and vertical expansion opportunities • Identifying new channels that require scale or specialization • M&A • Incremental and high-impact wins globevector.com
  15. 15. *YMMV 5 STAGES OF STARTUP GROWTH
  16. 16. TAKEAWAYS
  17. 17. FOCUS IS KEY
  18. 18. THERE IS NO SUBSTITUTE FOR A GREAT PRODUCT
  19. 19. SPEED IS YOUR SECRET WEAPON
  20. 20. GROWTH IS NEVER DONE
  21. 21. KEEP LEARNING
  22. 22. GET IN TOUCH @morganb @morganb180 morganbrown.co /in/morganb

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