How to fuel your growth engine

Growth Marketing 101 — class is in session!

Growth is one of those silicon valley business terms that has made it into the general business lexicon, yet most people don’t know what it actually means. Thankfully, Connor Beam, Growth Manager at Lyft, breaks down the essential facets to help you fuel your startup’s growth engine:

• Loops, not funnels — Instead of thinking about moving a user down a funnel, you need to think about the user journey as a continuous loop. Once acquired, they continuously go through a loop of activating/failing to activate, giving you money/not giving you money, and then going through the process again and again (retention).

• You need product market fit first — When companies focus on growth before they have found product market fit, they risk trying to build growth loops into a product that isn’t solving a problem well enough, wasting precious resources.

• Start with product growth — Improve your product based on user feedback and market trends. You can increase customer satisfaction, engagement, and loyalty by iterating and adding value to your product.

• Then comes growth marketing — Once the product is functional, use data-driven marketing approaches to acquire and retain customers, optimize conversions, and drive sustainable growth.

• The core of growth is experimentation — You need to segment users, track their behavior, and analyze the results of your experiment. To do any of that, you need good data infrastructure (and so… build out a data team).

👉️ Learn more about fuelling your startup’s growth engine.

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What advice would you give your past self?

“If you could go back in time and give your younger self some advice just as you were starting your founder journey, what would you say?” 

Nir Zicherman, VP of Audiobooks at Spotify and Co-Founder of Anchor, posed this question to twenty-one other founders across many industries, from media to finance, SaaS to urban farming. The result — insights galore! Here are some of the best:

• Kyle Downey, Cloudwall — Building something really big takes time, and while you want to be nimble and fail fast, accelerating into commitments can box you in and create unnecessary stress. My biggest errors came from hurrying.

• Jeremy Feinstein, Zest — 1) You will fail a lot, but that certainly does not mean you are a failure. 2) You’re a marketer now. There are two sides to the PMF equation, so start getting good at the other one.

• Michael Mignano, Anchor — Starting up is far less risky than you think; if you’re good enough to start a company, you’re good enough to land a backup job if your company fails. Stop overthinking the downside scenario and get to work.

• Priya Patel, Wellen — 1) Some people add energy, and some people drain energy. Prioritize finding and hiring the former. If you accidentally hire the latter, fire fast. 2) A startup is a marathon, not a sprint. Rest, exercise, eat well, take real vacations.

👉️ Click here for more insights from the entrepreneurial trenches: Founder Rewind.  

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Till next time,

Team EH