Two Hacks for Growth at Early Strategy
Heyyy Tribe
Cheers to the weekend
Today I am sharing some nuggets from a 0 to 1 session from January this year were we hosted Mayowa Ayodeji, who has worked as a business lead and product manager in various sectors, supporting startups to build useful and impactful projects, and Kelvin Umechukwu, Cofounder and CEO at Bumpa, who is passionate about small businesses, community and growth.
Read on…
The metrics used to define growth is centered around increase per time in terms of money and impact. Specific metrics depend on the type of solution being provided.
Some things that look like growth but are not growth include:
- Being featured on a big media outlets
- Number of subscribers (without a way to translate to increased revenue or impact)
- Investment is a tool for growth, NOT a sign of growth.
Growth will mean a lot of different things for startups at different stages. It is important to know what you are building to be able to determine the important metrics to measure. For example, to early stage startups, growth can look like getting high number of users that will in turn help with positioning in the market and for partnerships, and then drive numbers.
Growth is basically about making progress on set down goals without trying to make everything perfect. Two hacks to help ramp up on growth are:
- Partnerships/Cross Marketing: leverage collaboration with other businesses that have access to the market you want to target. This of course should be beneficial to both parties in some way.
- Engineering as marketing: build an interactive sub-product that will serve as a funnel to get the right profile of users for your product. It should be something you know your target users will be attracted to which will in turn encourage them to interact with your product.
There you have it,
Your solution determines what specific growth means
I hope this has helped you
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