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Re KPIs - totally depends on stage of the business, industry, etc. But as mentioned in the article, I do think many teams focus too much on acquisition i.e. marketing and not enough on product-based growth levers i.e. activation, retention, etc. Here's one of my favorite posts on how to rigorously examine retention and P/M fit. https://medium.com/swlh/diligence-at-social-capital-part-1-accounting-for-user-growth-4a8a449fddfc
As every business is different even Amazon and Walmart have different priorities and ways to measure the growth and success of their business. Still just want to know, What is your most favorite KPI's for measuring the success of a business? Can you give the names of few?
Thanks for sharing this awesome article with us.
Thanks Bhola. To your comment, those are definitely two critical ingredients for progress.
Appreciate you reading + giving your thoughts, Benji. All fair points!
Awesome post sujan. Loved the story of narrow.io - a few weeks ago, read an article on HBR, how even after screwing up, if companies apologize and ready to make up for it, customers not only forgive them but they also stick with the company and become even more loyal after it. After all, customers are also humans and they want companies to listen to them and care about them but most companies didn't do it and one of the reason is not having a customer-obsessed culture inside the company that you mentioned very well in the post.
Loved the post too much. Love the idea of "willingness to be wrong" and " support from the Top management ."
Solid read. Lots of good fundamentals in here.
This line is so important: "Growth teams need buy-in from the top. If it’s not there, don’t bother."
If you're a marketer, and you work for a Founder who doesn't let you experiment, give you budget and resources to grow, get out. It'll never get better. You'll be constrained by the wrong mindset about growth.
The skills and competencies are dead on.
The only thing I might add on the team side is that I think the makeup of your team depends on your company. I don't believe in a universal team makeup for growth. Some growth teams can be more technical or less technical than others.
Nice post. True that it's so important to focus on churn, especially early on.
I'm a strong believer in nurturing prospects!
Never ask somebody to do something without planting the seed that it's a good idea before hand. Connect with them on social, like their content, offer valuable insights for their community. This will help gain trust, once you have a little more credibility through the trust-building process they're more inclined to listen to you.
Also, different types of content is useful at different parts of the buyer circle. E.G. If you know they're engaged with a competitor it might be worthwhile to share case studies. If they're not familiar with your service/ product then more thought leading content is important. Be sure the content you share is relevant.
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