20Growth: Why Product-Market Fit is Not Enough, Revenue Does Not Create Usage, Metrics Must Be Before Strategy, Why it is Always Better to Concentrate than Diversify Marketing Channels and Secrets from Hubspot's Growth Engine with Brian Balfour @ Reforge
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
Advice for Growth Strategy and Conviction in Startup Success
There are two key pieces of advice for growth strategy and conviction in startup success. First, it is important to recognize that there is a finite set of growth options and opportunities. While there is room for innovation within this set, new options are rare. Understanding this helps entrepreneurs identify realistic opportunities. Second, having conviction and patience is crucial. Successful growth strategies often involve systems that work like compound interest, gradually building momentum over time. However, these systems may initially appear insignificant, putting pressure on founders to switch strategies prematurely. Instead, the right approach is to invest in and stick with one strategy, looking for early signals of success and adding fuel to the fire. It is important to distinguish between when something is not working and when it simply requires consistency and perseverance. Many people make the mistake of focusing on output alone instead of monitoring the inputs and their improvement. For example, in the content game of SEO, indicators such as increasing domain authority and new page rates are important to consider. To effectively navigate growth, it is essential to have a growth model, which differs from a financial model. A growth model focuses on how to generate more users from each user input, identifying the levers and constraints of the system. By understanding the system, entrepreneurs can determine the best hiring decisions, when to hire, and what metrics to track. Instead of solely focusing on the output, entrepreneurs should assess if they are continuously improving the levers in the system and putting it on a trajectory of self-evolution, similar to compound interest. This approach is pivotal in deciding when to abandon a strategy or persevere.
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