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Growth Strategy for Early Stage Startups - Founder institute

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Growth Strategy for Early Stage Startups - Founder institute

  1. 1. Growth Strategy for Early Stage Startups Alex Gault Small World Ventures alex@smallworldventures.com June 7, 2022
  2. 2. Target Markets with High Growth Prospects ❑ A small marketplace that’s growing rapidly ❑ A large market with an expanding segment or niche ❑ A large market that’s ripe for disruption
  3. 3. Join Innovation Ecosystem Participation in an innovation ecosystem can accelerate growth Becoming a stakeholder in organizations in any of these 5 categories will give you access to possible financing, market intelligence, partnerships and customers.
  4. 4. Variables Which Power Innovation Ecosystems Source: World Economic Forum
  5. 5. Leading Ecosystems Source: World Economic Forum
  6. 6. Make Incremental Advances ❑ Grand visions inflated the bubble, so they should not be indulged. Anyone who claims to be able to do something great is suspect, and should be more humble. Stay Lean and Flexible ❑ All companies must be “lean,” which is code for “unplanned.” You should not know what your business will do; planning is arrogant and inflexible. Instead you should try things out, “iterate,” and treat entrepreneurship as agnostic experimentation. Party Like it’s 1999 (Peter Thiel) Entrepreneurs who stuck with Silicon Valley learned 4 big lessons from the dot-com crash that still guide business thinking today: Improve on the Competition ❑ Don’t try to create a new market prematurely. The only way to know you have a real business is to start with an already existing customer, so you should build your company by improving on recognizable products already offered. Focus on Product, Not Sales ❑ If your product requires advertising or salespeople to sell it, it’s not good enough: technology is primarily about product development, not distribution. Zero to One, Peter Thiel
  7. 7. Growth is about building and optimizing mechanisms that drive a product’s discovery, adoption and usage. -- Andrew Chen Growth -- Strategy Growth is an after-effect of strong product/market fit and great distribution. -- Andrew Chen
  8. 8. Growth is a Team Sport To run the growth process optimally, most missions require cross functional skills
  9. 9. Network Effects: Platform Integration Platforms are reshaping industry ecosystems ❑ If you’re not building a platform, design and optimize your service to integrate with leading platforms and leverage associated network effects Industries based on sharing information – which can be digitized with lower production and distribution costs – are prime for platform transformation ❑ A high proportion of value from information – Media ❑ Precise, modular output – Retail ❑ Few regulations – Twitter ❑ Spare capacity – Empty passenger seats enabled Uber; spare rooms created Airbnb
  10. 10. Increase Active Users & Accelerate Conversions Conversion Rate No other metric so holistically captures as many critical aspects of a website – user design, usability, performance, convenience, ad effectiveness, net promoter score, customer satisfaction – all in a single measurement. – Bill Gurley, Benchmark Revenue Growth or Active Users The best thing to measure the growth rate of is revenue. The next best, for startups that aren’t charging initially, is active users. That’s a reasonable proxy for revenue growth because whenever the startup does start trying to make money, their revenues will probably be a constant multiple of active users. – Paul Graham, VC and co-founder of Y Combinator
  11. 11. Multi-Channel Marketing Strategy Channels SEO ❑ Reach audiences actively engaged in the discovery process of searching for content relevant to your website ❑ https://ads.google.com/home/tools/keyword-planner/ Paid Search ❑ Highlight relevant content when searches are underway Social Media ❑ With content and ads, target users whose interests and preferences are synergistic with your company’s products, value proposition and messaging
  12. 12. Prioritize Content Marketing Formats ❑ Short form text for social media ❑ Blogs & articles (300-1,500 words) ❑ Stories ❑ Photos ❑ Video Dashboards ❑ Use a service like the Hootsuite Dashboard for managing and scheduling content – and enabling a holistic team distribution strategy
  13. 13. Content Marketing Pyramid
  14. 14. Match Your Narrative with Industry Trends Thought Leaders ❑ Create real-time lists (Twitter, Medium, YouTube, Linkedin, etc) as sources of intelligence regarding your target market and competition ❑ Share with team members Common Online Narratives ❑ Examine narratives shared via social media & content marketing by leading industry brands ❑ Identify common value propositions, pain points & stories
  15. 15. Marketing Analytics Use data to understand: ❑ The best-performing channels ❑ The channels with the highest ROI ❑ How each channel contributes to a specific goal ❑ The best-converting channels ❑ How your target audience responds to marketing efforts on each channel Predict which marketing strategies deliver the highest results ❑ Customer retention rates by demographic ❑ Lead scoring – rank sales prospects ❑ Personalized recommendations ❑ Personalized advertising Tools to Get Started ❑ Think with Google ❑ Facebook For Business
  16. 16. Zero to One. Peter Thiel ❑Notes on Startups, or How to Build the Future Growth Hacker is the new VP Marketing. Andrew Chen ❑andrewchen.com/how-to-be-a-growth-hacker-an-airbnbcraigslist-case-study Startup=Growth. Paul Graham ❑www.paulgraham.com/growth.html Hacking Growth. Sean Ellis ❑How Today’s Fastest Growing Companies Drive Breakout Success Growth Hacker Marketing. Ryan Holiday ❑ A Primer on the Future of PR, Marketing and Advertising 16 Startup Metrics. Andreessen Horowitz ❑https://a16z.com/2015/08/21/16-metrics Resources

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