The 3-steps growth plan for startups
If you are building a startup or working for an early stage one, consider following this quick plan. It’s product-driven and focuses on two crucial fields: acquisition and conversion.
1. Start with small paid promotions, even if it’s not profitable at the moment. You need to get some traffic as fast as possible to gain insights and validate your idea. At the same time, start working on unpaid levers such as search engine optimization, networking, digital and offline PR, and create useful content. That will pay off later.
2. Use the data you get to optimise your growth funnel. Don’t focus only on ads optimisation but also on your website/app, the onboarding flow, and the whole user experience. Regularly talk to customers, build relationships, and ask yourself if there is a plausible downside to run A/B tests.
3. Spend time and energy to focus on what really works. It’s time to scale your profitable and smooth funnel! And always remember that this is a never-ending process. Yes, you’ll need to keep analysing, testing, and fine-tuning over and over again.
Well, not all actually. There is a step 0.
Build a great product. A great product is the one that solves a problem brilliantly and encourages word of mouth. And word of mouth is the Holy Grail of growth. You should always pursue it, but you will need a great product to do so.