Are you confused about the entire concept of the growth team? Well, it isn’t a new concept to start with! And you would be surprised to know how the startups are interested in building the growth teams for their business.
Therefore, before you start looking at the benefits of building a growth team, it is essential to understand the underlying concepts.While a growth team is pivotal to scale your company, setting a solid foundation for the business is equally important. Often, this involves tackling several legal steps, such as forming an LLC or creating business agreements. Online legal service providers can be a big help in guiding you through these initial stages. While LegalZoom is one well-known provider, there are several legalzoom alternatives that may better suit your business’s specific legal needs.
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About Growth Teams
Did you know that these concepts came much before even Facebook became famous? Yes, companies like Facebook and Uber are the ones who popularized the entire idea of growth teams.
They started developing such teams— hybrid practices of analysts, technical marketers, and product designers. These professionals would function together to produce multiplier forces for the business.
In simpler terms, the growth team comprises all the essential experts from multiple sectors that can enable growth and development through experimentation and analysis.
For example, you can refer to an established professional like Bruno Estrella, who currently leads growth at Webflow. He is an expert who can manage such growth teams and thereby facilitate appropriate business expansion with the aid of these professionals included in the group. But the common question remains, how do these growth teams work?
How Do Growth Teams Work?
These teams are responsible for developing strategies for their business growth and development, increasing the customer acquisition rate, retention, and revenue by augmenting products and inventing new and advanced marketing channels.
Most of the companies have different departments, including marketing, sales, product, etc. They might collectively work together to drive growth but might not consistently interact with each other. Therefore, these growth teams consist of designers, engineers, analysts, data scientists, etc., who can continually identify potential experiments.
The engineering team and the product management try to construct a stable product as per the industry standards. The work doesn’t end here. Instead, they start working on the issues to add more valuable features to the product. Why?
The marketing team would be working closely with the PR team to let the world know about the appropriate developments related to the products. Business starts expanding with the addition of customers. Do note that the revenue generation begins after a specific period.
The essential point to consider is that after this phase, the products’ sales growth can eventually slow down. How did this happen, or how to increase sales? It is one of the common questions that worry every professional involved with product management.
Here comes the role of a growth team. It identifies these factors that slow down the sales and thereby devise the best marketing plan to increase them without any boundaries.
“Companies need a growth team because building a great product, and solving a problem isn’t enough. Nowadays, the barrier to build a product is extremely low; therefore, competition has never been higher. They need to find sustainable distribution strategies and make sure users experience the product’s value as frequently as possible. They growth that.”
In other words, the growth team is a small yet versatile team of unique professionals who are continually focusing on learning and executing advanced growth strategies and techniques for the company’s business. Here, the main concept is to blend people with design, engineering, and marketing backgrounds entirely within a cohesive unit who work relentlessly to increase the growth rate.
So, are you still confused about the importance of a growth team? Well, find out the incredible roles of the members of an outstanding growth team to understand its function and significance:
He/she is responsible for directing and managing the team members. The product manager is also the one who plays a critical role in assigning tasks, prioritizing them as well as getting them executed within a strict deadline.
The growth marketer is an expert in dealing with and devising its business’s right marketing plans. He/she is responsible for multiple marketing channels and works on marketing KPIs to reach a specific target.
An engineer within the growth team is a highly-skilled expert responsible for managing the growth tasks that require engineering expertise.
The visual designer would be dealing with the product UI designs and aesthetics along with the marketing fundamentals.
Growth team professions must be analytics savvy. Data analyst would be responsible for preparing, gathering, and analyzing the respective data to derive the growth insights.
The Growth Cycle
So, did you understand the roles of the participants included within the growth team? Once you are clear about the job roles and their contributions, it is time for you to understand the growth cycle. It is a continuous procedure that passes through specific stages:
Analytics is the initiation point of the growth activity cycle. You need to analyze every little detail of the data collected by other sectors like PM and engineering, thereby unlock the rich insights from all these data collected from multiple sources.
Once you got the insights, the growth team needs to write down the ideas. It is essential to pitch unique ideas and brainstorm to deliver the best and effective results. And that can be done only after a thorough discussion with the entire team.
Define the Actions
Now you are ready to execute a few of your ideas that you have come up with after discussing them with the entire team. But for that, you need to decide about a series of action items that can be simple and complicated depending on the tasks. You need to decide about every action item and document them under a task name.
Now comes one of the vital phases for you. It is essential as you need to prioritize every task and execute them at the best possible duration.
Remember, you cannot finish everything in one go. Therefore, make sure to prioritize every task before you end up in a disaster.
Here comes the final stage for the growth cycle. Your growth team will be running all the experiments, followed by collecting the relevant data and information. Remember that your experiment can turn out to be an utter failure or a complete success.
Take the risk. It helps you learn and experiment with the ideas and thereby devise the right plan for your company. Understand that if your experiment meets the objective, it’s excellent and profitable for your company.
So, keep building the best growth team for your company. Think, identify, engage and build the strongest team to conquer the global market without any limitations.