10 growth tactics that never work | Elena Verna (Amplitude, Miro, Dropbox, SurveyMonkey)

What are the common hiring mistakes in growth?

Hiring for growth can be challenging. Here are some common errors companies make:

• Hiring too soon: Companies often rush to hire a growth team before solidifying their product market fit. Without clear demand and traction, a growth team may flounder.

• Over-relying on a head of growth: Many believe that a single hire, like a head of growth, will solve all growth challenges. However, finding a successful strategy often depends on a robust team effort, not just one person.

• Skipping foundational analysis: Instead of thoroughly understanding their unique growth challenges, companies sometimes hastily fill growth roles. Lessons can be taken from strategies that address the risks of waiting for the perfect idea instead of jumping too quickly into these roles.

• Relying solely on resumes: Employers often get dazzled by impressive resumes without considering the specific needs of their own organization and how the candidate's experience may fit.

Why doesn't rebranding drive growth?

Redesigning a marketing site or undertaking a complete rebrand often fails to drive growth. Instead of boosting performance, these efforts typically lead to a setback. Companies frequently initiate rebrands with the hope of improving acquisition or increasing awareness. However, results rarely meet expectations.

The real challenge arises when these redesigns become more about personal taste rather than strategic necessity. New leadership often brings new ideas about visual identity, focusing more on aesthetics than on performance metrics. This leads to significant investments in time and resources without tangible returns.

Additionally, rebranding is not a magic bullet. It's more of a starting point rather than an endgame. Launches often need follow-up optimizations that take months to refine. Without this continuous effort, the supposed benefits of a fresh design can quickly fade. Thus, companies should understand that successful growth strategies require more than just changes in appearance.

How can obsession with competition be detrimental?

Obsessing over competitors can be detrimental to your growth efforts. It's easy to fall into the trap of constantly comparing products or strategies, but this often leads to mediocrity. When companies simply mimic competitors, they risk losing their unique identity and innovative edge.

Instead, use competitors as inspiration, not as a blueprint. Learning from their successes and failures can spark innovation but should never replace your strategic vision.

For instance, examining a competitor's approach to user engagement might provide useful ideas but adapting these elements needs thoughtful integration into your framework.

By focusing on your own strengths and understanding your unique market position, you avoid unnecessary stress and can channel energy into developing original strategies.

This approach aligns with the philosophy of running your own race, staying true to your distinct goals and strengths.

Why shouldn't you believe your growth problems are unique?

Believing your growth challenges are unique can hinder progress. Most issues encountered in growth have been solved before. Many assume their circumstances are special, yet learning from others is key.

Observing industry patterns reveals common growth pitfalls and solutions. Rather than starting from scratch, leverage existing knowledge. Consulting peers or mentors who have faced similar obstacles accelerates progress.

Moreover, ignoring available insights could result in wasted time and effort. Embrace shared experiences and apply their lessons to your context. This approach not only saves resources but also fosters innovation.

Recognizing that solutions are plentiful empowers you to move forward with confidence. By understanding that your problems aren't unique, you open doors to effective strategies and potential success.

What are the risks of over-experimentation?

Testing every growth initiative can become a bottleneck for progress. Here are some risks associated with over-experimentation:

• Paralysis by analysis: Constantly requiring data validation for every decision can slow down momentum, causing teams to lose agility.

• Missed opportunities: Focusing too heavily on small experiments may lead teams to overlook bigger, more strategic shifts that could have substantial impact.

• Inefficient use of resources: Endless testing consumes time and effort, which could be better spent on bold initiatives with intuitive backing.

• Stifled creativity: Relying solely on data-driven tweaks can prevent innovative thinking, as teams might fear implementing untested ideas.

Trusting intuition alongside data analysis can help strike a balance. Not every action requires exhaustive testing to prove its merit. Recognizing when to move forward without extensive experiments can invigorate growth strategies and unleash potential quicker.

What are the overlooked growth channels?

In the pursuit of sustainable growth, focusing on owned and earned channels is crucial. These channels provide more control and often yield better long-term results compared to paid channels, which rely heavily on external platforms.

Owned channels are assets a company controls, such as their website, blog, or email list. These channels offer a direct line to customers, allowing for personalized engagement and consistent messaging.

Earned channels, on the other hand, are generated through word-of-mouth and organic mentions, including user-generated content and natural social media engagement. These methods leverage existing satisfied customers to bring in new ones, creating a viral loop of growth.

Investing in building and nurturing these channels reduces dependence on paid advertising, which can be unpredictable and costly. By focusing on channels you own or earn, you create a stable foundation for lasting customer relationships and a resilient growth strategy.

How can growth models evolve over time?

To sustain growth over time, it's essential to evolve models by incorporating different growth strategies. Flexible approaches ensure continued success and adaptability in a changing market.

• Overlay multiple growth strategies: Combine product-led, marketing-led, and sales-led strategies to diversify growth efforts. This prevents relying on a single method and opens up new avenues for expansion.

• Anticipate S-curves: Recognize that each growth lever will peak and then taper off. Continuously seek out and develop new strategies to avoid stagnation and maintain momentum.

• Adapt to market changes: Stay aware of market trends and shifts. Adjust strategies to leverage new opportunities and address emerging challenges effectively.

• Experiment regularly: Allocate time for exploring new growth initiatives. This proactive approach can uncover potential strategies that may significantly impact long-term growth.

By adopting a dynamic and layered approach, organizations can maintain a competitive edge and foster sustained growth.

Why should you hire growth advisors?

Hiring growth advisors offers valuable insights and accelerates growth efforts. They bring diverse experiences from various industries, offering fresh perspectives and expert guidance that can propel your business forward. By leveraging their knowledge, companies can avoid common growth strategy mistakes and focus on more effective tactics.

Consider running a workshop with potential advisors before full commitment. This approach allows you to gauge their insight and compatibility with your team. Such sessions can provide practical solutions to existing challenges, as seen in businesses that achieve successful scaling by integrating advisory expertise.

Connecting with high-performing teams emphasizes the value of advisors. It's crucial for growth teams to access expert insights tailored to their unique contexts. Engaging advisors ensures not only expert consultation but also mentorship for your internal teams, facilitating skill transfer and leadership development.

By integrating advisors into your growth strategy, you harness external expertise that accelerates decision-making, fosters innovation, and optimizes growth potential.

What are the pitfalls of focusing on minor optimizations?

• Insignificant Gains: Spending too much time on small changes like color tweaks and third-party signups often leads to negligible improvement in overall growth. Efforts are better spent on initiatives that impact the core value proposition or product functionality.

• Resource Diversion: Teams can become distracted by these minor elements, diverting attention and resources away from more substantial growth opportunities. This can lead startups to overlook more strategic focus areas that could drive meaningful progress.

• Lost Momentum: Focusing excessively on trivial optimizations can stifle momentum, causing delays in implementing broader, more impactful changes. It’s crucial to prioritize efforts that more directly align with solving customer problems to ensure sustained growth and innovation.