My professional experience over the last 12 years (early employee of a company in the travel space, entrepreneur in residence at a small VC fund, marketing agency founder with 70+ clients, and CMO of a fintech business) has given me a front row seat to many startup ups and downs, and hopefully I can relay what I've observed via some core prerequisites for startup growth in this post. The aim here is to reason from first principles as much as possible. Every company takes their own path, but there seem to be some consistencies, which are below.
Arguably being in a growing market is more important than being in a large market
Absolute typically meaning >70 and relative meaning compared to your competitors
Resources being: money, time, talent
Data doesn't help you be creative but it is important to know what it is telling you
These people need to be marketing you.
Understanding what makes them really tick is key. Psychographics over demographics.
In my view a brand is 1) how your company is perceived and 2) how you make people feel. Ensure you are consistent and that your brand resonates with your particular audience.
Customer acquisition takes place when you are present right at the moment of need
You need an awesome team (internal, external or both) to produce great assets quickly
You also need alignment across the organization on the concepts above and on exactly the metrics you are looking to grow. While both seem obvious, in practice they may not be. Growth of users vs. revenue vs. profits, etc can have tradeoffs.
It is important to also recognize that growth is an entire company exercise. Many of the components above are not simply a 'marketing' function or the responsibility of one corner of the organization. Organizations that see the principles above as the responsibility of all departments will be most likely to grow, and will build an engine that compounds the success of each individual group.
Lastly, it is important to recognize how much of growth is an art and not a science. Innovation and a focus on the needs of the market are always a good place to start when thinking about the principles of growth. Marketing and growth is less about convincing others to buy, and more about amplifying the great experiences that people have with your brand and products to the right audience at the right time.
While some of the principles above may seem obvious or elementary, being realistic about where you are with each is critical in generating sustainable growth. Tactics, channels, and tools are all secondary to the principles above, and when you understand those first principles, your company will be ready to step on the gas pedal.
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