{"id":470,"date":"2021-07-14T21:39:13","date_gmt":"2021-07-14T21:39:13","guid":{"rendered":"http:\/\/321-growth-academy-2023.local\/goodlawyer-startup-series-growth-hacks-recap\/"},"modified":"2023-11-02T21:12:04","modified_gmt":"2023-11-02T21:12:04","slug":"goodlawyer-startup-series-growth-hacks-recap","status":"publish","type":"post","link":"https:\/\/321growthacademy.com\/goodlawyer-startup-series-growth-hacks-recap\/","title":{"rendered":"Goodlawyer Startup Series: Growth Hacks \u2013 Recap"},"content":{"rendered":"\n

Carey<\/a> joined our friends from Goodlawyer<\/a> – Brett Colvin<\/a>, CEO and Founder, and Grant Lahring<\/a>, Head of Growth – to talk all things Growth Hacks. The sixth installment of the Goodlawyer Startup Series<\/a> saw them dive into practical tips for sales, marketing, and startup growth!<\/p>\n\n\n\n

First things first: Growth \u201cHacks\u201d doesn\u2019t mean that growth is easy! Especially as a startup. There\u2019s no silver bullet. Effective growth means you need to roll up your sleeves and dig deep, so we\u2019re going to give you 10 great tips to start driving growth.<\/p>\n\n\n\n

#1 \u2013 Know who you\u2019re targeting<\/strong><\/h3>\n\n\n\n

Although this may seem easy, the two most common mistakes when startups envision their target audience is thinking either too broadly or too narrowly. An intentional approach to finding your Ideal Customer Profile<\/a> (ICP) is essential.<\/p>\n\n\n\n

Understanding the difference between the User and the Buyer for your business will help you focus. While the User is the person interacting first-hand with your product or service, the Buyer could be someone else entirely. You want to be sure to target the Buyer in your sales and marketing efforts so you can get to the money!<\/p>\n\n\n\n

#2 \u2013 Fundamentals first<\/strong><\/h3>\n\n\n\n

Before you hit the gas, it\u2019s essential to make sure that you\u2019ve nailed your fundamentals and validated them! If not, you\u2019ll risk overspending or see suboptimal results.<\/p>\n\n\n\n

The fundamentals include figuring out your ICP, nailing down the problem you\u2019re solving and whether your solution is beneficial enough to your customer to make them act on it, your value, positioning, and more.<\/p>\n\n\n\n

Validation of these fundamentals is key. Do this with people who don\u2019t already love you! Strangers are perfect for validation because they will be the most honest with you. Look for \u201cradical candor\u201d instead of feedback from your cheerleaders.<\/p>\n\n\n\n

#3 \u2013 The buyer\u2019s journey<\/strong><\/h3>\n\n\n\n

Understanding the buyer journey is crucial when deciding on where to focus. Grant suggests making sure that you not only understand the whole buyer journey but that as many people as possible on your team also understand. That way, everyone is aligned on where marketing dollars should be spent, whether leads coming in are good or bad, and so on. Make sure to keep an eye on the specific activities of your buyer at each stage \u2013 there are some great clues to help you design better campaigns.   <\/p>\n\n\n\n

#4 \u2013 Focus: unit economics<\/strong><\/h3>\n\n\n\n

We\u2019ll be really clear here \u2013 unit economics is not<\/u><\/strong> accounting! It\u2019s all about figuring out how much margin you make for every typical user or customer. If you haven\u2019t figure out your unit economics or you\u2019re way off base, you can end up accelerating negative financial outcomes for your business. For more on unit economics, check out a past Growth Snacks recap<\/a>.<\/p>\n\n\n\n

#5 \u2013 \u201cFish where the fish are\u201d<\/strong><\/h3>\n\n\n\n

Go where your customers are. This can be surprisingly difficult to figure out as a startup because you might not know exactly who your customer is. In this case, it\u2019s best to err on the side of caution and avoid over-investing in too many different channels.<\/p>\n\n\n\n

A great example of this is social media. Many startups like to be on every single social platform, however, if your ICP isn\u2019t using TikTok there is no reason for you to be there. List all the social channels you think are worth putting your time into and challenge yourself to figure out whether your customers are there, and if so, how are they engaging there? If they\u2019re not there or actively engaging, that may not be the social platform to focus your growth efforts on!<\/p>\n\n\n\n

#6 \u2013 Be systematic in designing early experiments<\/strong><\/h3>\n\n\n\n

Carey loves to say, \u201cWhile interesting, your opinion is not relevant,\u201d which applies well to growth efforts. Don\u2019t let an opinion or a guess determine where your marketing dollars should be spent. Instead, be systematic in the experiments you design to collect the data you need to make informed decisions.<\/p>\n\n\n\n

Instead of spending $3000 all at once on Facebook Ads that you aren\u2019t sure will work, try spending $100 every month over a period of three months. If the ads work, then try spending $300 every month for another three months. If the ads don\u2019t work after the first trial, spend $0 and move on (or better, iterate on your test \u2013 see #7 below).<\/p>\n\n\n\n

Grant likes to do some quick \u2018napkin math\u2019 to assess what you think your experiment will do, how many leads it will generate, how many of those will convert, and then how much it will cost to try it. If you\u2019re able to justify the cost, then give it a try!<\/p>\n\n\n\n

#7 \u2013 Test (within reason)<\/strong><\/h3>\n\n\n\n

Like #6, you want to start small and run one or two successful experiments that will give you useful data as opposed to 4 or 5 experiments and being overwhelmed with the results. If you run too many experiments at the same time, you may as well have run none at all.<\/p>\n\n\n\n

In Carey\u2019s experience, what wins here is designing fast, executing fast, and then leaving lots of time for optimization. If your first attempt didn\u2019t work, adjust to try another solution \u2013 and then do it again, and again, and again. An easy example of this is sending different versions of emails to see which ones get more traction, then documenting the ones that worked to do again and the ones that didn\u2019t, so you don\u2019t repeat the same mistake.<\/p>\n\n\n\n

#8 \u2013 Get the right tools<\/strong><\/h3>\n\n\n\n

You want to make sure the tools you\u2019re using to capture the data from your experiment or campaign will be effective and accurate. A spreadsheet can only do so much. Growth can be a nerdy math game, so make sure that you\u2019re armed with the tools to play.<\/p>\n\n\n\n

Pick the right tool for whatever stage your company is now and will grow to be within 18 months or so. Don\u2019t pick a tool for 5 years down the road if it won\u2019t help you achieve your growth goals now.<\/p>\n\n\n\n

#9 \u2013 Get the right metrics<\/strong><\/h3>\n\n\n\n

When you\u2019re picking your metrics, make sure you understand what questions you\u2019re trying to answer. Focus on metrics related to driving revenue and customer acquisition. Carey and Grant don\u2019t focus on vanity metrics like page views or the numbers of followers because those don\u2019t reveal much about whether your marketing is necessarily \u201cworking\u201d well. If you want more info on metrics, check out our Growth Snacks blog<\/a>.<\/p>\n\n\n\n

#10 \u2013 Make growth a role<\/strong><\/h3>\n\n\n\n

Lastly, every single person in your startup should have a mindset around driving revenue and customer acquisition. This growth lens needs to be set as a priority from the founders. Reinforce and reward growth behavior to make sure that everyone understands that everyone\u2019s #1 priority is growth. Build your team with people who are curious, persistent, and comfortable with ambiguity \u2013 those are the people committed to growth.<\/p>\n\n\n\n

Growth is tough – hopefully, these 10 tips will help. You can check out the full recording of Carey\u2019s conversation with Grant and Brett on the Goodlawyer YouTube channel<\/a> or register here<\/a> for the final Startup Series about raising capital for startups happening on Jul 21st<\/sup>.<\/p>\n\n\n\n

And while Grant is Goodlawyer\u2019s personal growth guru, 321 Growth Academy is here for you with open registration for the Fall 2021 cohorts in our Lean Sales<\/a> and Growth Marketing<\/a> courses.  <\/p>\n","protected":false},"excerpt":{"rendered":"

Carey joined our friends from Goodlawyer – Brett Colvin, CEO and Founder, and Grant Lahring, Head of Growth – to talk all things Growth Hacks. The sixth installment of the Goodlawyer Startup Series saw them dive into practical tips for sales, marketing, and startup growth! First things first: Growth \u201cHacks\u201d doesn\u2019t mean that growth is…<\/p>\n","protected":false},"author":2,"featured_media":471,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6,8],"tags":[17,22,14,23],"class_list":["post-470","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-events","category-marketing","tag-321-growth-academy","tag-events","tag-marketing","tag-recap"],"acf":[],"yoast_head":"\nGoodlawyer Startup Series: Growth Hacks \u2013 Recap<\/title>\n<meta name=\"description\" content=\"Carey joined our friends from Goodlawyer to talk all things Growth Hacks. 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