CXL Institute Growth Marketing Minidegree. Part (7/12)

This week was the turn of the Growth Marketing training workshop. This is probably one of the most central courses of this mini degree. So get a cup of coffee, put on your earphones and watch it carefully trying to understand all the core of the growth model.

The process can be defined into multiple levers to accelerate growth:

Acquisition: Sources and motivation to try

Activation: Aha moment (1st taste of core value)

Retention: Core Value (must have experience)

Referral: Loops for generating new users

Revenue: Price customer pays for products

Another thing you have to have in mind:

One of the cores of the growth process is to experiment and test new things.

You can test new things or you can test to optimize (A vs B).

The course explains everything about the growth process and it’s divided into 5 things:

Key Growth Fundamentals

The Growth Process

The Growth Team

The Growth Meeting

Pulling it All Together

So it's soo complete. You are going to learn a lot and so Sean Ellis, the instructor put a lot of real cases examples of how they do it and success cases around the world with important business.

The main process is divided into 4 steps:

1.Analyze

2.Ideas

3.Prioritize

4.Test

Obviously, we have to put first an objective inside for doing this process. With that objective in mind, we can start doing all of this to focus on the things that really matter.

Also, the course tells us about the type f people we need to have on our team of growth. We need a balanced team with different skills and motivations to do things.

For a good growth team, we need dedicated people for this team as needed to hit test tempo goals. A lot of businesses create a “growth team” with people who are dedicated to a lot of other stuff so they can afford correctly the test times and the whole process. So it’s important that the growth team really have time to do this test and stay focus on the experimentation.

Qualities of a good growth master:

  1. Entrepreneurial: willing to take on risk and accountability for a difficult job.

2. Disciplined: to follow a process

3. Mindset: continuos improvement — always looking to the opportunity to improve

4. Analytical: Looks for proof in data (doesn´t go just by their gut)

5. Leadership: Skills to keep the team focused and motivated

In general, growth marketing is a much more agile methodology than traditional marketing and is based on strong data backups to justify the changes to be made in the way of doing things.

Some recommendations to start working with a growth mindset and its methodologies:
When thinking about making changes to achieve growth, always think about the business objective and what are the metrics that justify and support the growth and fulfillment of our objective.

Think quarterly to establish goals with the team and try to make a mix of easy-to-reach goals and some hard-to-reach ones. The idea is to motivate the team once the goal is reached and for the more complex objective to motivate everyone to work harder to achieve it.

It is good to work with crossed teams, that is, for example, to invite sales people, customer service people, product managers, analysts, developers, etc to brainstorming sessions … in this way you can analyze the customer journey with different perspectives and understand the whole process with a broader look.

As I mentioned before, if we see any trend or powerful insight that can really be a work in the experience of our clients or potential clients, we must do an experiment that provides significant statistical results in order to apply them. The idea is to do experiments over and over again.
In this way, if an experiment has a negative result, we can learn and not use that strategy again because we already know that it does not work. Then we must repeat the experiment until somehow we see a positive impact on the metric that indicates our success.
Growth is a trend that must be applied on a daily basis. If you want to work in growth, I recommend you try to apply it in your day to day, I assure you that an interview for a growth position will be easier for you.

Some aspects that a person working as a growth manager or in a growth team should have, regardless of the position are:
Have basic notions of sales channels. (social networks, email, google ads, facebook ads, etc …)
Have analytical thinking and know how to find insight into the data.
Have strategic and leadership thinking.

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Keeping these things in mind when developing your growth career can make things easier for you. It doesn’t matter if you have no prior experience or studied something unrelated. You can always learn and start a new challenge in growth.

I’m putting all my efforts into learning this because in my country this is not yet implemented by businesses so I’m trying to anticipate and be prepared for this kind of work process and knowledge. An important thing and personal recommendation are that you can learn and study all of this content but always try to practice it in real life. It’s so important to do this so you can really understand all the processes and all the difficulties that may appear. What I’m doing is all weeks try to resolve a business case that can be presented in a company or in your company if you are working. With one case a week you can really be prepared to fully understand the process and execute it correctly.

This is the end of this blog, hope it’s useful for you, and please comment and let me know if you have any kind of questions. Please try to do my recommendation, really I think you are going to appreciate it. Always when I study something y try to apply this methodology to learn fast the theory and the practice.

Bye bye! see all of you next week. :D. Plase stay connected.