Growth is an important objective for companies of all sizes. For startups, growth is central to the operation of the business, but it is also a key concern for the largest corporations in the world. What A Growth Team Can Do For Your Company is huge and the advantages are limitless.
In the past, most companies had different departments that worked separately to drive growth. Sales teams would work on initiatives to drive more sales while product design members would look for ways design more attractive products. Marketing specialists would work on developing campaigns to attract more customers with little outside input.
In the modern business landscape, more companies are bringing people from different departments together to work on growth initiatives that look at a problem from different angles. Instead of simply focusing on efforts that increase sales, a growth team looks for ways to create and refine products, improve customer experiences, and bring more value to the brand.
As an example, a Facebook marketing company will work to maximize their value in that realm before expanding into other areas of digital and social media marketing. Once they have maximized their potential in social media marketing, they might then expand into an area like email marketing. Instead of just focusing on increasing revenue, the growth team looks to increase value, which naturally boosts revenue.
A growth team will use practices like UX/UI design, marketing, data analytics, machine learning, and A/B testing to perform experiments and develop growth initiatives. While there are some similarities all growth teams will share, there are also some notable differences. Depending on the size of the organization, the industry, and the types of growth you are trying to achieve, the structure and function of the growth team can vary significantly.“When you take risks you learn that there will be times when you succeed and there will be times when you fail, and both are equally important.” - Ellen DeGeneres Click To Tweet
What Is a Growth Team?
When a company builds a growth team, they bring together a group of individuals from different departments. This group works cross-functionally to develop different growth initiatives, with their primary focus being on the customer experience instead of sales.
One of the most important functions of a growth team will be to develop and run experiments. These can last several weeks, or they might just run for a few days. A simple example of a growth experiment would be A/B testing on a landing page. The growth team would post different versions of the same page in order to see which elements deliver the best results. The understanding of business etiquette is a good post to read if you want to also improve on your company’s ways of dealing
Growth Team Structure
The structure of a growth team can vary depending on the goals of the company. For the most part, there are three different structures that most companies will follow when building a growth team.
With this model, you have a growth manager that oversees various departments as they work on growth. Each department focuses on its core function, and the heads of the different departments report up to the growth manager.
Furthermore, there may be growth meetings where all of the department heads come together to meet with the growth manager. Each sector works separately to reach its growth objectives, but the growth manager sets the team’s goals.
The independent model has a growth team leader or manager that reports to the CEO. The growth manager is responsible for setting the direction of the growth team and keeping members focused on goals. This type of growth team would include professionals like data scientists, UX designers, product designers, and a product manager.
A metrics-focused growth team is going to look very similar to an independent growth team. It would have many of the same team members, as well as a team leader that reports to the CEO.
In addition to that, it may also include marketing professionals and engineers. A metrics-focused team is going to put a greater emphasis on data. They will work to identify key metrics and perform experiments to find ways to improve on those numbers.
Growth Teams for Different Stages
A growth team needs to reflect the stage of development the company is in. A growth team that would work for a large corporation is not going to serve a young startup well. The following are examples of growth teams that would work for companies in different stages of development.
Startups are usually smaller than older, more established companies. At this stage, you’re working hard to get your product to market and attract your first clients or customers.
For this stage in development, you will want to build a small growth team that has direct access to company leadership. It might be a team of just two or three people, or, in some cases, you might just have a lone individual that works on growth. Common goals for a startup growth team would include getting the product ready for market, raising brand awareness, and creating and improving the customer experience.
A mid-size company has grown out of the startup stage. At this point, they have some customers and established revenue. Here, the growth strategy is going to focus on taking that initial success and refining your efforts to expand the operation.
At this stage, it is common for the growth team to focus on things like developing new products and improving existing offerings. A team of about five to ten professionals would be the right size at this point. Product managers and designers would be the key members of the growth team here.
Once an organization reaches a certain size, growth initiatives become more complex. With so many departments and a lot of employees, it can be easy for different groups to become insulated.
At the enterprise stage, you want to bring people from different departments together to form your growth team. This way, they can all see how their department fits in with the broader growth objectives of the company, allowing them to work together to develop a strategy.
Regardless of the size of your company or the type of team you choose, having a growth team is a way to ensure your business has real meaningful growth. Instead of different departments all working separately, your growth team can build a more cohesive strategy. This will help drive growth in the long term, rather than simply looking for ways to boost things like revenue and sales in the short-term.
Wrapping It Up
For you to select the right team for the growth of your business is a Herculean task with tremendous advantages. Set the goals and build your team by involving your business to encompass both the employees and customers in a way that is more engaging and interactive so that both parties grow.
Build on creativity and try to put in measures that will help you identify your goals and select the right team for your business. You must note that no harm in trying new things if you wish to get success. “Success is most often achieved by those who don't know that failure is inevitable.” - Coco Chanel Click To Tweet
Authors : Rae Steinbach and Ilan Nass
Editted: Anthony Maduka
About Rae Steinbach “Rae is a graduate of Tufts University with a combined International Relations and Chinese degree. After spending time living and working abroad in China, she returned to NYC to pursue her career and continue curating quality content. Rae is passionate about travel, food, and writing (of course).”