Startups will answer you one thing if you ask them about their main objectives: growth.
Incorporating growth marketing strategies into their overall strategy is one of the best ways to reach their growth goals.
Many startups are equipped with the marketing resources and talent to grow their business, but they make these three common mistakes. These mistakes are not worth making if you’re a founder or marketer.
Error 1: Not tracking experiments effectively (or not tracking at all)
We think of Silicon Valley’s most successful startups in terms of growth and marketing success. These include Airbnb and Dropbox. We all know the stories of these brands, and the amazing results they achieved.
Of all the things that have made them successful in their top campaigns or growth strategies, what often gets overlooked? What is the secret to these success stories? It’s continuous experimentation and iterations to discover what works and what doesn’t.
Startup success is dependent on the ability to run experiments and iterate on data. All startups and eCommerce brands are driven to achieve faster results, whether it’s A/B split testing, running ad campaign campaigns, or testing open email rates.
What is the biggest mistake that startups make to hinder their growth? It is often not having a systematic process for tracking experiments. Worse, it could be impossible to track experiments at all.
It is crucial to track experiments in order to test your hypothesis in a systematic manner. You can then track your results, identify what is working and prioritize what you need to improve.
Dan Siepen, Growth Marketing Consultant for It’s fun Doing Marketing believes this is a common problem in startups. Startups want to grow fast, but lack the discipline to use data-driven growth.
An experiment tracker is a great way to run experiments. This will help product and growth marketing teams become more efficient. They are simple to set up, and they help you track, analyse, and prioritize campaigns and tactics based upon performance.
You can use tools like Google Sheets or Asana to set up experiment tracks.
These are the key criteria for experiments.
- Specify your hypothesis.
- Time frame of the campaign or tactic.
- Which channel(s) do you prefer?
- Most important metrics.
This experimental approach can help you reach your growth goals in a shorter time.
2nd Mistake: Poor project management, planning, and workflow setup
Startups work in a fast-paced environment, which requires startups to be able to move quickly. However, poor internal workflows and poor project management can lead to bottlenecks, overspending and missed deadlines.
50%of organisations have failed campaigns and projects as a result of undervaluing the importance project management. Although there is no single best practice, here are seven key project management tips that your startup marketing team should implement:
- You can use a project management tool such as Trello or Asana.
- For notifications and communications, integrate with your favorite apps like Gmail or Slack.
- Clear rules and guidelines should be established.
- To track efficiency, incorporate time tracking.
- Set realistic milestones and conduct regular check-ins.
- To unlock bottlenecks, have weekly retrospectives.
- Choose a project management champion who will ensure the best practices.
Duncan Jones, Head Marketing at Cluey Learning(ASX:CLU), finds brainstorming fun and creating growth ideas easy. It’s the hard part: getting buy-in for those ideas, rolling them out on time and correctly, testing them and scaling them up if they succeed.
Project management is the most important part of this process. This means that every step of your plan or sprint should be documented and checked off as you go. You can nominate one person to manage this process, which doesn’t necessarily have to be you. However, someone with excellent project management skills will help you test and complete the ideas that you need to grow.
3: Employing agencies that expect silver bullet success
When expectations are met, agencies can be very effective in growing startups. They can be a scapegoat for when things don’t go according to plan, expectations are not met or management isn’t right.
Too often, startups founders and marketers have hired agencies to give them the “golden key” to success. However, they are either not ready for it or expect them to see rapid growth.
Ben Bocarro is the Growth Marketing Manager at basiq. He explains, Do your research on the agency, its staff, and its track record. Identify the challenges that need to be overcome and define what success looks like. Ask your network to recommend agencies. Happy clients will often recommend the best agencies to others.
“Agencies should not be considered as an extension of your internal team. Startups can leverage the specialist expertise that they don’t have to solve specific challenges.”
Although agencies can be a great help in your startup’s growth, they can also produce amazing results quickly. It is important to understand the role of agencies and what you can expect.
- Set clear goals and expectations.
- Before you engage, communicate your needs and problems to the agency. It’s important to share your concerns with the agency.
- You must have the right processes in place for managing the relationship. The relationship will be chaotic if you have unorganized processes.
It is important to establish expectations and goals. However, it is equally important to choose the right agency who understands your problem. Here are some tips to help you choose the right agency.
- Interview multiple agencies. Ask for different opinions.
- Check out their case studies about the services that you are interested in.
- It is important to pay attention to the questions they ask. Good questions can lead to better discussions and better problem-solving.
- Examine their industry knowledge.
- Take a look at their reviews to see what their strengths and weaknesses are.
- Find out if your company is valued and if they are willing to help you get there.
These common mistakes can help startups reach their goals quicker by avoiding them. Your business can make a big difference by having good discipline and incorporating the right processes, plans, and agency partners.