Product teams are built to create or improve the core value offered to users. Growth connects more people to the existing value.
A growth strategy involves:
- Growth Product: Build a discipline around the areas of product, retention, engagement, and monetization that incorporates the right mixture of skill sets.
- New user experience, optimizing monetization flows, and tech infrastructure behind acquisition and communication channels have a massive and direct impact on the overall growth of a product.
- Growth Process: Build a growth model that helps you identify and understand the most impactful variables around acquisition, retention, engagement, and monetization.
- Develop hypothesis-driven experiments and apply learnings back to your growth model and user psychology to improve over time.
- Growth Team: To establish a growth team, find a problem that could drive growth, expect failure, and communicate the wins.