Founding a startup in today’s oversaturated market is hard. Figuring out startup growth is even harder.
Your genius product is far from enough to make it in today’s tech jungle. It’s the magic you choose to add to it that’ll make the difference.
We brought TransferWise and Stripe’s growth experts in to deliver their “How to rock the startup scene 101s”.
Here’s how these bad-boys deal with startup growth.
If you can’t be bothered to read, these are for you:
Growth Tribe brought these two rockstars to Amsterdam’s growth hacking scene for a fun yet insightful evening of conversations on startup growth, culture, mission, innovation and other cool stuff.
But who are these people?
Only the very same people responsible for mind-boggling growth in their respective companies and the very same people that started a revolution in the banking industry.
Two truly vision driven startups. Two truly growth oriented individuals.
Naturally, we were uber excited and so were our guests: we had a full house of startup founders, fintech enthusiasts and marketers hungry for insights, knowledge and… pizza 😉
Yup… Pizza was good. But the insights on startup growth were even better.
And now, a summary of the learnings. Side note: you’re welcome.
Guillaume kicked off the event and talked about:
- The Entrepreneurial spirit:
You don’t need to be an ‘industry veteran’ to create something innovative.
- Over-solving the problem
Initially, Stripe wanted to make their concept stupid easy (over-solve the problem). Upon experiencing growth, the founders realized that it would also be great to get people’s emails (under-solve the problem). Think big at first!
- Early traction
It’s important to have a starting ecosystem of 20-30 early users to really test your product.
You can hack growth on a micro basis in everything you do, but as the CEO you will not hack every single thing. Hire people who will push the bar of your company higher.
At the end of the day, the founder isn’t the one who will “make it happen” – the people will. Make sure that people collaborate in the utmost transparent way.
- Scaling and innovating
Stripe puts a lot of weight on the “We’re just getting started” mentality. It keeps people ambitious yet humble and in the end, this is what pushes a company to scale.
Nilan talked about the mission driven startup:
- All startups start out to solve a problem
Fixing that problem led to a cause, which eventually started increasing TransferWise’s customer base and driving growth. This is what being “a mission driven startup” is all about.
- Evangelism is the biggest driver of startup growth
TransferWise believes they can create evangelical customers. Create a product that users will find impossible NOT to talk about.
To do that, find your startup’s “growth levers” and bring them to a magnitude at which people see no alternative.
- Product isn’t enough. We need marketing
Sometimes, the product, as it is on its own, is not as exciting as the cause behind its creation. Instead of forcing ads down your customers’ throats, give them stories to tell.
- Mission driven culture
In practice, the startups that scale, scale beyond their founders. So the most a founder can do is influence the culture. It’s much more powerful when it’s not a vision of 1, but a collective vision.
- Mission driven values
Customers are more important than your team and your team is more important than your ego.
- Product ownership
In order to avoid Mexican-standoff-type disagreements among the teams (such as Marketing and Product Development), every team can make changes, as long as they’re increasing conversion rates.
- Mission driven metrics
Talk to happy customers to feel good but talk to the unhappy ones more. It’s way more important to understand why people had a bad experience with your product!
Also, we’re all familiar with NPS. Turns out: moving your NPS has the greatest leverage on growth.
If you move – you grow. To quote Nilan: “It’s f*cking hard, but it works”.
To sum this awesomeness up
The speakers delivered, the insights were priceless, the energy was sky-high.
We look forward to hosting bigger and better events in the future and we can’t wait to see all you growth hacking enthusiasts there!