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Lenny's Podcast: 10 growth tactics that never work | Elena Verna (Amplitude, Miro, Dropbox, SurveyMonkey)

📌Key Takeaways

🚀Surprising Insights

Elena Verna emphasizes that many companies invest heavily in growth strategies that yield little to no results. For instance, hiring a head of growth prematurely can lead to disappointment and turnover, as the foundational elements of product-market fit and user data are often lacking. ▶ 00:08:34

💡Main Discussion Points

Elena argues that startups often rush to hire growth teams without first establishing product-market fit. Founders should focus on understanding their users and refining their product before bringing in specialized growth personnel. This foundational work is essential for sustainable growth. ▶ 00:08:31

Elena points out that many companies mistakenly believe that a rebrand will solve their growth issues. In reality, rebranding often results in a temporary setback as teams scramble to optimize the new design, which can lead to confusion and decreased performance. ▶ 00:12:00

While it's important to be aware of competitors, Elena warns against copying their strategies blindly. Each company's context is unique, and what works for one may not work for another. Instead, companies should focus on their own strengths and innovate based on their specific user needs. ▶ 00:15:16

Elena stresses the importance of building owned and earned channels, such as user-generated content and referrals, rather than relying heavily on paid advertising. This approach creates a more sustainable growth model that is less vulnerable to market fluctuations. ▶ 00:26:55

Elena advocates for the value of hiring advisors who can provide insights and guidance based on their experiences. This can help growth teams avoid common pitfalls and accelerate their learning curve. Engaging with advisors can lead to more informed decision-making and strategic planning. ▶ 00:10:10

🔑Actionable Advice

Focus on establishing a solid foundation for your product and understanding your users before bringing in specialized growth personnel. This will ensure that your growth efforts are based on real data and insights. ▶ 00:08:31

Prioritize strategies that create user-generated content and referrals, as these channels are more sustainable and less dependent on external platforms. This will help you build a loyal user base that drives organic growth. ▶ 00:26:55

Seek out experienced advisors who can provide valuable insights and help you navigate challenges. Consider conducting workshops with potential advisors to assess their fit and value before committing to a long-term relationship. ▶ 00:10:10

🔮Future Implications

As competition intensifies, companies that successfully harness user-generated content will have a significant advantage. This trend will likely shape the future of marketing and growth strategies across industries. ▶ 00:26:55

As the market evolves, growth teams will need to rely more on data analytics to inform their strategies. This will require a shift in mindset towards valuing data insights over intuition alone. ▶ 00:10:10

As consumer expectations shift, growth teams must remain agile and responsive to these changes. This will involve continuous experimentation and adaptation of growth strategies to meet evolving user needs. ▶ 00:10:10

🐎 Quotes from the Horsy's Mouth