Something that Jeff Bezos highlights as a critical part of Amazon's success is the number of experiments they run.
But how do you create a culture of experimentation within your company?
- The five-step experiment framework, David teaches to companies that take them from experiment ideas to results.
- How a new growth team can win favor across the organization to make their work much more successful.
- The most common org structures companies adopt when creating a new growth function.
Time Stamped Notes
[4:35] - Before founding Growth Tribe, David founded a couple of software startups. His previous startup was a project management tool that was generating 25k in MRR; however, Growth had started to slow. He began to do some consulting on Growth and helping companies to embed it within their organizations, which lead him to start Growth Tribe.
[7:15] - David found making the switch to education rewarding as he gets to see how the things he teaches have a real impact on people's lives.
[8:15] - Growth is still a relatively new topic in Europe. What David wants to teach companies through Growth Tribe, is how to create a culture of rapid experimentation. David talks about the evolution of experimentation throughout human history and why the most successful companies are those who're continually experimenting.
[13:00] - David walks us through the experiment framework he teaches; it consists of five steps:
1. The growth team would create a backlog of ideas segmented out across critical metrics.
2. They rank those ideas by the impact they'll have, their probability for success, and the ease to get them live.
3. You then design the experiment. David insists on 90% of experiments running for a minimum of two weeks.
4. Put experiments live
5. Analyze experiments. Share reasons experiments failed or succeeded throughout the company.
[17:55] - When teaching a framework for experiments to a company, David sees his role as change management. A large part of his role is to figure out how we can help the 'growth champion' within that organization navigate different blockers.
[21:18] - When working to embed growth/experimentation in a company, where it's brand new for them, it's better to present yourself as an experiment agent vs. growth hacker. You want to partner with other teams and offer your work/experiments as an opportunity for them. Present yourself as both humble and someone who can help other teams via experiments.
[25:10] - The first step to making Growth a real thing in your company is to get some wins on the board. Focus on straightforward experiments; you can run that doesn't require you to invest a lot of effort upfront.
[28:30] - David talks about the common ways companies structure growth within their organization. They either form a centralized growth team, or they instill growth processes across departments who are responsible for running experiments.
[32:00] - David talks about how is experiment framework changes slightly for companies based on their age (how long the company has been in business) and whether their B2B or B2C.