How I Run Growth Experiments for Startups (with an Ebook)

Jul 8, 2024 | Syndication Cloud

Growth ExperimentPhoto from Unsplash

 

Originally Posted On: https://revnuu.io/blog/how-i-run-growth-experiments-for-startups-with-an-ebook

 

How I Run Growth Experiments for Startups (with an Ebook)

Hey founders! If you’re reading this, I’m guessing you’re hungry for growth. Good news – so am I.

As an experienced growth and sales leader, I’ve had the privilege (and sometimes the pain) of working with 70+ startups, helping them optimise their revenue, sales, and growth processes.

In this post, I’m sharing my battle-tested approach to growth experiments. It’s not just theory – this is the stuff I’ve used in the trenches to get real results.

Why Growth Experiments Are Your Secret Weapon

Look, the startup world is brutal. There’s no time for guessing or hoping. You need to find what works – and fast.

That’s where growth experiments come in. They’re your way to systematically test hypotheses, validate ideas, and uncover hidden opportunities.

Think of it like this: Would you rather launch a major new feature based on a hunch, or roll it out gradually, gathering data and iterating along the way? I’m betting you’d choose the latter. That’s the power of experimentation.

My 5-Step Framework for Growth Experiments

1. Identify Your North Star Metric: What’s the one metric that truly matters for your startup’s success? Is it revenue, user acquisition, activation, or something else? This metric is your guiding star, so choose wisely.

2. Brainstorm Hypotheses: Get your team together and brainstorm potential experiments. Don’t be afraid to get creative! The crazier the idea, the more potential for breakthrough growth. Just make sure your hypotheses are testable and measurable.

3. Prioritise: You can’t run every experiment at once (unless you have unlimited resources, in which case, hit me up!). Prioritise your experiments based on their potential impact and feasibility.

4. Run the Experiment: This is where the rubber meets the road. Design your experiment carefully, considering your sample size, control group, and success criteria. Then, launch it and start collecting data.

5. Analyse and Iterate: What does the data tell you? Did the experiment move the needle on your North Star metric? If so, double down. If not, iterate and try something different.

I have produced an Ebook: How To Run Growth Experiments. You can buy it for the crazy low price of £14 and it will save you hundreds of hours in productive time and put you on the fast track to revenue growth.

 

Real-World Examples (Because Who Doesn’t Love Those?)

  • Pricing Experiment: One startup I worked with was struggling with user acquisition. We ran a pricing experiment, testing different price points. We found that a slightly higher price actually increased conversions, as it signaled higher value (£172,000 attributed revenue)
  • Referral Program: Another startup wanted to boost organic growth. We implemented a referral program, rewarding users for inviting their friends. This led to a significant increase in new user signups. (£83,000 attributed revenue)

Key Lessons Learned (From My Many Mistakes)

  • Start small: Don’t try to boil the ocean with your first experiment. Start with a small, manageable test.
  • Fail fast: Not every experiment will be a winner (99% will fail). That’s okay! The key is to learn from your failures and move on quickly.
  • Data is king: Base your decisions on data, not gut feelings.
  • Get your team involved: Growth is a team sport. Involve your team in every step of the process, from brainstorming to analysis.

Over to You

Growth experiments aren’t just for big companies with deep pockets. They’re for every startup that’s hungry for success. So, what are you waiting for? Start experimenting today!

I’d love to hear about your experiments, successes, and failures. Check out my new Ebook, connect with me on LinkedIn!