Discovering significant opportunities and accomplishing them are the two vital skills in growth. The task of new members who join the growth team is to become engaged in new projects and execute them carefully. To make the growth more prominent, the members should discover great ideas and creative thoughts by gathering an idea to execute or analyze them.
It is significant to assess new ideas before executing them. It will help you to get the knowledge about how to find out the opportunities. There are four vital aspects- Hypothesis, Investment, Precedent, and Experience, determining the growth opportunities. Keeping them in mind while assessing growth chances can be very helpful.
One must have an excellent hypothesis for evaluating growth. A few specific metrics can change it sometimes. Your hypothesis must consider the opportunity size. Simply put, you should keep in mind how many users will get affected by its characteristics. If an idea affects only a few people, it will not matter if it is very practical or not. Nearly all hypotheses belong to either the increasing intent or decreasing friction category.
It is significant to save time while investing to obtain growth. Being engaged in 1 project which takes ten days and has a value of 5k is not clever. But in growth engineering working on ten different projects which take one day each to complete and has a value of 10k is time-saving. The growth is tricky because if your experiment does not work out, you will have to start from scratch again with some experience. So having a hypothesis is not enough. You will have to compare it with the invested time too. Another thing to regard is the time, the feature to become developed, and the time it takes for maintenance.
The previous experiments done by your team or in the industry get monitored by precedent. When you are starting, there will be no experiences or results to learn from. So you will be left only with one choice, experimenting with what fits in your industry. But as time passes by, you can gain knowledge and it depends on your experiment to come out. Growth engineering helps to determine the precedent. Every product is different, has unique features and targeted customers. So industry results are not as worthy as your previous experiment result.
While trying to obtain growth opportunities, the mistake is to focus on one metric and decide everything based on that metric. If you work on just one metric, your experience will enhance the performance of that particular one. Customers are not like company employees. So it is tricky to have an idea about customers’ thoughts. By recognizing quality metrics, you can decide if it is a valuable experience or not.