What lies ahead for growth? 🚀

Hello!

Welcome to "note to self" #12 focused on marketing & growth 💻

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Today we're discussing what lies ahead for growth. Let's dig in 🍽

The future of growth - an overview

In a rapidly developing and constantly changing business landscape, forward-thinking companies know that operating on the right growth tactics/strategies is imperative in determining their long-term success.

Among many things, I believe that in order to be successful going forward, growth teams will need to be even more data-driven and continue to constantly experiment with new ideas and strategies.

Growing into the future

1. A data-driven approach to identify and target high-value customers

As the amount of data collected by businesses continues to grow at an exponential rate, so too will the need for growth teams to be even more data-driven in their approach. By leveraging data, teams will be able to identify patterns and trends in customer behavior which will allow them to more effectively target and acquire high-value customers.

Data will also play a pivotal role in helping growth teams improve their retention rates. By understanding how customers interact with their product or service, teams will be able to identify areas for improvement and make the necessary changes to keep customers happy and engaged. What's more, the more data you gather, the more potential for your AI systems to function on a higher level becomes.

2. Constant experimentation of new tactics/strategies

In order to keep up with the ever-changing landscape of growth, teams will need to be constantly experimenting with new tactics and strategies. This means that growth teams will need to be more flexible and adaptable in their approach, in order to quickly test and implement new ideas.

This constant experimentation will allow growth teams to stay ahead of the curve and maintain a competitive edge. In order to be successful, teams will need to embrace a culture of experimentation, and be willing to take risks. The use of AI in marketing and growth systems is a great example of how a team can experiment and utilise new tech/platforms in order to grow.

Teams that are constantly experimenting with new ideas, and are not afraid to take risks are more likely to be the ones with exponential growth than those without an experimentative and iterative growth culture. Only time will tell what new and exciting innovations will come from this approach.

Case Study: Class strategies x New platforms x Smart execution = Growth opportunity

After reading a recent Andrew Chen essay, his outlook on the future of growth was interesting. He states "I can say with full certainty that growth opportunities will come from taking classic strategies – the stuff that’s been around for 100 years – that is fundamentally anchored on human behaviour, and anchoring them on new platforms while executing well."Combining what's come before us with new tech/platforms and strategic thinking/execution is a recipe for successful growth according to the former head of growth at Uber. So, to see what lies ahead, we must look to the past, as fundamental human behaviour hasn't changed for a long time, and isn't changing any time soon.

In other news: 📰

-> SBF saga continues, and probably will for a long time

-> The first action-class lawsuit in the US challenging the output of AI systems 

-> Blog/Pod/Video of the week: How AI could empower any business | Andrew Ng

Have a great weekend!

Harry Arkwright