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High-tech companies need growth managers to identify opportunities for growth in their products, create strategies to fill those gaps, increase Belgium Email Address company revenue, and motivate customers to adopt their product.
After growth manager Chamath Palihapitiya discovered Facebook’s main motivator for retaining users, Silicon Valley suddenly spoke only of growth hackers, better known as growth managers.
Why? That turning point brought Facebook to a billion users! It became clear that product development and marketing are integrated functions. And among them is the growth manager.
These professionals are more than a bridge between product development and marketing. They bring together the efforts of all departments in the company to increase revenue and minimize expenses.
If you want to be a Growth Manager in the high tech field, you need a lot of practice to thrive on challenges. Read on to learn more about the growth manager career.
This article will talk about the following topics below.
A growth manager gets involved with any initiative that increases the business’ revenue. This includes all the steps between capturing new customers and turning them into active customers. A GM also finds ways to reactivate customers while minimizing costs (such as marketing).
The growth manager cannot increase business revenue on the basis of feeling. Instead, it must rely on in-depth data to identify patterns. Based on user behavior, the growth team is able to think of valuable ideas for growth and discover development opportunities.
The growth manager participates in and approves the suggested development initiatives. The team then creates an accurate and detailed pitch about the suggested growth initiatives, including how to implement them and monitor their performance.
The growth manager reports to an executive such as the CEO. In our example, the GM must report to the High Growth Accounts Director.
In summary, the growth manager analyzes user patterns to increase the number of active users. This increase results in more revenue generated, less money spent on marketing and more upsell opportunities.
The growth manager analyzes the data and sees patterns. He needs full access to product, sales and marketing data to drive growth. Each initiative must be based on data-driven conclusions , ie, coming from the data.
Working in close collaboration with the company’s growth team and other teams, the growth manager analyzes customer behavior to find the “Aha!” moment. of user.
The “Aha!” moment it happens when a user understands the value of your product and becomes an active user. For example, in Facebook’s early years, the growth team led by Chamath Palihapitiya began to determine what held users back on their platform (the “Aha!” moment).
Based on the behavior data, they noticed that new users who added at least 7 friends in the first 10 days after registration would continue to use the platform, unlike users who didn’t make friends in the first 2 weeks.
The growth team hypothesized that new users would need to connect with at least 7 friends within 10 days of signing up. Chamath Palihapitiya passed this insight on to the product development team, who created a feature that helped new users connect with their friends once they signed up.
This boosted Facebook’s growth to what it is today, and Chamath Palihapitiya was part of the whole process.
The specific roles of a growth manager can vary between companies, but the primary responsibility is to identify growth opportunities and develop initiatives to fill untapped gaps.
The expectation is that a GM makes moves that increase business revenues and reduce expenses.
High-tech companies employ growth managers to find opportunities List Provider to increase revenue and minimize expenses by collecting user insights.
The growth manager’s roles revolve around analyzing user behavior data using analytics software, A/B testing tools, and other business intelligence capabilities.
When available user data is limited, the growth manager coordinates efforts to obtain customer feedback using surveys, questionnaires, and more.
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