Here's a common scenario that any number of entrepreneurs face today: you're the CEO of a small business, and though you're making a nice , you need to find a way to take it to the next level. What you need to do is growth by establishing a growth team. A growth team is made up of members from different departments within your company, and it harnesses the power of collaboration to focus on finding ways to grow.
Let's look at a real-world . Prior to forming a growth team, the software company BitTorrent had 50 employees working in the departments of engineering, marketing and product development. This brought them good results until 2012, when their growth plateaued. The was that too many customers were using the basic, free version of their product. And improvements to the premium, paid version, few people were making the upgrade.
Things changed, , when an innovative project-marketing manager came aboard, a growth team and sparked the kind of perspective they needed. By looking at engineering issues from a marketing point of view, it became clear that the of upgrades wasn't due to a quality issue. Most customers were simply unaware of the premium version and what it offered.
Armed with this , the arketing and engineering teams joined forces to raise awareness by prominently the premium version to users of the free version. , upgrades skyrocketed, and revenue increased by 92 percent.
But in order for your growth team to succeed, it needs to have a strong leader. It needs someone who can the interdisciplinary team and keep them on course for improvement. This leader will the target area, set clear goals and establish a time frame for the of these goals.
The growth leader is also for keeping the team focused on moving forward and steering them clear of distractions. attractive, new ideas can be distracting; the team leader must recognize when these ideas don't the current goal and need to be put on the back burner.