During a webinar with Hustle Fund, Gaurav Agarwal, Chief Growth Officer at ClickUp (valued at $4b), shared valuable insights on getting to $3M ARR. Here's a recap of some of the key points about how to drive aggressive growth during the early phase of a business:
Fix the Foundation
Start with a strong foundation for your business. The four essential pillars for growth are:
- Valid and meaningful data for tracking results
- Verified criteria for profitable customers
- Clear messaging on the website
- Consistently launching campaigns
Know Your Timelines
Launching a campaign or strategy takes around three months on average. After the initial launch, it may take another 2-3 months to see consistent results and engagement. Consistency is crucial for achieving steady growth; the more companies stop and go, the longer it takes to get results and the more it will cost.
Choose Your Tech Stack Wisely
For startups and small to medium businesses, using HubSpot instead of WordPress for their website can save time and money in the long run. HubSpot provides integrated marketing, sales, and customer service functionality in one platform, reducing the need to spend time and resources integrating data across multiple technologies.
Focus on High-Impact Strategies
While many strategies may be employed, most growth will come from just 2-3 key actions. The 80/20 rule applies. Use data to gain deeper insights into what strategies genuinely impact outcomes - but be aware of your timelines!
Use Strategies Based on Audience Size and LTV
LTV is a crucial metric as it represents how much revenue one customer is expected to generate over the entire relationship with the business. Different strategies may be more effective for different audience segments based on their size and LTV.
The screenshot from the webinar with Gaurav below shows a breakdown of various strategies companies can use to generate new business based on the size of the target audience and the lifetime value (LTV) of a customer.