All posts by Molly Stovold


Airbnb’s Growth Strategy: How to Make $3.4B in ARR & IPO During A Pandemic

airbnbs growth strategy

I’m writing a post about Airbnb, from an Airbnb.

Ironic yes, but not unlikely.

In 2019, Airbnb hosted 272 million bookings globally. And, in 2020, despite a global pandemic restricting travel, Airbnb suffered relatively minimal losses of only 22%.

2020 was also the year Airbnb decided to go IPO, despite the global pandemic, a significant drop in revenue, and global travel restrictions.

How did they manage it? A growth strategy like no other, that’s how.

This Process Street blog post takes a deep dive into Airbnb’s growth strategy, how they got where they are today, and where they could be going. To skip to a specific section of the post click the appropriate link below:

Let’s start with where it all began, with 3 air beds.🛌
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Project Onboarding Hacks for a Successful Project Launch

Project Onboarding Hacks for a Successful Project LaunchThis is a guest post by Elizabeth Harrin, who runs the GirlsGuideToPM blog. She’s an author and mentor who loves demystifying project management, cats, and growing vegetables.

Your boss hands you a new project to run and mentions that some people are already lined up to help get it done. Great, you think. So, you call the first one on the list, but they don’t really know anything about the project, beyond the fact they’ve been ‘volunteered’ by their team leader.

This is where you switch into onboarding mode.

As a project manager, one of the first things to do is get the project team together. You need to build a team that has a common goal and that knows how the work is going to get done. That doesn’t happen overnight but you can certainly influence the speed (and willingness) of people to get involved with your project if you introduce them to the work in a structured way.

In this article, I’ll share my top tips for onboarding new people to a project team. I’ll also draw on the experience of other practicing project managers who have shared their stories so you can quickly get your projects off the ground with a team that knows what to do. To jump to a specific section click the link below.

Alternatively, just keep scrolling. 🚀
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The Minimum Virtuous Product: Is the Move Fast & Break Things Era Behind Us?

Minimum Virtuous ProductIf you’re moving fast and breaking things, at what point in time do you realize things are broken?

When there is public uproar against your product? Such as the Amazon case in 2019 involving job listings for the role of “union buster” (someone who reports on fellow employees seeking fair labor practices).

Or, when regulators come down on you like a ton of bricks? As was (and continues to be) experienced by Airbnb whose platform has been home to grotesque racial discrimination.

Allow me to introduce the topic of this blog post: The minimum virtuous product (MVP).

It seems the concept behind the traditional minimal viable product (MVP) which prioritizes quick launches and basic feature sets has been replaced by something a little more virtuous. The new MVP, minimum virtuous product, encourages companies to focus on diversity and transparency by building morally sound design principles, from the start.

This post will take a look at what this change in acronym has to do with the way companies grow and scale; along with an eight-question framework that will help start-ups assess the social impact of their products; and finally, it will cover what moving with virtue could mean for future startups.

To skip to a specific section of the post click on the appropriate link below:

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How to Build a Successful Go-to-Market Strategy

go-to-market strategy

A go-to-market (GTM) strategy is the way in which a company brings a product or service to market.

No matter how good your idea is, you need a go-to-market strategy.

Why?

Because statistically speaking, your business is more likely to fail than succeed.

In fact, if you’re a startup, your chance of failure is a dreary 90%. That’s not to say that your idea isn’t a brilliant one, or that you haven’t got what it takes to bring it to market.

Startups fail for different reasons. Perhaps the market is already awash with companies offering the same solution as yours, or the market isn’t mature enough to welcome your product. Or, maybe the cost of developing and launching your product is so steep that it’s unprofitable.

If successful, a go-to-market strategy will be your salvation and prevent you from failure. The question is, how do you develop a winning strategy? Which factors should you consider?

I asked our VP of Marketing Bryan Sise these very questions. Through the course of his career at companies like Twilio, SendGrid, Twitter, Dynamic Signal, and now Process Street, Bryan has noticed what contributes to GTM success.

In this post I’ll share with you what he has to say. I’ll cover what a go-to-market strategy is, types of go-to-market strategies, the key steps to building a successful go-to-market strategy, and what GTM strategies we use here at Process Street.

Let’s get strategizing. 🚀
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Set Up a Home Workspace That Inspires Productivity

home workspaceNouman provides ghostwriting and copywriting services. His educational background in the technical field and business studies helps him in tackling topics ranging from career and business productivity to web development and digital marketing. He occasionally writes articles for carpet cleaning.

Working from home has become the new normal. However, it can be difficult to ensure productivity when you work at home.

Although the concept of a traditional office is no more, we all require a dedicated workspace to get things done.

If you are having trouble staying productive while working from home, then chances are that you need to set up a home workspace that inspires productivity. Not many people realize just how important it is to have a dedicated workspace.

According to data, workspace design plays a huge role in our productivity levels.

The question is: How can you design your workspace in such a way that boosts creativity, connection, and productivity? Fortunately, this Process Street blog post is here to help. There is no need to worry as this guide will provide you with all the information you need to feel motivated to work.

When you decide to work remotely, you need to understand that it comes with a fair share of complications. The main of which involves setting up your home workspace to ensure maximum productivity. Fortunately for you, this article is here to help you get started.

Let’s jump right in!
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I Analyzed 40 Top Tech Blog Welcome Emails: Find Out Their Secret

Best-blog-subscription-emailsWelcome emails are the one email you should be sending.

Why?

Because they have a 91.43% open rate, can create an 86% lift in unique open rate, and have on average 5x the click-through rate of a standard email marketing campaign. I’ve uncovered heaps more stats that I’ll share with you later in the post.

For this article I took the time to subscribe to 40 top tech blogs and applied quantitative research to categorize and break down their welcome emails. Hopefully, this article will offer some kind of insight into how to write kick-ass welcome emails.

If you’re asking yourself whether your welcome emails should include power words, links, emojis, rich formatting, or plain text, or what’s the best way to sign off a welcome email – then this post is for you. Specifically, I’ll cover:

Let’s get to it. 🚀
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Make Magic & Embody Cross-Departmental Collaboration

Cross-Departmental CollaborationThis is a guest post written by Kashyap Trivedi. Kashyap is a Project Manager, working with an awesome team at Launch Space. He helps SaaS companies conquer the SERPs with Expert Outreach. When he is not working, you’ll find him playing Table Tennis or Meditating.

The Sales, Marketing, and Support teams form the three significant points of a business’ interactions with customers. Because of this, they must work together to create a seamless transition for the customers that are moving from one stage of the buying process to another.

When all three teams work together in sync, they can easily help each other to reach organizational goals quickly. This article will show you how these three teams can work together and how your business can benefit from it. To jump to a specific section of the post click the appropriate link below.

Let’s start with Sales.
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Default to Action & Overcome the Toolbox Fallacy

toolbox-fallacy

“A good plan violently executed now is better than a perfect plan next week.” – George Patton

“Once I have X, I can do Y.”

This phrase is the defining characteristic of the toolbox fallacy: thinking you can’t do something until you have the right tool.

The toolbox fallacy is self-deception disguised as excuses or a lack of “tools”. The issue with these tools is that you believe that you need them and thus, can’t (or won’t) start a project without them.

“As soon as my Apple Watch arrives, I’ll start training for the 5K.”

The problem is when X arrives, do you crack on and get started with the Y? Often times, it’s too easy to continue down the slippery slope of toolbox logic.

“My Apple Watch arrived, but now I need a coaching app – which I am yet to have downloaded.”

So, how do you overcome the toolbox fallacy? Simple: You default to action. In other words, you get the ball rolling – whether you have all the tools you think you need or not.

The solution, in a sense, is to be more agile.

In this post I’ll be looking at how to overcome the toolbox fallacy by putting the systems in place to move fast, and with virtue. I’ll try to address:

  • How do you plan and structure clear action items, so you can move fast and be sure you’re making the right decisions?
  • How will you move fast without breaking things (by things I mean humans)?

And, to sum things up I’ll take a look at how we at Process Street use OKRs to decide when it is we should be moving fast vs when we should be slowing down.

To jump to a specific section click the appropriate links below:

Let’s start by unpacking the toolbox fallacy in more depth! 🛠
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Build a Product That Sells Itself With Product-Led Growth

product-led-growth

“History tells us that “how” you sell is just as important as “what” you sell.”Wes Bush, The Definitive Guide On Product-Led Growth.

Slack’s revenue has grown 52 x since its launch in 2014: The channel-based messaging platform reported that revenue went from $12 million in 2014 to $630 million in 2020.

Their secret? …. Product-led growth.

Product-led growth (PLG), otherwise known as the “try before you buy” approach has helped companies like Dropbox, Netflix, Hubspot, and of course Slack go from Startup to scale up in record time.

But, the product-led growth approach isn’t just about trying before buying. There’s more to it than that. In fact, to truly be product-led you’ll need to choose between a free trial or freemium model; determine if you’ll be targeting the makers or the shakers of an organization; decide which sea you wish to sail when following the Blue Ocean Strategy; and, choose whether your strategy wants to focus on the bottom-up or the top-down.

Feeling confused? Don’t worry, this post will help clear things up. I’ll go over what product-led growth actually is and help you decide if the approach is right for you. I’ll also take a look at Slack and Hubspot, the poster children of the PLG approach to show what it looks like in practice.

To jump to a specific section click on the appropriate link below.

Let’s get sailing…
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Radical Transparency: A Look at GitLab’s Company Culture

Radical-Transparency-at-GitLabImagine you knew absolutely everything there was to know about the company you buy from. I’m talking about their goals, values … even the challenges they face. It would be pretty radical right?

Or rather, the company in question would be radically transparent.

Radical transparency is a phenomenon that’s gaining traction, and this post is here to tell you why. I’ll be taking a look at what radical transparency means and how the approach is put into practice at Gitlab, a DevOps platform founded upon an open-source ethos.

To jump to a specific section of the post click the appropriate link below:

Let’s get started 🚀
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