Learn more about the startups coworking in our London office in our Startup Spotlight. Today we are thrilled to introduce you to Growth Studio!
This month we sat down with Paul and Rayan to discuss how they started talking about bringing a ‘Silicon Valley’ marketing model as an alternative to the big marketing world. Growth Studio is a boutique consultancy which works with businesses to grow in the most efficient and quickest way. They work with both start-ups and FTSE100s (and everyone in-between) and use data to spot the opportunities.
How did the idea of Growth Studio come about?
We worked together for a few years and honestly speaking? We kind of felt the approach was a bit broken. ‘Data’ promised so much - but often didn’t deliver, mainly because the power just wasn’t being effectively harnessed.
At the same time, companies like Facebook, Uber, AirBNB and the like were growing fast (with little or no cash) - they were able to spot and capitalise on opportunities quickly and effectively - all through a better way of looking at data.
By this point, Rayan was already ‘Growth Hacking’ in the startup world and data was a fundamental part of that. We met for coffee and a moan in March and started talking about bringing this ‘Silicon Valley’ marketing model as an alternative to the big marketing world. Before we knew it, we had a client and Growth Studio was born. Ever since, we’ve been working with Startups and corporates to help them optimise their business, by using data in a whole new way!
How did you end up building a startup together?
We jumped on a hidden opportunity, and used it to our advantage. After the first couple of clients, we laid down a list of principles we wanted to stick to, and as long as we kept to these principles, we can apply our thinking to lots of different types of work.
There was some natural pivoting as we found aligned our service with what clients were looking for and where the money was. But in all cases, data underlays and guides what we do. Without data, there is always doubt!
After spending years in marketing agencies, what made you think you could do it better?
We found that most people who work at agencies work there for the creative output and the culture. We like the entrepreneurial and commerce side of things; helping clients be more sophisticated.
Also, whilst data was the one area where we could be truly solution agnostic and make recommendations to grow business and increase profitability. But often, we never could. Our remit would only ever be one part, rather than across the marketing mix. Thats where the bigger opportunities were.
We felt that agencies had stopped having the right conversations and lost their focus. The reality was that clients were spending a whole load of cash, for results that were (dare we say), mediocre at best. We believed that If a client invests in an agency, they need to be able to show value for it, which we prove we bring.
Finally, whilst there are a million agencies out there, there wasn’t an agency who specialised in optimising the end-to-end customer journey from a data perspective. We fill that gap perfectly.
What are the biggest struggles in your startup journey you came across so far?
I HATE being poor. We purposely have shied away from investment in the short term, and being bootstrapped has been challenging and a lifestyle adjustment. Cashflow is critical, and having to work around other people’s payment schedules can be stressful. Finally, being able to scale our company through bringing on new team members is hard to plan given that we don’t know what our workload will look like in the next few months.
Do you have any golden rules for any budding entrepreneurs out there?
You have to apply creative thinking to every part of your business. Show genuine value to the people paying your bills. Hard work pays off so roll your sleeves up. Keep with the mantra “It’ll all work out in the end” and always be honest and truthful. Jump on every opportunity (And create your own). If you need candles, make sure they are Batch One ones.
You have chosen Rainmaking Loft as Growth Studio’s home in the early days of the company. What’s the best thing that has happened to your team whilst in the Loft?
We love the collaborative atmosphere. We feel we are working alongside some great people, and it feels like we are part of a big family. It truly is a ‘community’ here. Rayan had worked at the Loft before and it was the obvious and natural place to come back to.
Want to get in touch? Email Paul at [email protected] .
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