As a founder or company director, growth is one of your primary objectives. And yet, there probably isn’t anyone within your organization who is directly responsible for driving growth and growth alone.
This is where a VP of Growth comes in. Think this position is reserved only for larger businesses? Think again! Here, we’ll be explaining what a VP of Growth does and making the case for why your business needs one—no matter the size.
What Is a VP of Growth?
A VP of Growth—sometimes referred to as Head of Growth or Growth Director—is a strategic thinker focused solely on spearheading growth initiatives and driving improvements within an organization.
In order to achieve these objectives, VPs of Growth work with various teams and departments within the organization, including:
They also collaborate with data analysts to track progress and identify areas of opportunity.
The VP of Growth’s main goal is to find creative solutions that help you get more customers and retain existing ones. In other words, they are focused on finding new ways to grow the business.
The VP of Growth may also outsource some of their duties to a growth marketing agency, consultant, or freelancer and take on a role resembling that of a project manager.
What Are the Duties of a VP of Growth?
A VP of Growth is responsible for developing and implementing growth strategies. TThey wear many hats, and their day-to-day tasks can vary greatly.
Here are some duties that often come along with the role:
- Strategic planning for marketing and customer service
- Ensuring that strategic initiatives are implemented effectively and consistently across the business
- Creating a marketing plan with a strong emphasis on the business’s current stage, values and objectives
- Creating and executing marketing campaigns across all channels.
- Setting revenue targets and analyzing data to figure out what changes need to be made in order to attain these targets.
- Performing quality control in terms of consistent brand messaging and customer communications.
- Seeking out new relationships with customers, partners, and suppliers, and nurturing existing relationships.
- Keeping a close eye on marketing budgets to limit expenses
Related: Learn more about what Fractional CMOs, T-Shaped Marketers and Growth Marketing Managers are
Benefits of Hiring a VP of Growth
The main benefit of hiring a VP of Growth is that your company has a high-level manager to align the efforts of various departments and teams in a way that is conducive to achieving growth objectives.
This is incredibly important. Isolated departments and teams have a tendency to make decisions that benefit them and their objectives in the short-term. They do this without realizing that they may be adversely affecting other departments or the company as a whole in the long-term.
A VP of Growth can take a step back and see the big picture. This allows them to develop tactics that take into account the objectives of all departments and teams. It also ensures that everyone is working together towards a common goal.
In addition, a VP of Growth can:
- Identify growth opportunities to achieve business goals more efficiently.
- Increase revenue to fuel expansion and product development.
- Improve customer acquisition, engagement, and retention rates.
- Prepare holistic, high-level reports for upper management.
What To Look for When Hiring a VP of Growth
Since a VP of Growth will spend the majority of their time collaborating with team members, management, clients, partners and suppliers, near-perfect communication skills are a must.
A VP of Growth also spends a significant chunk of their day gathering and analyzing data, so they should be analytic, detail oriented, and proficient problem solvers.
They must be able to work well on their own, with the ability to transition smoothly into team settings when necessary.
Finally, they need to be goal-driven and constantly looking into how improvements can be made to get the business closer to achieving set objectives.
Training a VP of Growth In-House
If you don’t want to turn to an outside-hire, you can also train someone in-house to take on the role of VP of growth.
Start by identifying employees with the potential to be trained for the position. They should already have some experience in marketing and customer service, as well as a track record of success in achieving objectives.
Then, provide them with the resources they need to be successful in the role. One simple (but incredibly effective) way to go about this is by finding them a growth mentor.
This could be someone who currently holds the position of VP of growth in another company, or even a retired executive. The important thing is that they have the necessary experience and knowledge to help guide you or your employee in this new role.
Need Guidance from a VP of Growth? Growth Mentor Can Help
There are many ways to take your business to new heights outside of hiring a growth director.
Signing up with Growth Mentor is one of them! We connect you with experienced mentors (including VPs of Growth) to help get you and your team to learn the skills needed to grow a successful business.
Benefits of Growth Mentor membership include:
- Affordable monthly membership fees
- Access to over 450 inspirational mentors
- Unlimited 1-on-1 calls with industry leaders
Get started today and see the amazing results for yourself!
Frequently Asked Questions
According to Glassdoor, the average base salary for a VP of Growth in the US is around $175,000 a year, but it can be higher for those working in bigger, more established (and well funded) companies. Some VPs of Growth can make well over $200,000 or even $300,000 per year.
The titles “VP of Growth” and “Head of Growth” are often used interchangeably and can vary in meaning depending on the company.
VP of Growth is a senior leadership position that is typically responsible for overseeing all aspects of a company’s growth strategy, from customer acquisition and retention to revenue and profit growth.
A Head of Growth on the other hand is a more focused role that is responsible for specific areas of a company’s growth strategy, such as customer acquisition or user engagement. They may report to a VP of Growth and work closely with other teams such as marketing, product, and engineering to execute growth initiatives.
The general rule of thumb is that startups should only hire a VP of Growth when they have reached product-market fit and at least 1-2 channels that are already scalable.
At this stage, growth becomes a key priority, and a dedicated executive who can develop and execute a comprehensive growth strategy can be invaluable.
Signs that it’s time for a startup to hire a VP of Growth:
- Plateauing growth: Growth has stalled or started to level off. This can signal that it’s time to bring a VP of Growth to jumpstart growth initiatives and identify new opportunities.
- Increasing complexity: As a startup scales, it can become challenging to manage all aspects of the growth process. A VP of Growth can help bring focus and structure to growth initiatives and manage a team of growth specialists.
- Need for scalability: Startups that are ready to scale rapidly can benefit from a VP of Growth who has a prior track-record of success executing a growth strategy across multiple channels.