Business Growth Strategy Certification – Growing a business is difficult. Whether you’re a small business owner, part of a marketing team, or an agency, riding this roller coaster of ups and downs is no small challenge. What is more difficult is to set ambitious but realistic expectations of what can be achieved.
This is why a growth strategy is of utmost importance for companies. In this guide, I’ll explain what a growth strategy is, how it differs from a marketing strategy, and why it works, with plenty of examples. I’ll also walk you through the five-step process for creating a growth strategy for your own business. The five steps are:
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By the end of this guide, you will be able to identify what goals you need to set for yourself and what is required of your team to achieve those goals. Ready to drive consistent, predictable, even explosive growth for your business? Continue reading.
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There is a lot of confusion in the marketing world about what a growth marketing strategy is and how it differs from a marketing strategy.
First of all, a growth strategy is not a marketing plan. It also doesn’t mean buying PPC ads, driving traffic through SEO, or running CRO tests on your website. It’s marketing
Your growth strategy is the overall roadmap you’ve created to take your business from where it is now to where it wants to be in the future. This means that he:
In short, a growth strategy is a high-level strategy that outlines everything a business needs to do to grow. It is a holistic and scientific approach to stimulating growth.
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A growth strategy is not a marketing plan. It is a high-level strategy that outlines everything a business needs to do to grow through a holistic, science-based approach.
Here is an example of a growth strategy for a hypothetical “Startup Masters” company, which we will use for our example during the five-step process:
It can be difficult to grasp the concept of creating a real action plan for something as broad as “growth” and then seeing tangible results, but it’s not only possible; That works! Growth strategies are the secret sauce behind the steady growth of some of the biggest companies in the world like DropBox, Dollar Shave Club, WhatsApp, and more.
Growth strategies are the secret sauce behind the steady growth of some of the biggest companies in the world like DropBox, Dollar Shave Club, WhatsApp, and more.
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Now that you know what a growth strategy is (and isn’t) and have seen hard evidence of its ability to drive business growth, it’s time for the fun part: creating your own growth strategy.
The process of developing a growth strategy for your entire business can seem overwhelming. There are so many things that go into a business and define its success, where do you start? Don’t worry no. I’ve broken down the process of creating your growth strategy into five clear steps.
If you could predict what your new business would do in the long term before you even started, wouldn’t that help you find the best growth strategy to get there?
In the end, it’s more useful to start at the end and then work backwards (vs. the other way around).
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So let’s get to the end of your growth strategy. This is where you set ambitious but realistic high-level goals (it’s a delicate balance). Business guru Jim Collins calls them BHAGs, or “Big, Hairy, Bold Goals.”
At Venngage, we call them “high-level goals” or “long-term goals.” So for the first step, start drawing a long term goal like your 10 year goal. To do this, ask yourself the following questions:
Let’s go back to the growth strategy example I shared earlier. Here’s what a hypothetical ten-year goal looks like, and the steps needed to reach that goal, for StartUp Masters:
By working backwards, it becomes easier to set realistic goals and objectives as to where the business will need to be in five years, three years, and one year to achieve that ten-year goal. You can even start small, like with a hypothetical five-year goal, which will help you set four-, three-, two-, and one-year goals.
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By working backwards, it becomes easier to set realistic one-year, three-year, and five-year goals for your business to help you stay on track.
Now that you’ve defined your high-level goals, it’s time to move on to the action part of your growth strategy—the steps you’ll need to take to achieve those goals.
Once you’ve established your high-level goals, the next step is to determine your key performance indicators (KPIs). For each goal you set, it’s crucial to identify key metrics and results that will help you measure whether you’re on track to achieve your goals. Here’s how:
One of the first metrics you need to identify is your North Star Metric. It is also known as “One Metric That Matters (OMTM)”. This metric is the number that best represents the value customers receive from your product. Here is a helpful explainer video by Alex from Web Profits:
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For example, Airbnb’s Top Star metric is the number of nights booked. For what? Because it is a clear indication of the value of their product. The more nights booked, the more likely guests are to have a positive experience with Airbnb and the more likely they are to return to book their next stay. Keep in mind that the North Star metric you choose should have a direct correlation to your company’s revenue and retention goals.
Once you have chosen your metric, the next step is to see how you are currently performing for that metric. Suppose you have launched a new streaming service like Netflix. You have selected “total watch time” as the North Star statistic. You chose this statistic because according to your analysis, higher watch time correlates with higher retention (resulting in increased revenue).
Suppose users spend about 30 minutes a day watching programs on your service. Here’s how you currently fare for your North Star metric. This is your baseline. One of the high-level goals I have set for myself is to increase retention by 30% over the next 12 months. To achieve this goal, doesn’t it make sense to focus on improving total watch time per user?
Conclusion: See how you are currently doing for your North Star metric and how much that number will need to change to impact your high-level goals. Set your OKRs
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OKRs represent objective key results. They refer to specific metrics that you will track that will influence your high-level goals. In software startups, many founders follow the AARRR framework to define OKRs. It stands for Acquisition, Activation, Retention, Entry and Referral.
It can be overwhelming to influence each of these metrics. So, using the company example we started with above (“StartUp Masters”), we’ll focus on acquisition and retention for now.
StartupMasters aims to influence acquisition primarily through its organic and paid traffic goals. The goal? Increase organic traffic by 130,000 and paid traffic by 70,000 visitors per month.
If you look at the entries, there are many pages that are driving traffic. They also described the traffic needed to different sections of their site in order to impact their OKRs:
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By continuing to break down your goals into smaller, specific pieces, you will make it easier for yourself to achieve the ambitious goals you have set for yourself. And when you reach those goals, you can see your growth plan
And when setting OKRs, identify metrics that you can manipulate on a smaller scale that will have greater leverage. As you continue to see which inputs impact your OKRs, start thinking about experiments you can run to influence your inputs.
By continuing to break down your goals into smaller, specific inputs, it will be much easier for you to achieve the lofty goals you have set for yourself and see your growth strategy work. Step 3: Run growth experiments
Designing interesting experiments to run is not as easy as it seems. A common trap that companies fall into when implementing new product features or marketing ideas is
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. Waterfall occurs when a team continues to increase the requirements of a project, to the point where the time needed to implement it continues to increase, similar to the extent of the scope.
As a result, what was supposed to be put in place in a few weeks ends up taking months. To avoid this, I recommend that you operate on a sprint cadence of one or two weeks. You can do this by breaking down large projects into minimum viable tests or MVTs. With MVTs, you can gain valuable insights faster and validate if a large-scale project is worth pursuing.
With Minimum Viable Testing (MVT), you can gain valuable insights faster and validate if a large-scale project is worth pursuing.
Start by deciding which OKR you are trying to influence. In our sample Startup Masters growth strategy, we’re trying to increase retention by 10%:
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The entrance? Push more users to complete another project within three weeks. To impact this metric, one experiment they can do is to create a pop-up in the project dashboard that prompts users to start a new project when they reach the 80% completion mark.
They also make assumptions about the results of this experiment and the effort required by each team to get there. Before proceeding with any test or experiment, large or small, run them through this flowchart to see if you can break them down further into smaller MVTs:
Your goal when planning
