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Marketing Strategies For Business Growth
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I often feel at the end of the year that my outlook has improved and I am generally more motivated and excited about the future.
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Part of that feeling comes from knowing that a new year is right around the corner, which means a fresh start to tackle any personal or business-related challenges. As a result, this is the perfect opportunity to start planning your growth goals for the coming year.
But one of the challenges in planning our growth strategy is setting realistic and ambitious expectations for what can be achieved.
As you can see, there are very effective strategies for setting and achieving growth goals, and using these strategies you can tell exactly what you can achieve.
I want to show you how you can not only define those goals, but break down the actions needed to achieve them. I will also provide you with a useful growth strategy template that my team and I can use to make the journey easier.
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You can also browse other process infographic templates that can help you define different growth strategies in more detail. Or create a business plan using our online drag and drop tool – no design experience required.
At the end of this five-step process, you should have a clear idea of your goals for the year, but also what it will take from you and your team to get there.
Visually documenting the path to your business goals not only helps you better understand the specific factors that will affect growth, but it also provides your entire team with a simple and easy-to-follow growth strategy roadmap.
(Oh, did I mention we have tons of roadmap templates to help you visualize your growth strategy?)
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Writing down the steps is helpful, but showing them will help everyone visualize the process involved.
As humans, we tend to start all journeys from scratch. And it sure makes sense. After all, if the story we read begins at the end, wouldn’t that defeat the purpose of walking that path?
Imagine if you started reading the Harry Potter series and J.K. Rowling begins the story by saying:
Or if the Star Wars series begins with Luke finding out that Darth Vader is his father? Wouldn’t that kill the mood and anticipation that comes with reading or listening to a story?
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The journey to product growth and business growth works a little differently. In fact, it’s almost always more beneficial to start at the end and work backwards, especially when planning your growth.
Wouldn’t it help you determine the best growth strategy to get there if you could know exactly how much your company will make in the long run before you even begin your venture?
It’s always helpful to start with high-level, ambitious goals. Many successful and fast-growing companies do this, and they all have different requirements for this high-level goal.
Shopify calls this BHAG, which stands for Big, Hairy, Audacious Goals. These business goals usually seem a little crazy.
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Brian Balfour takes a hands-on approach and means setting high-level goals like using a top-down approach to inform your growth model.
And, of course, we just call our “high-level” or “long-term” goals. But most importantly, you should start by mapping out long-term goals, such as your 10-year goals.
Where do you see yourself and your company at that time? How much do you need to grow your business? How much revenue is your company expecting? How many workers do you see?
This is a high-level growth goal for a hypothetical company called StartUp Masters. Their mission statement (“Providing startups with affordable project management tools for rapid growth”) is clearly stated and their goals are broken down to reflect where they want to be in 10 years, 5 years, 3 years. year, finally 1 year.
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In 10 years, the company expects to generate 100 million in revenue, and they expect to achieve this with 120 employees. They also show the number of daily active users needed to get there.
In addition, they list several necessary steps to achieve this goal. When you look down, you can see that this is actually a pretty bold business goal considering where the company started.
By working backwards, it’s easier to set relatively realistic goals for what the company needs in 5 years, 3 years, and 1 year to reach that 10-year goal.
Okay, so you’ve set your high-level goals, now you can clean up your hands and finalize your growth strategy, right?
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This is only a small part of the process. The next step is to figure out how you’re going to reach your 1-year goal, and that means understanding the most important metrics to improve to have a big impact on growth.
Andy Grove’s book High Output Management is one of the most useful resources for building a high-performing company and, of course, a high-producing company.
In this book, he uses the breakfast factory analogy to help explain the importance of all the small actions (or inputs) that contribute to the successful operation and growth (its output) of a factory.
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What this means is that for every goal you set, there are key metrics and results that will help you determine whether or not you will actually achieve that goal. And of course, there are growth strategies to help move the needle on those key metrics.
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One of the first metrics you need to determine is your North Star metric. This metric is often described as the number that best represents the core value your product provides to your customers.
Take Airbnb for example, their North Star metric is the number of nights booked. why?
When more nights are booked and this number increases consistently, it means that more customers have a positive experience with Airbnb and therefore return to the platform to make reservations.
, our North Star metric is the number of infographics completed. As more people fill out infographics they are proud of, this is a clear indicator that they are finding value in the tool.
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These numbers should also be directly related to your company’s revenue goals and retention goals. The more value people get from your product, the more likely they will continue to pay for your product.
The next step is to determine your current baseline for your North Star Metrics. Let’s take a look at the growth strategy template below for our hypothetical company, StartUp Masters.
In the previous template breaking down their high-level goals, they stated that one of the steps to achieving their 1-year goal was to increase their retention rate to 30% in 12 months.
If you look at the bottom of the template above, you can see the completed project baseline listed under the OKR retention.
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As you can see, they found that users have successfully completed 90,000 projects and they now have 45,000 Daily Active Users.
Now, to meet their revenue and acquisition goals, the company needs to reach 70,000 Daily Active Users. But to reach the 30% retention goal, each of those users must successfully complete at least 3 projects, which they consider a key indicator of better retention.