Growth Strategy Of Business – Growing a business is hard. Whether you’re a small business owner, a member of a marketing team, or an agency, stepping up to the plate can be difficult. What’s more difficult is an ambitious but realistic expectation of what can be achieved.
Therefore, the growth strategy is very important for the companies. In this guide, I’ll explain what a growth strategy is, how it differs from a marketing strategy, and why it works, with lots of examples. I’ll also provide a five-step guide to creating a growth strategy for your company. Five steps:
Growth Strategy Of Business
By the end of this guide, you’ll be able to determine what goals to set and what your team needs to achieve those goals. Is your company ready for consistent, predictable, and even exponential growth? Read.
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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, 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. These are marketing activities
Your growth strategy is the comprehensive road map you’ve created to take your business from where it is now to where it wants to be in the future. This means:
In short, a growth strategy is a high-level strategy that outlines everything a company needs to do to grow. A holistic and scientific approach to drive growth.
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A growth strategy is not a marketing plan. A high-level strategy that defines everything a company must do to grow in a holistic and scientific approach.
Here’s an example of a growth strategy for a hypothetical Startup Masters company that we’ll use in our case study over a five-step process:
The concept of creating a real, actionable plan for something as broad as “growth” and then seeing tangible results is hard to fathom – but it’s not just impossible; it works! Growth strategies are the secret behind the steady growth of some of the biggest companies in the world, such as DropBox, Dollar Shave Club, WhatsApp and others.
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Growth strategies are the secret behind the steady growth of some of the biggest companies in the world, such as DropBox, Dollar Shave Club, WhatsApp and others.
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Once you know what a growth strategy is (and isn’t) and see clear evidence that it can drive your company’s growth, here’s the fun part: creating your own growth strategy.
The process of developing a growth strategy within a company can be overwhelming. There are so many things that make up a business and determine its success, where do you even begin? Don’t worry. I have broken down the development strategy process into five distinct steps.
If you could predict how much profit your new business will make in the long run, wouldn’t it help you determine the best growth strategy to get there before you even start?
Most importantly, it’s more beneficial to start at the end and then work backwards (as opposed to the other way around).
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Let’s get to the bottom of the growth strategy. Here, you set highly ambitious but realistic goals (it’s a delicate balance). Business guru Jim Collins calls them BHAGs, or “big, hairy, audacious goals.”
At Venngage, we call these “high-level goals” or “long-term goals.” So as a first step, start by setting a long-term goal, such as a 10-year goal. To do this, ask yourself the following questions:
Let’s go back to the growth strategy example we presented earlier. Here’s what a hypothetical ten-year goal would look like, and the steps Startup Masters will take to achieve it:
By working backwards, it’s easier to identify realistic goals and objectives that the company will need five years, three years, and one year to achieve the ten-year goal. You can even start with something smaller, like a hypothetical five-year goal, to help you set four-, three-, two-, and one-year goals.
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By working backwards, it’s easier to set one-year, three-year, and five-year goals for your business to help you stay on track.
Once you’ve identified your key goals, it’s time for the action part of your growth strategy—the steps you’ll need to take to achieve those goals.
Once you have identified your key objectives, the next step is to define your key performance indicators (KPIs). For your desired goal, it is important to define key metrics and outcomes to determine whether you are on track to achieve your goals. Here it is:
One of the first indicators to define is the North Star indicator. Also known as “One Important Measurement (OMTM)”. This metric is the number that best represents the value customers get from your product. Here’s a how-to video by Alex from Web Profits:
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For example, the North Star Airbnb metric is the number of nights booked. Why? Because this is a clear indication of the product’s value. The more nights booked, the more likely customers will have a positive Airbnb experience and return for another stay. Remember that the North Star metric you choose should be directly related to your business’ revenue and retention goals.
After choosing your metrics, the next step is to determine your current performance for that metric. Let’s say you’ve started a new streaming service like Netflix. You have selected “total clock time” as the north star measurement. You chose this metric because, according to your analysis, more hours are associated with higher retention (which results in more revenue).
Let’s say users spend about 30 minutes a day watching shows on your service. Here are your current results for the North Star indicator. This is your base. One of your primary goals is to increase retention by 30% over the next 12 months. Shouldn’t we focus on increasing the total clock time of each user to achieve this goal?
Bottom Line: Find out how you’re doing right now on your North Star Indicator and how much that number needs to change to impact your higher-level goals. Adjust your OKRs
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OKR Objectives represent key results. It refers to the specific metrics you are tracking that will impact your high-level goals. When starting a software developer, most developers use the AARRR framework to set OKRs. This means acquisition, activation, retention, revenue and referrals.
The impact on any of these metrics can be substantial. So, using our example startup company above (“StartUp Masters”), we’ll focus on buying and holding for now.
StartupMasters aims to influence acquisitions primarily through organic and paid traffic. What is the purpose? Grow 130,000 organic traffic and 70,000 paid visitors per month.
If you look at the entry, there are many sites that generate traffic. They also identified the traffic needed for different sections of their site to influence their OKR:
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By continuing to break down your goals into smaller, more specific steps, you’ll find it easier to reach your big goals. You can see your progress plan as you reach these goals
By adjusting OKRs, define smaller, more manageable metrics. As you continue to figure out which inputs influence your OKRs, start thinking about the tests you can run to influence your inputs.
By continuing to break your goals down into smaller, more specific inputs, it’s easier to reach the big goals you set for yourself—and see how your growth strategy is working. Step 3: Run development tests
Passing valuable tests is not as easy as it sounds. A common pitfall companies fall into when implementing new product features or marketing ideas
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. A waterfall occurs as the team continues to add requirements to the project, increasing as the lead time increases.
As a result, what should have been implemented in weeks now takes months. To avoid this, I recommend running in a sprint rhythm for a week or two. You can break down large projects into minimum viable tests, or MVTs. With MVT, you can get valuable information faster and check whether a large-scale project is worth pursuing.
With Minimum Viability Testing (MVT), you can gain valuable insights faster and test whether a large-scale project is worth pursuing.
Start by deciding on the OKR you want to influence. In the Startup Masters growth strategy example, we’re trying to increase retention by 10%:
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Login? Encourage more users to complete another project within three weeks. One possible experiment to influence this level is to create a modal popup in the project panel that prompts users to start a new project when they reach the 80% completion mark.
They also estimated the results of this test and the effort required by each team to make it happen. Before starting a large or small test or experiment, review this flow chart to see if you can break it down into smaller MVTs:
Your planning goal
