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5 Steps to Creating a Growth Strategy that Actually Works
Growing a business and maintaining a business are two very different challenges. Sometimes maintenance can feel like bailing water out of a sinking boat, while growth can feel like trying to make that same boat fly. At the end of the day, having a plan and a strategy is your saving grace.
To help you get your own boat airborne, WordStream has 5 steps to creating a growth strategy that actually works.
A growth strategy isn’t the same as a marketing plan, but it’s an important part. Your growth strategy will encompass all facets of your business and everybody will work toward a common goal.
Step #1: Set your high-level goals. Determine your end goal and work backward. You need a vision you can work toward. Be ambitious with your goals, but make sure they’re realistically attainable.
Step #2: Identify your inputs and outputs. Define your most valuable KPI moving forward. This “North Star” metric is the ultimate gauge of your performance. When you’ve established your North Star metric, assess where you currently stand on this metric and think about how much the metric must increase to see the growth you’re planning for.
Step #3: Run growth experiments. Avoid waterfalling when creating projects centered around growth. Waterfalling is when project requirements add up to a point where the time needed to implement the project grows too great. Break your projects into smaller tests you can easily achieve in the span of one or two weeks.
Step #4: Validate your growth experiments. Once your experiments have run their course, determine whether or not increasing its scale will result in the growth you’re looking to achieve for your business. Similar to the startup mantra “fail fast, fail cheap”, these tests will guide you toward your most effective strategies.
Keep reading for step #5: foster extreme accountability.
Growth Tools
Coming up with marketing ideas is a nonstop task. Before you know it, you’ve extinguished all the ideas you’ve come up with. Hopefully, some of them are keepers, but it’s always necessary to revisit the drawing board. Growth Tools has your one-click drawing board.
Growth Tools has a few tools for marketers, but the front page of the site offers simple and achievable marketing ideas complete with the steps you need. This easy tool is sure to deliver some quick wins when you need new ideas.
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25 years of lifting each other up!
Turbulence in an airplane can be nerve-racking for passengers. Planes are designed to handle it, but it’s still best to hold on to your drink and keep your seatbelt on.
airBaltic brings us this ad in celebration of its 25th year in business. For the folks inside this jet, there’s a new kind of turbulence not often, if ever, experienced by passengers. No need to worry though; the plane is in good hands – literally.
“If something is top of mind, it’s much more likely to be tip of tongue.”
Jonah Berger
