Today’s world is all about smart marketing and being socially active (social selling everybody!). Everything you do to grow is important, however, everything you are, as a business, both in a good and not-so-good way, will eventually get out if you try to use black hat tactics, oversell and underdeliver. Once you get product market fit, its not difficult to connect your business to a large audience - the key is to set up smart goals and track metrics that actually bring you business (so, probably, not the awareness BS like merely traffic).
Building up a business in today’s world requires regular updating with the latest martech technology, as being one of the first in discovering new, cutting-edge solutions can give you a competitive advantage.
Our main story tonight is Agile Growth Marketing. But what the hell is agile growth marketing anyway? Agile marketing is a strategic process in which the marketing teams collectively find the high-end projects and calculate the efforts to focus on in terms of growth strategy. It means: setting up growth-related goals, designing growth levers and then ideating experiments in order to validate or reject them. All the budding or established businesses are advised to go through the agile approach to grow their business in a considerate manner to get the long-term benefits. Yes, that means the holy grail of all, sustainable growth.
There are some key characteristics of agile approach:
- You need to move fast
- You have to be 100% result-oriented (not always easy, especially when you have to discard an experiment that looks promising, but it ended up not bringing you expected results in terms of key metrics - sorry!)
- You need to be transparent and objective - no ego wars, no competitiveness, just plain analysis and idea generation
The Agile growth process:
Here are the steps of the Agile growth process which you should follow to boost up your business with fewer efforts and to get more results:
1. Set the goals and metrics
Everyone says this but not everyone follows the rigid rules that the solid application of single growth metrics focus really requires. Setting up the goals which you want to accomplish in the future should be the main priority even before even thinking of marketing tactics. Know your North Star Metric and it will help you to grow at a faster rate and will help your team members to align in experiment creation. Your goals should be entirely focused on the specificity of result, measurement, achievement, and consumption of time. These goals reflect on the KPI directly related to the business growth.
For example, we may want to get 300 new users in the next quarter and convert 50 of them into paying customers. This is a specific metric, and its growth related: satisfied, happy and paying customers are the best sign that you are doing something right.
2. Know the growth tactics
Planning and all is good but what about measuring the growth tactics that you implement in form of experiment? Brainstorm all the ideas which can be used for the growth of the business, prioritize those ideas on the basis of the cost, impact, and efficacy, and then decide the probability of success. Execute experiments. Learn from them. Make sure you reject the growth levers that systematically don't work for your business. If you see that most of the experiments are working and bringing you the results you wanted, great, think about the way to scale up the levers they belong to. And, if not, brainstorm again, decide on whether to reject the driver and kill the experiments or remake them. Not sure? Wait a bit longer, some experiments need more time in order to bring valuable insights. It’s a cycle that never stops.
3. Meet weekly for the growth meeting
The first two steps are easy - set the goals and the tactics. These two things will work simultaneously for the whole cycle of your business agile growth marketing implementation. However, the third step, very important one, is consistent weekly growth meetings. Discuss the new ideas, set experiments, prioritize on the basis of probability of success and get together for a session of learnings and their application of future experiments. Then determine which items you need to tackle within the next 30 days. Afterwards, execute all the planning during the week.
4. Follow the cycle in a consistent way
As already said there are no specific rules besides the core framework of drivers and experimentation in agile growth marketing. Every week you should get a retrospective and think whether you got the results you expected on now. Prioritize and plan again by keeping the previous results in the mind, trying to improve of what has already been executed. Above all, don't give up if many of the experiments you set up end up failing initially: it's normal, it's fine. Consistency is the key to growth.