I’d like to walk you through the process of not only identifying what those goals are but also how you can break down the actions required to hit them.
I’ll also provide you with some useful growth strategy templates that myself and the team at Venngage use to help make the journey a lot easier.
In fact, growth is a long process and requires a strong focus and understanding of the data and metrics that influence the various moving parts of an organization.
That is why you need a well thought out growth strategy to really succeed.
Step 3: Running experiments to impact those inputs. As human beings, we have a tendency to start all journeys at the beginning. After all, if the stories we read started at the end, wouldn’t that defeat the purpose of going through the journey?
If you could know for sure how much revenue your company would make in the long-run before you even started your venture, would that not be helpful in figuring out the best growth strategy to get there?If more nights are being booked, and that number is consistently increasing, it means that more customers are having a positive experience with Airbnb and are therefore returning to the platform to book their accommodation.Now, in order to hit their revenue and acquisition goals, the company needs to get to 70,000 Daily Active Users.But in order to hit their retention goal of 30%, each of those users needs to complete at least 3 projects successfully which they have calculated as a However, if you look at the inputs that impact those specific OKRs, there are multiple pages that drive organic traffic, so they’ve outlined the required traffic to these various sections of their site.For the sake of simplicity, the OKRs mentioned here only talk about the traffic goals and not on the burn rate of your marketing budget.The process for identifying and hitting your business goals can be broken down into five steps: Step 1: Identifying and setting your high-level goals.Step 2: Understanding which inputs and outputs impact those goals. Visually documenting the path to hitting your business goals will not only help you have a better understanding of the specific factors that will influence growth, it will also provide the rest of your team with a concise and easy-to-follow growth strategy roadmap as well.Similarly, a one-page plan will not be sufficient if you are in need of debt or equity financing and wish to impress financial institutions or potential investors.Lenders and investors will require you to provide more in-depth information in the plan such as: Step-by-step guidance on how to write a business plan can lead you through each section of a full-sized plan.In fact, one issue that many startups face when it comes to implementing new product features, or marketing strategies, is Simply stated, waterfalling is what happens when a team continues to add requirements to a project, to the point where the task becomes so large that the time required to implement it keeps increasing.They’ve even hypothesized the results that this new implementation will reap.