Did you know that the probability of making an above average profit is 19x higher for companies that are data-driven, compared to companies that are not? In this article we will share tips for getting started with growth!
Five recommendations for a successful implementation
We believe that the best way to implement the growth method in an organization is to start small. This will ideally cause a ripple effect, inspiring the rest of the organization. We have gained valuable experience from implementing growth methods within many large and small companies over the years. Therefore, we have a lot of great tips for getting started with growth with you. Below are our top five!
Today most companies are dependent on data for growth. As a result there is a vast array of tools that can provide an endless amount of data. However, it is the possibility to gain actual insights from the data that will create growth. To be data driven and have access to the right data is therefore fundamental. In the beginning of a growth process, it is crucial to define a “north star metric”. This metric will act as a guiding star for all of the team’s activities. The north star metric is what the company believes to be the main metric leading to growth. For example, it could be the total number of booked nights for a company like Airbnb.
Your company probably has amazing resources in terms of competence. Make good use of them! Find people with a technical background who also happen to have an interest in complex products and services. Regardless of whether they are engineers or behavioral scientists working growth oriented will require a curiosity for numbers. Why? To make sure they want to create a deep understanding of the data.
The decision-makers need to be involved in the start-up phase of the new growth team. After that, it is the management’s responsibility to firmly establish the purpose and aim of the growth team with investors and the board, as well as with the rest of the organization.
It’s not uncommon for people to resist change. It is in our nature and often stems from a fear losing control. Changing mindset on an organizational level is an exciting – and sometimes demanding! – challenge. Does your growth team understand that this type of attitude and method change could take time? Do they also happen to be active ambassadors for the growth hacking method? Great! Then there is a higher likelihood that they will inspire others in the company, instigating a domino effect. Make sure to get the conversation on growth hacking going, that’s when great things will start to happen!
Goal setting and objectives
Having a well defined end goal or objective generally has a positive impact on motivation. Make sure to be clear about how the growth team’s objectives and the vision of the company are related to each other. Even if the company’s main goal is growth, it is still important to have concrete sub-goals that motivate the coworkers. For example, if a company’s yearly goal is to achieve an organic growth rate of x percent, the sub-goal for the growth team could be to improve the customer journey of a new offering, which in turn could potentially generate income as well as contribute to the overall growth rate goal.
Interested how the growth process can help your business? Send us a message! Let’s discuss how Growth Hackers can support and drive sustainable growth for you and your business.