Growing a business is hard. Whether you’re a small business owner, a marketing team member, or an agency, riding that rollercoaster of highs and lows is no small challenge. What’s even harder is setting ambitious yet realistic expectations of what is achievable.
This is why a growth strategy (like the one above) is one of the utmost importance to businesses. In this guide, I’m going to cover what a growth strategy is, how it differs from a marketing strategy, and why it works—with plenty of examples. I’ll also walk you through the five-step process for creating a growth strategy for your own business. The five steps are:
- Set your high-level goals
- Identify your inputs and outputs
- Run growth experiments
- Validate your growth experiments
- Foster extreme accountability
By the end of this guide, you’ll be able to identify what goals to set and what’s needed from your team to hit those goals. Ready to drive consistent, predictable, maybe even explosive growth for your business? Read on.
What exactly is a growth strategy?
There’s a lot of confusion in the marketing world about what a growth strategy and how it’s different from a marketing strategy.
First things first, a growth strategy is not a marketing plan. Nor does it mean buying PPC ads, driving traffic via SEO, or running CRO tests on your website. These are marketing tactics that fall under your marketing plan.
Your growth strategy is the big-picture roadmap you’ve created to get your business…