Sales Growth Strategy TemplateRevenue growth Strategy Template
This is the ideal occasion to begin your growth plans for the year ahead. One of the key issues in our growth strategy plan, however, is to have real and demanding expectation of what is feasible. It turns out there is a very powerful strategy for defining and achieving your growth objectives, and if you follow that strategy, you can forecast exactly what is possible.
I want to guide you through the whole thing, not only what these objectives are, but also how you can disaggregate the action needed to take them. It is also possible to take a look at some other infographics that might help you to describe different growth strategy in more detail.
There are five stages to the identification and achievement of your company goals: Stage 1: Identify and set your high-level objectives. Stage 2: Understand which input and output influences these outcomes. Stage 3: Perform experimentation to influence these entries. Stage 4: Validation of these experimental results. At the end of this five-step approach, you should not only have a very clear vision of what your objectives are for the year, but you will also know exactly what is expected of you and your teams to get there.
Visual documentation of the way to achieve your company's objectives not only helps you better understand the unique drivers of growth, but also provides the remainder of your teams with a clear and easily understandable growth strategy road map. Now, the road to growth in products and businesses is somewhat different.
Actually, it is almost more useful to begin at the end and work backwards, especially if you are planing your growth. Knowing for sure how much sales your business would generate in the long run, before you even set up your business, wouldn't it be useful to find the best growth strategy to get there?
Beginning at the end of your growth strategy: It is always useful to begin with a very high and challenging target. A lot of succesful and rapidly expanding businesses do this, and all of them have different concepts to relate to these high-level objectives. This is what BHAG call Shopify, which represents big, furry, courageous targets.
As a rule, this target should seem a little mad. Balfour adopts a more hands-on mindset and focuses on achieving high-level objectives, such as using the top-down model to communicate your growth model. How do you see yourself and your enterprise at this point in your career? What kind of turnover do you anticipate from your enterprise?
Have a look at the example in this growth strategy template: This is the high-level growth target for a high profile business named StartUp Master. Your message ("to supply start-ups with an accessible means to manage a project in order to grow rapidly") is clearly formulated and your objectives are itemized to show where you are in 10 years, 5 years, 3 years and ultimately 1 year.
By the age of 10, the enterprise is expecting a turnover of 100 million euros and 120 people. They have also identified some necessary actions to be taken to achieve them. If you look further down into the hopper, you will see that this is indeed a rather bold commercial objective, considering where the enterprise is likely to start from.
Working backwards, it becomes simpler to make some real targets where the business should be in 5 years, 3 years and 1 year to reach this 10-year target. Begin with the template growth objectives to break down your own high-level objectives. Okay, great, so you have your high-level objectives in place, now you can mop your own dirty little palms and get on with your growth strategy, right?
And the next thing is to find out how you can achieve your 1-year target, and that means understand which key figures are most important to improving to have a big influence on growth. Grove's Andy books High Outputs Management is one of the most useful resource for creating a highly functional and naturally powerful business.
He uses the analogue of a morning business to illustrate the importance of all the small activities (or inputs) that have an influence on the success and growth of the business (its output). And, of course, there are special growth tactics that you can pursue to help you move the pin on these KPIs.
You should also be able to relate this figure directly to your company's sales and loyalty targets. Let's take a look at the template below for the growth strategy of our hypothetical StartUp Master business. Previously, in the template which disbanded their high-level targets, they indicated that one of the ways to achieve their target for the first year was to raise the commitment to 30% after 12m.
When you look at the end of the above template, you can see that the base line of the finished project is displayed below the OKRetention. In order to achieve its sales and acquisitions targets, the business must now reach 70,000 Daily Active User. However, to achieve their 30% target, each of these user must successfully finish at least 3 successful project that they have identified as an early indication of better resilience.
As you create your growth strategy, you need to determine the common base lines for your North Star metric and find out how that number needs to vary to affect your various OCRS. These relate to key performance indicators that you can monitor, which in turn influences your high-level objectives.
Acquisition, Activation, Retainment, Income and Referral. Any of these indicators are important to understand the behavior of your clients and, of course, the growth opportunities of your company. However, sometimes it can be daunting to affect each of these indicators so that StartUp Master focuses on affecting acquisition, conversions (revenue) and Retention OCRs in this specific growth strategy template that assists in breaking down objectives.
Have a look at the acquisitions OCRs you identify in your growth planning: Key figures influencing the StartUp Master acquisitions are our internal and paid destinations. But if you look at the input that affects these particular OCRs, there are several pages that are driving the static content, so you have sketched the necessary content for these different areas of your site.
Further splitting their objectives into smaller and more focused input will make it simpler to see how these high-level objectives can be achieved within the Growth Policy. While you keep finding out which input affects your OCRs, you can think about experimenting which affects your input.
Helps your teams clearly identify which input affects your most important OCRs. It is not always as simple to conduct precious experimentation as it seems. Indeed, one problem many start-ups face when it comes to the implementation of new products or market strategy is the cascade. To prevent you from becoming a casualty of the cascade that takes over your growth strategy, it is better to follow a one or two weeks long rhythm of sprinting.
That can be done by splitting these large scale ventures into smaller scale experiment or MVT. Begin by choosing which OKR you are trying to influence. As you can see in the template below for the growth strategy, the OKR that StartUp Masters tries to influence is their binding number.
Their aim when designing MVTs is to conduct low cost, high performance experimentation. This is where the MVT brake pad comes in when it comes to your growth strategy plans. Have these implementations already been validation and had a straightforward and beneficial effect on the OMC from an earlier exercise?
As this is a first test that StartUp Master is doing to get more folks to do a new job, it's likely that it hasn't been proved yet. Well, in this case the answers are yes, because there are other ways for StartUp Master to gain the necessary knowledge to invalidate their notion.
Consequently, StartUp Masters is able to prevent a cascade of water by conducting its proposed experimental by the MVT Breakdown Board and obtain useful lessons in less space of space. Is there a danger that your experimentation will become falls? You can use this diagram to divide your MVTs into smaller one.
Sometimes it is still not enough to break an experimental down to an MVT to see if it is profitable to include this test in your growth strategy. They need to know if it has a beneficial effect on their needs and people. You can see that StartUp Master follows the Job to be done frameworks, which focus on a prospective user's objectives rather than who he is as a personality (which is more depending on the persona marketing).
In addition, they also regard personsas as an important element in the planning of their experiment. Getting all your teams to use this growth strategy check list when determining which experimentation to conduct makes it easy at first sight to know if all key areas are being taken into account.
Do you need help to validate your experiment to determine its value? Finally, it is important that everyone in your organization understand the work they do and the value they add to the business through the growth opportunities they create. Encourage certain people on your staff to achieve consistent results by sharing the test they have approved and what they have learnt in a particular weekly period.
Show the remainder of the organization what has started and what results have been obtained in your week-long meeting. Make each individual talk to their own growth experimentation so that they can sense responsibility for their work. When there are under-performers who tend to work more slowly or gain less useful insight, this growth strategy template will drive them to boost their production.
In any case, the remainder of the business will see who the A player are and who not, which for the latter is often a wake-up call. Track which experiment your members are working on and monitor their results. There'?s no such thing as a sterling ball or a fast paced hook that can cause explosives to grow.
Indeed, growth is a long lasting affair and demands a sharp focus on and a deep grasp of the information and key figures that affect the various parts of an organisation. Therefore, you need a well thought-out growth strategy to be truly successful. Then you can get the New Year off to a good start and set yourself challenging targets and break them down into easy to digest ingots.
As you continue to experiment and analyze the results of these early on, you will find that reaching the objectives you have established for yourself and your organization seems much more achievable.