Strategy in a digital world where digital transformation is taking over.
The growth process
Growth Audit: analyze and look at the data.
Growth Brainstorm: cross-function ideation & research
- Growth Backlog & Sprints or a growth plan
Metric & performance analysis
Optimize for Growth: a continuous cycle of improvement
The growth process has a data-driven approach. It’s a feedback loop. All tactics are based on evidence. A gut feeling will point you in the right direction faster, but I always start from existing data.
The essence of growth
The world gets more and more digital. The big companies of the future are software companies, or software gets integrated with even the most traditional companies. Tesla is not by a car manufacturer, Amazon is not by a publisher, Netflix is not by a video rental company. How does your company survive in this digitally transformed world?
Growing in its essence is bringing value to consumers. Digital creates opportunities and risks across the value chain. A digital strategy gives insights that will help you look at digital from every angle.
Since the internet, the whole approach changed. We have a computer on our pockets that can order food for a whole household in minutes. When do new trends happen?
For example, when are the consumers ready to use the already existing technology like voice control? Will customers be ready for new opportunities? Are you testing all traction channels that are expanding on the daily?
Customer Behavior Trends: research, market innovation
Traction Channels: find unexplored opportunities
Marketing Experiments: side project marketing, market testing
Optimizing your business is where most growth opportunities often lie. Old systems wasting precious time and reduce effectiveness. A recycled marketing plan that is dependant on weather reports. Take control of your online spectrum.
Are you continuously optimizing customer touch points? Are you automating to a full extent? Does your team have the tools to be impactful and outsmart competitors?
Business Strategy: effectiveness, margins, pivots
CRO: A/B Testing, data analytics, user tests
Optimizing Costs: tech stack & toolkit, automation
The future is human and tailored to consumer needs. Consumers are in the driver’s seat and make their own decisions, rather than being bombarded with ads. “Your Youtube pre-roll ad is making me angry. I want value.”
Is there a good after sales program in place at our clients? Do they have a retention strategy? Can we fully explain what brings a customer from a first touch point to the point of sale? Every customer should be a returning customer or refer to his or her peers.
Customer Experience: onboarding, pre – and after sale
Loyalty: retention & referral strategy, community
Purchase-Decision Process: funnel strategy & customer journey
Consumers want content that is helping them forward and brings value. An Inbound strategy brings a lot of long-term benefits, while digital campaigns and tool creations bring innovation and lead generation.
How are customers being engaged online? Are you inspiring your audience? Are you taking ownership in the industry? Are you relying on traditional marketing methods that slowly die out in the future?
Brand Positioning: brand value, engagement, PR
Content Strategy: inbound marketing, content modelling
Digital Campaigns: lead generation & brand perception
The Growth Funnel in Sprints
The Pirate or Growth Funnel is an expansion of the traditional marketing funnel. Often, more is needed than, for example, a compelling awareness campaign. If the retention of your product or service is not optimized, efforts are wasted.
With my growth teams, we work in 2-week sprints just like an IT team would work with SCRUM. During 2 weeks, we set up different tactics around the growth funnel with a small budget. Let’s say 7 growth tactics ‘fail’, and it is not really a fail since you learned what not to do to grow your business and ‘3’ succeed, we continue with those 3 actions every week and look for new actions that inspire growth.
Setting up a growth team
A growth hacker takes a broader look. They are very diverse. It is hard to find a growth hacker, so usually, there are teams working together with a complementary set of skills. A growth team can be one person taking on this responsibility, uniting diverse teams across your company. For example, your developer probably knows whats wrong with onboarding users. Usually, a growth team combines a marketing, technical and creative skill set.
“Enjoyed working with Tom in a lean and agile way and appreciated his swift understanding of our business.”
Veerle Van Roij
– Segment Manager Business Developmen at Wolters Kluwer
LET’S TALK ABOUT GROWTH
Digital projects from ideation to acceleration with an obsession for online human behavior. Understanding cases from top to bottom, looking for growth opportunities is my focus.
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2020 © Tom De Moor