And this makes sense of course. Imagine if you were to start reading the Harry Potter series, and J. Rowling started the story by saying:. Well, the journey to product growth and business growth functions a little bit differently. 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?
Many successful and fast-growing companies do this, and all of them have different terms to refer to these high-level goals. Shopify calls this the BHAG, which stands for big, hairy, audacious goals. This business goal is usually meant to seem a little bit crazy.
Brian Balfour takes a more practical approach and refers to setting high-level goals as using the Top-Down Approach to inform your growth models. But the point is, you need to start out by mapping out a long-term goal, like your year goal.
Where do you see yourself and your company by that time? How much should you grow your business? How much revenue do you expect your company to generate? How many employees do you see yourself having? Take a look at the example in this growth strategy template:.
At 10 years old, the company expects to be making million in revenue and they expect to achieve this with employees. As you glance further down the funnel, you can see that this is, in fact, a pretty audacious business goal considering where the company is probably starting out from. By working backward, it becomes easier to make somewhat realistic goals of where the company would need to be in 5 years, 3 years and 1 year in order to hit that year goal.
This is only one small part of the process. The next step is to figure out how you can hit your 1-year goal, and that means understanding which metrics are most important to improve in order to make a big impact on growth. In this book, he uses the analogy of a breakfast factory to help explain the importance of all the little actions or inputs that have an impact on the successful operation and growth of the factory its output.
What this means is that for every goal you set, there are key metrics and results which will help you identify whether or not you will, in fact, achieve that goal. And of course, there are specific growth strategies that you can follow to help you move the needle on those key metrics.
One of the first metrics you should identify is your North Star Metric. This metric is often described as the one number that best represents the core value that your product delivers to your customers. For instance, if we take Airbnb as an example, their North Star Metric is the number of nights booked.
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. At Venngage, our North Star Metric is the number of infographics completed. The more value people are finding from your product, the more likely they are to stay and continue paying for your product. The next step is identifying what your current baseline is for your North Star Metric.
If you take a look at the end of the above template, you can see that the baseline of completed projects is indicated under the Retention OKR. As you can see, they have identified that users have completed 90, projects successfully, and they currently have 45, Daily Active Users.
Now, in order to hit their revenue and acquisition goals, the company needs to get to 70, Daily Active Users. When creating your growth strategy, you need to figure out the overall baselines for your North Star Metric, and how that number will need to change in order to impact your various OKRs.
They refer to specific metrics that you can track which will, in turn, influence your high-level goals. Each of these metrics is important for understanding the behaviors of your customers and of course, the growth potential of your business. Sometimes, however, it can be overwhelming to influence every single one of these metrics, so in this particular growth strategy template, which helps to break down goals, StartUp Masters is focusing on influencing Acquisition, Conversions Revenue and Retention OKRs.
Take a look at the Acquisition OKRs they identified while growth planning:. They will need to scale their organic traffic by , unique visits a month, and their paid traffic by 70, unique visits a month.
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. However, in actual practice, you may also be concerned about your customer acquisition costs. How would you describe a typical customer for the offer? What is the market potential in terms of sales revenue?
Is the market growing, staying the same, or declining? What is causing this? Who are your main competitors? Describe their strengths and weaknesses. How will the business compete and grow in the market e. Which routes to access your target customers will you choose e.
What is your basic approach to pricing e. What range of promotional methods will you use e. How will the pattern of your sales develop and grow over the next 3 years?
What assets e. What are the ongoing resource requirements e. What are the key processes in your business the activities that makes the most difference for your customer? The first slide features a plant from infancy to maturity with the directed arrow indicating upward growth. The user can use the line graph chart in the second slide to highlight the growth rate per year.
With the subsequent slides, you can show how far your company has grown and progressed over the year. The growth plan template is widely used in business settings. Ideal for use by business analysts, strategic planners, and entrepreneurs. Use the growth plan PowerPoint presentation templates and highlight your growth plan from infancy to maturity to your audiences.
Growth Plan Template will seamlessly complement your old strategic planning presentations and will be a worthy addition to your collection of professional presentations. You're just one step away from accessing our beautiful PowerPoint templates. File size: Fonts: Lato, Calibri. Product details Business growth plans are short-term outlines for where a company sees itself in the next one to two years.
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