Growth Marketing Goals for Your Business
Until you’ve written down your business goals, they don’t exist…
Which makes right now the perfect time to re-evaluate your one-year business goals and “unpack” how you will actually get to where you want to be by this time next year.
I probably don’t have to tell you this, but setting appropriate goals is one of the first steps to creating and launching any sort of business campaign or action plan.
If you don’t know what you’re expecting to get out of something, there is no way to accurately measure your success.
And this is true for pretty much every aspect of marketing, and every aspect of life as well. Everyone knows that throughout life, (and the life of a business), goals can sometimes change.
That is why it is important to take a few minutes every so often, to modify and align your current goals with whatever changes may have recently taken place in your business.
That way, when times get hectic and you feel like your head is floating away, off into space somewhere, you have the ability to look back and understand the “why.” The “why am I / why are we doing this anyway.”
I read a great book on this by Matt Michalewicz, called [Amazon affiliate link] Life in Half a Second.
I was lucky enough to have him help me unpack my goals on air for episode 56 of the Foundr Podcast (an awesome podcast totally worth subscribing to).
And I even stole the goal pyramid idea from Matt, (but we put our own little spin on it), and now I’m offering it to you! (In exchange for your email of course. You know me. Best practices…)
So, let’s work through this goal pyramid sheet together and I’ll help you unpack your #1 growth goal for 2016 where we’re gonna find out exactly what it’s going to take to get you there.
But first, it’s important that you understand your overall business goals, (and your personal goals), so as to make sure your goals are all actually aligned.
As my friend Dennis Yu pointed out to me at the Growth Marketing Conference, I should assume that most people don’t already know their goals, so let’s start at the top…
What does your business plan to achieve during 2016?
This may have to do with product development, business partnerships, hiring, revenue, sales, funding, yada yada.
And it’s the first step to understanding what your growth goals should be.
Here’s a filled out example of our business goal pyramid for 2016:
Your number one business goal needs to be summed up in the top box.
As you can see, the number one goal listed for us is to start building our first flagship product. Yours probably won’t look the same, but this should help you understand the concept.
Start thinking about what some of your number one business growth goals may be.
Here are some ideas for you:
- $1,000,000 revenue
- 1,000 new customers
- Finish and ship MVP on app store
- Make $100,000
- Get acquired / EXIT
Make one specific goal that you’d love to see your business achieve in the next 12 months, and we will begin to unpack it from there.
In order to unpack your main goal, let’s brainstorm on a few large milestones that might unlock it.
Let’s say you’re looking for $1,000,000 revenue, what 2 things are going to get you there?
There is actually only one answer (one pair of answers) to this question:
- You need more customers (Growth)
- You need your customers to spend more. (Increase LTV – Life Time Value)
So, how many more customers do you need and what does their average lifetime value need to be? What’s practical for your business?
It’s a fixed equation: LTV * C = R
So if you think you can get your lifetime value to $500, then you need:
$500 * C = $1,000,000
C = 2,000 customers to hit your goal.
How do you acquire those customers?
Facebook ads? Content Marketing? Local Events? Etc.
And on the flip side of it, how do you increase life time value? Selling more products? Improving quality of your current product? Increasing price? Decreasing price?
Those are your medium milestones.
Now, your small milestones are some of the easier projects that help you get to your main goal. Maybe that’s posting 2 blog posts a week, tweeting 5 times a day, setting up an indoctrination email sequence, or something else.
They’re mostly always going to be tasks that can be accomplished relatively easily, or relatively frequently.
Use our worksheet’s handy brainstorm page to start jotting down some of your small, medium and large milestone ideas.
After brainstorming your milestones and thinking about your main goal a bit further, I want you to edit and improve them, and then commit to them by writing them down on your goal pyramid right now.
If you haven’t been writing them down, maybe you’re just thinking about them…
That’s ok, but it’s NOT enough.
Please take a second to bookmark this page and come back when you have a spare moment to actually print out the goal pyramid and write yours down. It may sound dumb, but writing down your goals is actually the most important thing you can do for your business!
If you’re a startup founder or entrepreneur, it’s really important that your personal goals are closely aligned with your business goals.
Think about the personal goals you have that will further your business, like writing a book, speaking at events, or maybe just taking a course on Google Analytics.
Think of the single biggest thing that you’d love to be able to say, “I did that,” and let’s figure out what sub-goals and objectives you need to get you there.
Go ahead and repeat the above process by dissecting the goal into its key milestones, and let’s see if we can’t refine it a bit further.
Ask yourself these questions and see if you can’t sort out your one big, but accomplishable personal goal for the next 12 months:
- How do you make your personal goal fit with your business goal?
- Which sub-goals do not align with your business goals? Do you need to put them hold?
- Which goals do you need to work on separately, in your “free” time, but not include as part of your business?
- How will you be different once you accomplish your personal goal?
Think about those things and finish your own personal goal pyramid, then, after you’ve sorted out the amount of time and dedication that you need to spend to accomplish your personal goals and your business goals, you will be ready to sort out your business growth goals.
Here’s our filled out personal goal pyramids:
Growth Marketing Goals
Growth marketing goals are different from business goals in that they are only focused completely on your key metrics.
They don’t care about your valuation, team members, level of expertise, or even what industry you are in… Your growth goals describe what numbers you need to hit by this time next year in order to have a successful business.
And, as usual, since we are a customer-centric blog, we don’t care about revenue in our growth goals.
If we treat the customer right, and do what they want, we will hit our revenue goals.
We don’t want to focus on revenue, we want to focus on the customer.
There are pretty much two main ways to hit your growth goals: increase website traffic, and increase conversion rate.
The way to increase your website traffic is to run more traction tests. As we talked about in our post called Growth Marketing Checklist, there are countless different online and offline channels to test for traction. Figure out which channels are working for you and crank up the ad spend or time spent marketing on those channels.
Remember, if you can’t get more traffic from a channel, then you’ve maxed it out and need to look for a new channel. Keep the old one running of course, but in order to continue growing, you will need a new channel.
Reddit is a great example of a place to start for early-stage growth hacking that is simply not sustainable for larger and faster moving growth.
Let’s say you get 50 leads a month from a sub-reddit thread in your niche – where you post helpful content and occasionally get to link to your blog and site.
You can’t just spam more links or try to do more in that sub-reddit and expect to double or triple your leads/month. The channel is maxed out and you need to find a new place to focus on for growth.
Quick sidenote: User acquisition and raw growth goals don’t mean anything if you are bringing in people that are unengaged, uninterested, and generally just unattached to your cause. So growth goals need to be executed in conjunction with business goals, and engagement should always be in heavy consideration.
Here are our growth goals for 2016:
Main Goal: Build an ultra high-quality tribe of 500+ tribe leaders.
And here are the growth milestones that it’s going to take to get there:
- Collect 4,000 email addresses
- Get 10,000 monthly unique visitors to our website
- Publish 100 blog posts (not listed)
- Survey 500 users (not listed)
- Get published in 5 major publications
- Release book on tribe leadership
- Speak at 10 events
- Host 12 local events
- Host 30 online events
- Participate regularly in the community
Now, you may have noticed a little section at the bottom of the pyramid for you to list your “tiny victories.”
Tiny victories are going to be those little wins that you accomplish along the way to reaching your number one goal. They aren’t big enough to be considered milestones, but they serve the purpose of letting you know that you are getting closer to your ultimate goal every time you stash one under your belt.
Tiny victories may mean different things to different people, and that’s ok. As long as achieving them gives you a sense of pride, identifying them will help you visualize your efforts, and you can have that warm, fuzzy feeling every time they happen.
Our Tiny Victories:
- Every time we get to chat with someone on Twitter
- Every time we see an “aha” moment in an entrepreneur’s eyes when talking about community-first growth marketing.
- Every time we get an email response from a user.
- Every time we get interviewed for a podcast.
- Every time we get a real comment on our blog.
My challenge to you:
Print out and complete your goal sheet, tape it next to your computer, and tweet a picture of it to us at @SplashOPM.
Have any goals you want to share with us?
How about questions about the goal pyramid?
Don’t be shy. Leave your comments and I promise I will respond.