Where should I start? What should I work on next? How do I prioritize my never-ending list of projects to grow my company? Why is that company growing so much faster than mine?
When I address these questions as they relate to marketing, or growth hacking, or whatever you want to call getting more business in the door, these are the buzz words and concepts I think about to prioritize which projects to work on next:
- Low Hanging Fruit
- Quick Wins
- Run Lean - Figure out what works fast!
Focus On Big Wins
- Highest ROI Investment
- Biggest Lever
- Free > Paid
- What Will Move The Needle?
- Analytics: Low Page Value & Time on Site. High Bounce Rates. By Browser & Device
- Will this improve LTV/CAC (Lifetime Value / Customer Acquisition Cost)
Target The Right Customers
- Marketing Funnel – Focus on getting more of your audience to the next stage faster
- Demand Capture > Demand Generation
- Work Up The AAARR Funnel : Revenue, Referrals, Retention, Activation, Awareness
Leave A Legacy That Lasts
- Conversion Rate Optimization
- One-Time Investment That Pays Off Forever
- Conversion > Traffic
- Automated > Manual
- One-Time Fix > Ongoing Work Required
- OMTM – One Metric That Matters (H/T Sean Johnson)
Your Product Is Your Marketing
- Hooked Model - (H/T Nir Eyal & his new book)
- Product Improvement > Advertising Dollars
- Balance what works (80%) with testing new tactics (20%)
- Don’t copy the competition. Why do you assume they know what they are doing?
Balance Risk With Reward
- Potential Impact * 1/Investment Required
- Test > Go all in – Test YouTube Ad before TV Ad (e.g. H/T Casey)
- You can do it with existing resources > You need someone else to do it for you
That’s my personal experience growing 3 VC funded startups over the past 5 years, and mentoring many more on customer acquisition. What else am I missing? How do others prioritize growth hacking and/or marketing tactics?
UPDATE – This Post Hit #1 Trending Story on GrowthHackers.com