How to develop a (simple) growth strategy
So companies have to be very schizophrenic. On one hand, they have to maintain continuity of strategy. But they also have to be good at continuously improving.
Michael Porter
Most strategies are overly complicated.
I should know, I've created enough of them over the years.?
And none of them played out the way I imagined.?
Too many variables outside of my control.
We often think complexity looks impressive.
And when we present our thinking, we don’t want to disappoint our audience.
But complexity tends to increase cognitive load.
And it dilutes the availability or effectiveness of resources.
(which of course rarely enhances performance)
So what should an effective growth strategy look like?
I believe it should consist of 4 things:
If we can get concrete on the above, we have the bones of a good strategy.
It sounds simple because it is.
If you get clear on these 4 points.
Marketing activities and investment decisions become infinitely easier.
And because the tactics are not fixed.
It allows more freedom to test new ideas or initiatives
(as long as they are congruent with the 4 pillars of your strategy)
This way, if the competitive landscape changes.
Channels become more or less effective
Or new technologies become available,
You can test things and tweak your approach to ensure you remain on course.
Simplicity gives you the freedom to test, adapt, and innovate quickly.
Set a goal.
Work towards that goal.
Use whatever means available.
And stay open to using the best opportunities as they emerge.
Thank you for reading,
- Chris
P.S. We’re inviting 5 companies in March to test a new initiative designed to uncover hidden marketing inefficiencies and show you exactly where budget is being wasted.?
If you’d like early access to this no-cost, insight-packed session before we roll it out publicly, reply and let me know. Spots are limited, and the results could change how you invest in growth.
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