Thoughts on Growth - July
July has been a busy one at Growth Divison. We're edging towards our North Star Metric of 150 channels under management and have had our record month ever.
I've been busy presenting to C-suite Marketers in the Partech VC portfolio on how to build an effective growth team and run more effective growth experiments. I also travelled to Brussels to present to a new startup accelerator called Creatures Ventures. If you want to see some of the recordings of the sessions I ran, hit reply and let me know!
Also for the last week, I've been in London with the team. We always love getting together and working. It was great to see Fiona Moucq Clare Gittins Alex Dawson Tom Hurst Tom Dewhurst Hannah Whitfield in person!
?? Growth Division's North Start Metric = 133 Channels Under Management
?? Growth Channel Insight - Customer Engagement (Email Marketing)
It goes without saying, but connecting with your audience in a meaningful way is more crucial than ever. Email marketing offers a direct line to your customers, allowing you to deliver personalised messages that resonate. Over the next few Thoughts on Growth emails, we'll explore why email marketing is indispensable for businesses of all sizes.
If we take a look at statistics and our overall track record with client success within this channel, we can reach email success through 5 main elements:
Some important questions to ask yourself when deciding to engage with email marketing are:
Our experts here at GD who specialise in CRM can answer all of these questions.
Key Advice: Engaging your customers through email marketing is not just about promotions; it's about adding value, fostering lasting relationships, driving conversions, and fueling business growth.
Keep an eye out next month for our next newsletter where we’ll be touching on topics such as common mistakes to avoid with customer engagement.
?? Growth Resource - The 5-second test
When someone lands on your website it's imperative they quickly understand what your company does and what makes it unique. Sounds easy to achieve, right? But in reality so many websites and landing pages miss the mark, and by a long way...
When you're in the day-to-day of running your business it can be difficult to imagine someone not understanding what your business does. But most people have never heard of your business and the first time they do might be on the homepage of your site. So it better quickly tell them everything they need to know.
You should spend time to speak to your prospective customers and customers to see how they talk about the problem you solve and how they go about buying solutions. This should all feed into the copy and layout of your website. But it's important you hit the right mark, and the 5-second test is an excellent way to do this. You give the "above the fold" part of your homepage to someone for 5-seconds, then they need to answer 2 questions:
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Trust me, you will learn a lot from running this test on your website. See here for more info on how to run this effectively. And I recommend Userlytics to run the test.
?? Growth Experiment - Test a cold calling campaign
Hypothesis: Due to founders getting lots of cold emails, we expect that supplementing the campaign with a cold call will help drive a 20% increase in booked meetings compared to the current acquisition funnel of just email and LinkedIn. We will measure this by the Booking Rate.
Implementation:
1. Develop a script highlighting key messages and pain point solutions.
2. Segment the target audience and ensure the list is up-to-date and accurate. Utilize tools like LinkedIn Sales Navigator, ZoomInfo, or Clearbit for data enrichment.
3. Assign a dedicated sales representative to conduct the cold-calling. Ensure they are trained on the script and approach.
4. Launch the cold-calling campaign for a defined period, aiming to make at least 500 calls.
5. Track metrics such as call-to-meeting conversion rate, total meetings booked, and the quality of leads generated.
6. Compare the performance of the cold-calling campaign against the current acquisition channel in terms of booked meetings and lead quality.
Variable metric: Disco Calls Booked
Expected outcome: After 500 calls and a 5% conversion to discovery call we expect 25 calls booked through this campaign.
Baseline: 0
ICE score: 17
Experiment result: 4
Result: After 500 calls we only booked in 4 discovery calls. We got a lot of rejections and found it difficult to enrich data with accurate phone numbers. Founders were not answering or not that receptive to cold calls. This experiment was a failure.
Catch you next month!
Tristan