Analyze the Opportunity
Analyze the Opportunity
10. Analyze the Opportunity
Class Introduction18:01 2
Class Introduction Why You Need a Growth Team05:13 3
What Is a Growth Team?07:09 4
The Mission of the Growth Team15:31 5
Types of Growth Teams08:45 6
8 Critical Skills Every Growth Team Must Have08:25 7
How To Establish Communication and Accountability08:44 8
Growth Acceleration Process08:00
Focus on the Goal05:29 10
Analyze the Opportunity08:40 11
Brainstorm Possible Solutions18:46 12
Prioritize the Team's Ideas05:25 13
Demo: The Growth Idea Sheet09:34 14
Run the Test16:51 15
Report the Results02:53 16
The Tools We Use06:13 17
How To Establishing a Culture of Optimization17:50 18
The Great Testing Tempo Myth05:47 19
How To Run a Growth Team Meeting19:40 20
Who Should Attend a Growth Team Meeting12:50 21
The Importance of Reporting and Documentation07:51 22
How To Pilot a Growth Team in Your Company06:46 23
Auditing Your Existing Capabilities09:03 24
Make Any Essential Hires16:38 25
Get a Quick Win03:55 26
Get an Integrated Win02:17 27
Decide Where the Team Should Live03:04 28
Formalize and Announce02:57
Analyze the Opportunity
Okay we're going to analyze the opportunity. We know generally where we're focusing on. Which of the four growth levers is worthy of our focus at this time. Where are we themeing, alright. So if we've decided that alright we really need to look at activation. Let's just say hypothetically that's where we've decided we need to do. Then you need to ask yourself what factors have created this growth opportunity? And is something broken? So you've acknowledged that activation, there's an opportunity there. What are the factors that exist that have caused that? Put it all on the table. We're not, this is a time to completely divorce ego. This is a time to make sure that you say to your team, you guys I don't care what's happened in the past. We're looking at this because there's an opportunity here. If there's an opportunity guess what, that probably means we didn't do things so great in the past. That's fine, that's why we're doing this now. If this thing were a perfect well-oiled machine ...
most of you wouldn't be here, right? You know so make it okay, and ideally when you're going through this process with your team, find an area where you screwed up. Find an area where you mess something up. Find an area where you can own it. Model to your team that it's okay to make some mistakes. That we're gonna come back and clean up after one another. Alright, why does the opportunity exist? Is something broken? Also, what controls have we failed to roll out and expand? It's an interesting question to ask. You know, we have this issue here but kinda thinking we shouldn't because didn't we already solve this once? Let me give you an example. So we were doing some mobile mobile keyword keyboard testing. Right, so this is the standard kind of mobile keyboard. So if somebody's filling out a form that's what came up. And we did this like not overly astounding and extravagant test. Where we said well, if we have it to where there's the at button in there, and we have this keyboard instead appear on mobile when somebody goes into an email form, that'll be better. That'll get us more conversions. I mean this is pretty basic stuff, right. Really really really simple. So we roll this out on our different lead acquisition forms. And it did great, we got a substantial bump. Right, we began rolling out across all of our lead forms. If somebody comes to one of our lead forms on a mobile device, they're going to see this with the at button as opposed to this one where they gotta click the shift to go and get to the at button. Make it simple to fill out. Rolled out across all the lead forms. Where did we fail to roll it out? Order forms. Order forms where we also are asking people for their email address. We established a control. In terms of this particular test, but we failed to scale it. Scaling is when you take a proven winner, or proven in air quotes, scaling is when you take a test and you roll it out the same thing across multiple channels, multiple sites. We missed that. So when we were looking at activation and acquisition, we came to our order forms and we said gah, our conversion rate on our order forms is terrible. People are bailing out left and right. What's wrong? What opportunity? What's happened that's created this opportunity? Wow, mobile traffic is way up. That's no surprise, mobile traffic for everybody is way up. Okay, but that shouldn't change it too much should it? I mean because we discovered before that you know, we need to put that at symbol thing. We're doing that on the order forms right? Uh, nope. Oh crap. Well let's go ahead and do that. Sure enough it came right back. So that was smart, and I was like heh dummies. You didn't think to do that. So then we let it go by like another month and we're like okay it still isn't helping that much. Like it's helped a little, but it isn't helping that much. How many of you guys are familiar with this type of keyboard? We understood the concept, that if somebody goes to an email form that we should show a different keyboard with an at symbol. But we never bothered to say well what if when they go to the credit card field, maybe then we should have a numeric keyboard appear. We discovered a new concept. We had a point of optimization. At first we failed to scale it across similar forms, but we didn't expand the idea as a whole. So it's both scale and it's expand. So what are the things that we've already tested that we know worked? But we failed to scale or expand that idea. You will find that this happens again and again and again and again and again and again. And it will make you feel stupid 100 percent of the time. You know we have a joke, we joke at digital good thing we didn't get around to doing that, think of all the extra taxes we'd have to pay. That's when you know. It's like aw it was working so well we decided to do nothing about it. This, you gotta have a little bit of fun because sometimes you gotta laugh to keep from crying. But this is an area. So think about it, what are the things that you're doing that have worked in other areas that maybe you haven't scaled or expanded and that's what's creating this growth opportunity. What are the industry benchmarks? And are we under or over-performing? If you haven't taken the time to do a little research on some benchmark studies for your market, for your industry, you gotta get a sense. Because if you're over-performing at a particular area, that's a huge opportunity. You're doing something that other people aren't that maybe again should be scaled and expanded to other areas. Nobody else has figured it out yet. That's cool. The far more likely scenario is you discover, whoa we're doing well in spite of ourselves because in this particular area we're grossly underperforming. So whether you subscribe to Forrester, Gartner, Baremetrics is another one. I'm sure there's a ton. I mean if you just do a quick google search for benchmark report insert your industry here, you're gonna find lots of them. It's worth the money. Okay it's worth the investment. It's worth knowing where you stand. And maybe you find you know what, we're right in line with all these things. Okay great, what areas would you like to break? Where do you want to try something completely different? And that kind of gets to this one. What patterns. What patterns do you see in your industry, and do you fall in line or do you contrast? Okay, do you fall in line and do you contrast. If you find that you are directly aligning with your industry benchmarks and you wanna break through, it's time to break a pattern. Alright. Don't forget the first chunk of the word breakthrough is break. You're gonna have breakthrough, you probably need to break something. This gets a little bit scary but, you know if you're looking and you're saying boy our activation is terrible and you go and look at all the other benchmarks and theirs are bad too, you got a decision to make. Accept it, that's reality. That's reality, that's the norm. Or, let's go break something. You know, let's go break something. If you are going to contrast, the big question is, the big thing I would say to you is just make sure that you're intentional about it. Alright, just make sure you're intentional about it. And if you go and look and you find, okay the industry benchmark is this, and wow we're really different over here and we're worse, just do what everybody else is doing. Okay, because you broke something and it's just broken. It's not like you broke it and fixed it and made it better. Like nah, you just broke it. Okay. A great example of a company I see today that I admire a lot, is Drift. Drift.com killed their lead forms. Right, they said we're not going to have lead forms. They essentially did away with the subscribe stage. Right, they broke a pattern. Everyone else in SAS was having people opt-in, and they were sending them to a demo. They said nope, we're not going to do that. Right, goodbye forms. Forms are dead. Mega break in a pattern. Likely producing friction. Why would they do it? Because it's perfectly aligned to their value proposition. They're selling conversational marketing tools. Conversational selling tools. Chat and bots and those kind of tools, right. It makes all the sense in the world. So it's fine to break a pattern, if you're trying to have a breakthrough. It's fine to break a pattern if there's a good reason to do it. Just make sure you're not arbitrarily breaking patterns and you don't know why. That's another area to look at. What's everyone else doing, and if we're doing something different, do we have a good reason to do that?
Ratings and Reviews
Course was amazing! I'm a startup founder & the content was perfect for stage of our company. Ryan is a fantastic presenter & I found both his delivery as well as his ability to answer pointed questions to be extremely helpful. I'd recommend this to any company looking to build a growth team!
This was an incredibly helpful class & i found many of the frameworks & suggestions immediately useful. Well worth it.
Amazing class !! Really complex issues are simplified and put together in a systemic and practical way !! Just take into work and reap the benefits !!