Demo: The Growth Idea Sheet
So what I would like to do now, is actually walk through this growth idea sheet, if we can. Pull it up on this here test, and everybody here's going to get access to this as an Excel file. This is the one that we created, and you can use it, you can modify it and create your own. This is essentially, this is the white board, on the interwebs. So you have here the ideation phase, this is where the brainstorming is happening, and what people are able to do is at any moment in time, so this is a Google Doc, not this particular one, but we have a Google Doc in our office that everybody in the company can submit to. So again, we don't need to have a meeting. You have an idea, drop it in to here. So the date, growth idea name, we ask people to come up with a name, why, because names matter. We want to be calling it the same thing. Okay, this is the test, we don't want people getting confused, so name it. Description, hypothesis, what do you believe will happen? And then what are the assets i...
n teams that are needed. This one document alone, this one place will in and of itself allow you to identify who the real players are within your organization. Reason is everybody's got a freaking idea, and I found that this is how, this document here, is how we separate the performers from the politicians. Right, so we've all had those people that have worked for us that, you know, (imitate gun fire) finger guns, "I got this great idea, I saw this thing, "I was talking to this person, "like we should do this idea," right? And you're like "Okay, that's great. "have you put it on the idea, on the Growth Idea Sheet yet?" "Oh no, I haven't done that yet." "Okay, go put it on the sheet, and let's all process it." "Okay," (imitates gun fire) right? They are always finger gunning, I don't know why. But, you know, you go and you ask him to do it, and what do you know, it never shows up. Now if that person comes up like, "Hey, why didn't we try my idea?" "Is it on the sheet?" "Oh no." "Put it on the sheet." You will be shocked at how many people that are on your team who decide like, you know, who you think, "Wow, that person seems like a real go getter." They have so many ideas but they're unwilling to do the little bit of work of entering their idea on to a freaking spreadsheet. It will separate the high performers from the politicians, because you've got politicians, and they mask themselves really well as high performers. So this is the first step, right. This is what they do, and we ask them to do that. You know, what are the assets that we need? People say "I don't know, I think we are "going to need some dead work." Great, put your best ideas in there. We are going to discuss it later, but I want people to make certain assumptions. Right, I want them to make assumptions. I also want them to speak to which growth levers is it pulling. So you can see here, and this is binary. If it's acquisition related, activation, if it clearly impacts one of the growth levers, they put a one in. This is what allows us to weight the different ideas, because when we realize when we were doing the white boarding, we were like, "Well but this one's kind of this, "but it's also kind of that, I guess it's both. "You know, and because it's both, "we should really prioritize that." So this allows you to do the weighting. Now the rule that we have is if it's a question, at all, it's a zero. You know people are like, "Ah, I mean it kind of "could also help, like with retention, but maybe," Okay, zero. Done, right? Because you'll have people want to go in there and be like, "Oh, it will definitely move the needle "on all of them," no, it won't. And then this is where they do their eye scoring. Alright, project scoring happens here. Impact, confidence, ease, we have a raw total, and a weighted total based on the binary scoring of the growth levers. You can if you want, go in and modify these formulas, if you want to say for right now, we're going to you know, overweight a particular growth lever, right, and allow it to rise to the top. It's a great way to prioritize, because ideally this is a document that grows, and grows, and grows. And so you may want to go back and say, "Okay, I know we've had a bunch of ideas in the past. "How do we get, if we really want to focus on retention, "how do we make sure the retention ones rise to the top?" You go in, in the formula, you overweight the retention. So if some if somebody put a one there, maybe you increase that, does that make sense? That's how you can really allow this document to change over time, and then in the last section. On the status, you want to say is it in progress, completed, and did it work. I believe we have it coded to where if it's in progress, it moves it to the top, if it's completed, it moves it to the bottom, or you can also take a completed one and put it on a separate tab. Yeah, that's what we do, we have the tabs down there. So when something is completed, you move it to a completed tab. So this one Google Doc allows you to aggregate all the different wild hair brained schemes that you and your team could come up with. Somebody's got a great idea, you say, "I love it, I love every single thing about it. "Did you put it on the Growth Sheet?" "No, I haven't done that yet." "Okay, go get it on the Growth Sheet, "otherwise you're just all talk," right? I'm not going to do it for you, right? Get it on the Growth Sheet, get it on the Growth Sheet. Got to get it on the Growth Sheet. We will talk about it at the next meeting, right? We'll go on, and I'll show you how these meetings work in just a second. So it is a place where all the brainstorming occurs, but it's also the place where you're archiving your ideas. You're archiving your wins and losses. You're doing the reporting, so when here you see did it work, you know, yes or no. We're actually going to wind up putting more description in that box. You'll see when we get to that particular section. So, you guys all have this.
Can you talk about the weighted total again?
Absolutely, so you know, in this case, again, I don't know what the idea is, but if you look at the second line, the idea was, these are all just sample things. So this one was, okay, we're going to test messenger bots. Right, so what's a messenger bot? A long form, you know, blog about this. Okay, that's right, so we were going to write a blog post about messenger bots, it was like a meta-strategy. Let's write a blog post about messenger bots, and then encourage as a part of it, people to sign up for our bot. Right, that was a general like, kind of meta-growth idea that we could do it at DigitalMarketer. So, one second, the particular person who entered this says, "This could be a good acquisition strategy," why? Because if we title the post properly, it could actually rank well for that. So, we could acquire new people from that. It could also be an activation strategy, because we can go out to our email list, and say, "Hey, we've got a new blog post, it's all about bots. "You should go read it, you'll love it." And now we activate our email subscribers and turn them into bot subscribers, turn them into Facebook Messenger subscribers, better way to put it, right? From a monetization, we know that a conversation, a Facebook Messenger conversation or a chat conversation, is worth on average, depending on the channel, I forget. It's anywhere from 50 to 100 dollars, I'll just keep it broad, if we can get somebody on some type of active chat, you know, with our sales floor, that's going to be worth between 50 to 100 dollars to us, depending on if we're also an event season. So we know that's a monetization strategy. Retention, the person put in there as one, I would kind of combat that and be like, "Retention, I'm not going to give you that." Does that make sense, so you go ahead and you plot all of these, and then what it does, and then you do your eye scoring, and then it winds up, you know, essentially multiplying it. So if you've got a one here, a one here, a one here, the basic way that it's done, is you have a 4X on the 3.7. Pretend for a moment, that I was able to edit this, and you will have the ability to edit this, change that one to a zero, then it would be the 3.7 multiplied by that, and that's the basic weighting, you know, as it takes place. You could decide, you know, "I don't want to weight "these high, we're really focusing on awareness so, "I'm going to have to want it be a half, "full-point kind of multiplier," does that make sense? Yeah, so this is, again, what I love so much about this document, and we can go back to the PowerPoint if you want. What I love so much about this document, isn't just that it provides a place for everything to go. Right, everybody, if you want to talk about, you know, democratizing ideas, having this idea meritocracy, there is a single document where everybody can enter their idea, period. It's welcome, it's welcome and it's public, everybody can see. Their name is next to it, right? They own it, it's there for all to see. They then get to score it, and they get to determine. They get to do that on an initial basis, right? So everybody is heard, and seen. There's not a single person in the company, who does not have access to this document, and I highly recommend that when you get it, you also make it a Google Doc, make sure that it's shared. Make sure that it's shared and that it's not just like view only, that'd be pretty hateful to do to your team. Make sure that they can edit it, and go up there and put that up, alright? So that's how we handle step four.