The basic idea to keep in mind here is to list out the ideas you have for growth, the area of impact they’re in, and then give them an impact and an ease rating—all while keeping in mind everything we talked about before, each stage of the funnel, as well as the goals and the metrics of that funnel.
Let’s go ahead and dive into some of these.
I’ve listed a couple of examples for you—different things you can do to grow your businesses. Let’s see how I analyzed some of these growth ideas:
Idea #1: Launching dynamic product ads on Facebook
Let’s say I have an eCommerce company and I haven’t done any dynamic product ads on Facebook.
What would that be worth to my business? What is the impact it will have on my business?
This is how I would score this tactic:
- Area of Impact will be the bottom of the funnel (given that this is an eCommerce company and the bottom of the funnel probably makes more sense).
- Let’s say this would have an Impact Rating of about 4—a very impactful type of thing.
- And let’s say I have just hired and paid a lot of money for a Facebook ads specialist—so I added an Ease Rating of about 4 as well.
When I look at the total score, we have an 8 for this tactic—so this would be the total impact score this particular action would have on the bottom of the funnel.
Idea #2: Creating a content upgrade on the blog and give people my marketing guide in exchange for an email
Maybe I have a blog that’s not generating any leads for my business, but is getting a ton of traffic.
I could consider creating a content upgrade for my most popular post”
- The Area of Impact here would be the middle funnel.
- The Impact Rating might be a 3—because this is how much I think getting a few more email addresses would impact my business in this example.
- If I already have a good plan and a content marketing team in place to do this, the Ease Rating might be a 4.
So the total impact score would be a 7 for this tactic.
This means I would put creating a content upgrade on the blog as a lower priority than launching dynamic product ads on Facebook.
Idea #3: Advertising on an industry podcast to build awareness
Maybe the CEO or the CMO has asked us to consider creating a podcast because it’s a very trendy tactic right now.
- This would be the kind of action that would impact the top of the funnel.
- Let’s say I’m not very excited about this one because my industry isn’t that good of a fit for podcasts—so the Impact Rating I’m giving it is a 2.
- In terms of Ease Rating, it’s actually pretty hard to find podcast subjects to interview, so I’ll put it at 1 here.
This gives us a total score of 3—so I might want to drop this a little bit further down in the list of priorities.
Idea #4: Launching a giveaway in partnership with another brand
A competitor seems to be doing a lot of partnerships during the last quarter, so it’s probably because it’s working well for them—which means that we might need to consider this tactic as well.
- This is likely a top of the funnel growth strategy as well.
- The Impact Rating would be 5 because there are massive potential partners with a huge audience that could be interested in what we offer.
- And the Ease Rating would be a 2—because framing and rolling out a partnership typically involves several stakeholders and can take a long time.
This tactic earned a score of 7—so it would be kind of equally important as creating the content upgrade mentioned above, but for a different part of the funnel.
The final result is that I have a clear pipeline of growth experiments and tactics to run during the next few weeks, and I know exactly what kind of impact I expect each of these to have in the business: