5 Keys to Unlocking Growth for Your Startup with an On-Demand CMO
What is a growth strategy? A growth strategy is a plan that enables a startup to grow in a sustainable way. It is not just about getting big fast, but also about staying big after the initial boom. The mantra for growth is exposure x engagement x conversion. Read more in the article below.
So you have an idea for a startup that you believe will change the world, but the problem is that there is a lot of noise out there and you might not be able to get noticed. However, there is a proven way to make it big, and it all starts with a growth strategy.
According to an article from Harvard, companies that have a grwoth-first mindset are more likely to make it big. In fact, there is a direct correlation between growth and revenue. It is also observed that the average company with a growth-first mindset has better potential to drive more revenue than a company with a product-first mindset. This shows that if you want to make it big you need a growth strategy.
1. Define your Growth Strategy — Growth = Exposure x Engagement x Conversion
It starts with exposure. The more people you can reach, the more people you can win over to support you, buy from you, work for you, partner with you. The more people are exposed to your content, the more deeply you can engage with your audience, the more likely they are to champion you or share your content. Then there’s conversion, which is what happens when someone actually becomes your customer.
It’s an axiom in the startup/entrepreneurship space that if you’re not growing faster than your competition, you’re getting left behind.
Achieving growth is not only about increasing traffic or following on social media. It has everything to do with maximizing all three metrics that make up this equation — exposure, engagement and conversion.
2. Ensure Exponential Exposure — Word of Mouth, Influencers, Social Media etc
The use of influencers has grown exponentially over the past few years. Companies are now using influencers for a wide range of things, from advertising to creating content and more.
The power of word-of-mouth and referrals is not new, but we’ve seen it grow exponentially with the growth of social media and other digital platforms.
3. Enhance Engagement — Optimise for Conversion — Use a CRO Strategy
CRO is the process of analysing a website or app to identify key areas of improvement. CRO can be used for everything from improving landing page conversion rates to increasing email subscriber signups.
The most important thing to remember about CRO is that it’s an ongoing process. You’ll never know if you’ve found the perfect balance until you try and test again.
4. Empower your Employees — They are your Brand Ambassadors
As per Carol Dweck, Stanford University Professor and the author of “Mindset: The New Psychology of Success”, employees in a growth-first mindset company are 34% likelier to feel a strong sense of ownership and commitment to the company.
It is important that every organization starts empowering their employees because, in this digital age, they are your brand ambassadors. They are your company’s face when customers come in contact with you.
We can’t expect our employees to be active in the social media world when they are not empowered to do so. They need to be given the opportunity and tools they need to succeed.
5. Hire, Grow and Repeat — Treat the CMO like the CEO of Growth
It would seem that the traditional way of hiring a CMO is not at all effective. The most successful companies need to move away from their top-down, hierarchical approach to marketing and start thinking about how to hire, grow and repeat.
In the current market, it’s tough for a startup to find a Chief Marketing Officer with the right balance of skills for growth marketing. That’s why companies are turning towards a more flexible way of hiring a fractional CMO with the part-time model which doesn’t exclude those who have been in the industry for decades from applying best marketing strategies to executing go-to-market programs.
An on-demand CMO is an expert who can be hired for marketing, business development or product management without having the need for employee benefits and retirement plans. They are usually hired on an hourly basis and are more affordable than hiring a full-time person for the same position.
Conclusion: Get on Board with the On-Demand CMO Model Today
I hope you enjoyed this post on 5 Keys to Unlocking Growth for Your Startup with an On-Demand CMO. The world is changing rapidly, and the pace of business is evolving right along with it. The best companies are developing agile solutions to stay ahead of the competition. The world is moving toward a digital economy, and every entrepreneur must be prepared.
The good news is that there are tools and programs available to help you. One program, in particular, is Growthsutra On-Demand CMO, which is created to accelerate your sales, drive leads, and grow your business. We hope you have a better idea of how you can improve your business with this blog post. If you have any questions, please contact us anytime at firstname.lastname@example.org.