How do you balance the short versus the long term, especially when it comes to growth?
That’s what I’ll be talking about today.
I’m all about growth – how can I generate the best results as quickly as possible.
I’m currently reading Hacking Growth by Sean Ellis (highly recommended by the way).
In it, Sean talks about having a ‘North Star’ – a single metric that your entire team, strategy and campaigns are focused on.
So start there.
What’s your North Star?
Is it monthly revenue? Number of leads? Share of voice?
Figure it out.
That number becomes your guiding light, and everything you do is about getting to that number as quickly and easily as possible.
I think of it as a funnel.
Where we start at the bottom of the funnel and work up from there.
Funny thing is, everything at the bottom of the funnel is short term, and everything at the top is long term, with a sliding scale between.
Me personally, I always start by doing things that are as close to the goal as possible.
What‘s good about thinking in these terms, is that you can really start to understand how each tactic affects your results.
Because it’s not about the channel.
It’s what you do with that channel.
Is it going to have an immediate impact on your North Star? If so, it’s a short-term tactic.
Is it going to take a bit of time but the growth is worth it? Then it’s a long-term tactic.
I don’t know any business that can afford to put the long-term before the short-term. But conversely I also don’t know any business that drives serious expansion and growth using only short-term thinking.
So my advice is to do everything you can to drive growth now, and when you’re out of ideas (or you’ve hit your advertising budgets) start focusing on the longer-term stuff.
At the end of the day, it’s all about growth, and you need to do what’s best for you.
Until next time, thanks for watching.
About the show
Web Profits is a full service online marketing agency with over 80 data-driven specialists. Built on a culture of innovative, strategic and intuitive thinking, Web Profits focuses on achieving successful, performance-based results online.
Web Profits TV is our way of helping business owners, C-level executives and marketing professionals grow a business using online marketing, with a particular focus on social media, online advertising, content marketing and conversion rate optimization. You can use this information to implement the strategies yourself or to help you know what to expect from anyone you hire to do it for you.
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