The second obstacle to company growth: divisions and suppliers trying to achieve a huge number of different goals and metrics:
An SEO team may want to improve your sites rankings in search engines and increase organic traffic.
An email marketing agency will aim to increase the number of subscribers.
The sales team can focus on closing deals.
Competing Business Metrics
Competing Business Metrics
Each team and its individual members will set their own priorities, spend their budgets, and allocate their time trying to increase their preferred metrics, but improving those metrics may not translate into business growth.
What can be done?
The best way to solve this problem and grow your company is to simplify all of your goals into one trackable metric that - if you grow it monthly - will have the greatest impact on your business growth.
Web Profits calls this the “One Trackable Metric,” while Sean Ellis, who coined the term “Growth Hacking,” calls it the “North Star . ” It really doesn’t matter what you call it: it just needs to be closely related to the overall growth of your business.
In reality, it doesn't matter what you call it: it just needs to pakistan phone number data be closely related to the growth of your overall business.
Once you’ve identified a key metric, never lose sight of its value. Get your team excited about tracking it and make sure it’s communicated regularly. Make sure teams are aligned and rewarded for growing the single metric they’re tracking each month. That way, every time your team is faced with a decision about whether an action is succeeding, all they need to ask is, “Is our single metric going to go up?”
Adjust your North Star metric over time to keep pace with your business growth. For example, if you’re in the pensions business, you might initially use “number of open accounts” as your metric, but later realize that only a few customers are depositing, so you might change the metric to “accounts funded.” Then over time, the metric you’re tracking might be adjusted again to “accounts funded with balances over $100,000,” and so on.
Then, over time, the tracking metric can be adjusted again to "replenished accounts with a balance over $100,000," and so on.
Once your key metric is established, you will find that your team will begin to prioritize their work, time, and budget based on their impact on that key metric, which is truly the deciding factor in your business growth.