Setting up a strategy for growth is one of the first things we do for our clients. In this strategy, we summarize everything that we will do to kickstart growth. It is in the first phase of our growth plan, and it lays the foundation for everything after that.
Needless to say, our growth strategy needs to be solid. That does not mean that it is set in stone. On the contrary, we will adjust as we go along, test and realize that there is a better solution than what we first thought. These changes are necessary for optimizing the results and achieving the highest possible growth in the process.
How do we know that we need to adjust? How do we flag issues in time or celebrate achievements? The answer is by analyzing and measuring data. In order to organize this data and measure relevant figures, we use the OKR framework. Here, we will explain how this framework will make your growth strategy shine.
We love innovation, and even though OKRs are not new, the OKR framework is still a relatively unknown phenomenon in marketing. We think it has many advantages, and we apply it to our customized growth plans. The abbreviation OKR stands for Objectives and Key Results. You can compare it to KPIs, Key Performance Indicators. There are differences, however.
As you can see, OKRs consist of two components, namely objectives and key results.
Objectives: these are your goals, and they summarize what you want to achieve. This can be as simple as more revenue, but you can go further than only that. Your goal can be to increase brand awareness, for example, or also become more sustainable. Your objectives have to be clear and measurable.
Key results: you measure the progress towards the objectives by setting targets that tell you how you are doing. These are the key results and by monitoring them regularly and closely, you are able to see exactly where you stand.
So far, OKRs are not that different from KPIs. They both define objectives and outcomes which allow you to measure your marketing successes. OKRs are part of a framework, however. Each objective will have two or more key results to measure this progress and several initiatives to achieve the key result.
For example, if one of your objectives is to become more sustainable, then your key results can be the amount of energy or paper that you use, or the amount of non-recyclable waste that you produce. The tasks could be to invest in solar panels on your building, to set up recycle units everywhere around your premises, turning down the heating by two degrees, and to equip your staff so that they use less paper. All these tasks contribute to the one objective that they govern, and these efforts should be measurable through your key results.
It is this framework that we use at SUM Digital to measure progress, to flag issues, and to show our clients concrete evidence of the fruits of our labor.
We did not adopt this framework for nothing. There are some clear benefits that made us fans. We can name quite a few, but here are the most important ones.
By giving your sales and marketing departments overlapping OKRs, you get them to work together. Too often do we see both teams working in silos, which is a waste because their success depends on each other’s efforts. Give them tasks that will make them work towards an objective, and you do not only make them work together, you also inform them of your corporate goals and motivate them to work towards those goals.
As growth marketing specialists, we love data, we love frameworks, and we love objectives. Without those, we would be blind and unable to make informed decisions that help you achieve your growth goals faster. The OKR framework helps us to continuously fine-tune your growth plan and to not only accelerate growth now, but also long-term.
Finally, OKRs help you get to the bottom of why you were unable to achieve certain objectives in the past. They show you the root cause of a problem and tell you how to fix it for good. Not only will you improve your current growth objectives, you will also make short work of those nagging problems from the past.
Methods like the OKR framework help us do our jobs better. We use them to turn chaos into order (read: revenue) and have done so successfully for many clients in the past and present. Let us do the same for you and schedule a free discovery session where we explain exactly how we will initiate growth in your business.
Alternatively, if you are not ready for a call but are interested to find out for yourself what it is we do, download our Growth Marketing Playbook for more information.