What is the "Growth Formula"?
The Growth Formula is a simple blueprint for sales growth in B2B product businesses; both a higher customer lifetime value (CLTV) and attracting more customers are key to a profitable, growing business.
This simple visualisation can then be extended and broken into the 7 growth strategies for B2B sales growth.
The Funnel: More Customers
The Flywheel Higher Customer Lifetime Value (CLTV)
Maximising both the funnel and the flywheel leads to repeatable, reliable, profitable and predictable growth - it's the ultimate formula for turning your B2B product business into a growth engine!
What is the "Growth Playbook"?
The Growth Playbook then turns this concept into a step-by-step, actionable plan for B2B product businesses to implement. Each tile within the playbook links to features in Prospect CRM that will help your team execute that initiative.
From quicker wins that require less effort and investment but provide early ROI, to initiatives that require more planning and configuration time but boast big results, the Growth Playbook helps you focus your efforts for success in all 7 strategies that make up the the Growth Formula.
Formatted as a grid, the Growth Playbook is made up of tiles - initiatives or actions that you and your team should focus on using features in Prospect CRM. Each tile sits above one of the 7 growth strategies.
How does it work?
On the x-axis is the payback period i.e. how long it'll take until you see results.
Tiles that feature in along the bottom of the grid (particularly those in the bottom-left) will generate more immediate results more quickly than tiles towards the top, which will pay off in the future.
On the y-axis is the effort level i.e. how much time/resource is involved.
Tiles that feature in towards the bottom of the grid are easier to execute and require very little configuration from you to make a start. Tiles towards the top have more complexity in either the setup, and/or the execution.
Implementing the Growth Playbook
Where you start with the Growth Playbook really depends on which of the strategies you feel need focus. Think about where there's room for improvement in your business - this is where you'll make the biggest impact. For example, if you're struggling to attract more of the right type of customers, focus your efforts towards the right of the grid. Got a leaky bucket? Make efforts to retain customers for longer by implementing initiatives towards the left of the grid.
The Growth Playbook Scorecard
Not sure where to begin? Get immediate results and actionable advice on where to focus your efforts by assessing your current performance against all 7 growth strategies. Take the Growth Playbook Scorecard here.