What is a growth lever?
Growth levers are strategies or tactics that a business can use to drive growth. These can include a wide range of activities, such as increasing the number of customers, improving customer retention, expanding into new markets, and launching new products or services. Growth levers are typically based on data and analytics, and are designed to identify opportunities for growth and then capitalize on them.
Identifying and prioritizing growth levers
Growth levers should be prioritized by using a variety of data and analytics tools to identify opportunities for growth. This can involve analyzing customer data, market data, and other sources of information to identify trends, patterns, and potential growth opportunities.
Once potential growth levers have been identified, the next step is to test and validate them. This can involve conducting experiments or trials, where different growth levers are applied to a subset of customers and the results are measured and analyzed. This can help to determine which growth levers are most effective for driving growth, and which should be prioritized.
Another approach is to use customer feedback and other forms of input to identify potential growth levers. This can involve soliciting feedback from customers, conducting surveys, or analyzing customer reviews and other sources of data to identify areas where customers are most satisfied or dissatisfied. This can help to identify opportunities for growth and determine which growth levers should be prioritized.
How many growth levers to optimize for at one time
It is difficult to say exactly how many growth levers a growth team should focus on at one time, as this will depend on a variety of factors, such as the size of the team, the resources available, and the specific goals and objectives of the business. However, as a general rule, it is important for growth teams to prioritize their efforts and focus on a limited number of growth levers at any given time.
This is because growth teams typically have limited resources, and trying to focus on too many growth levers at once can lead to scattered efforts and a lack of focus. Instead, it is usually more effective for growth teams to identify the most promising growth levers, and then focus their efforts on testing and optimizing these levers in order to drive growth.
Additionally, it is important for growth teams to regularly review and reassess their growth levers, in order to ensure that they are still relevant and effective. This can involve conducting experiments and trials, gathering customer feedback, and using data and analytics to track the results of different growth levers. By regularly reassessing their growth levers, growth teams can identify which levers are working well and which should be prioritized, and can make adjustments as needed to drive ongoing growth.
