What Was This Session All About?
At the end of the T&C Summit 2020, there are tons of ideas for attendees to take back to their business. But the problem is there are just too many of them.
With that in mind, Richard Lindner and Ryan Deiss took some time to break down a process for the attendees to help them implement the best ideas. They taught us about their strategies for filtering ideas and getting the most out of them.
So, if you attended T&C or just wanted to figure out how to decide what ideas to implement to your business, check out what they had to say.
Who is Richard Lindner?
- President of DigitalMarketer
Who is Ryan Deiss?
- CEO and Co-Founder of DigitalMarketer
What We Learned
This session will help you apply the information from all the other sessions and implement what you’ve learned to get your business growing.
Failure (or the lack of growth) isn’t caused by bad ideas. Failure happens when you try to implement too many good ideas. That’s what the T&C Summit gives, and likely, if you took dozens of pages of notes, you wouldn’tThen, they go back through them.
This is the ultimate implementation insurance. If you lead teams, and you bring them a sizeable To-Do list from the sessions, they’re not going to know what you heard when an idea inspired you. So, buy the recordings and show them to your teams.
Shiny Object Syndrome Is what everyone is infected with after attending an event like the T&C Summit.
“Capital isn’t that important in business. Experience isn’t that important. You can get both of these things. What is important is ideas.” -Harvey S. Firestone, Founder, Firestone Tire and Rubber Company.
One of two things happen to all ideas, good or bad: They’re implemented, or they die. Most of the time, they die.
You need an objective process for sorting the ideas so the good ones rise to the top and the “not so good” ones get cataloged for later.
Step 1: Focus on Impact
Four Growth Levers
Ideas focus on driving and awareness and generating more leads. You get traffic and followers.
Ideas focused on turning leads into customers or further qualifying the leads. You need to do this when people are following but not buying.
Ideas focused on expanding revenue from existing customers through upsells and repeat processes. People are buying.
Ideas focus on increasing consumption and reducing refunds and churn. As a result, people stick around, and they’re happy with your products.
Question: Which one of these four levers will have the most significant impact on your business today? All of them. There are several strategies in each of these levers.
Step 2: Growth Ideas (By Lever)
Take a look at the Double Your Sales Action Planner. Create a column for each lever, and start plotting ideas in each category. Post-It notes are helpful for these charts. As a result, you or scrap paper. You can also make a Truello board if you have an account.
Whatever you’re using, put a star by each idea that would help your business the most.
Step 3: Narrows Ideas to 3-4 Per Lever
Don’t just do this for one category, even if you think that one category is most important. If you don’t do it for all four types, you’re going to miss something valuable.
You’re not saying “never” to the ideas you’re eliminating; you’re simply saying, “Not now.”
Step 4: Score Your Growth Ideas
- Impact: What’s the impact it will have on your business?
- Confidence: What’s your confidence with the idea? Make sure there’s a reason for it.
- Ease: The easier it is, the higher the number. (Scale 1-10)
You score all three of them. Get the total, and divide them by three, and there’s your number.
Think about each of these carefully. Think about what you want to do and what you don’t want to do.
Step 5: Filter and Prioritize Growth Ideas
Scoring your ideas is the initial filtration process.
Big 3 Planning Canvas
Why We Do This
- Align everyone to the same goals and objectives.
- Identify key, critical metrics that actions must impact during this period
- Identify three core projects that your company must complete to impact both the key metrics and company goals.
Creating Your Plan For Growth
Step 1: Time Period: Plan in 90-day sprints.
Step 2: Goal/Theme: This should be driven by what you need most. Make it something that you can put on a T-shirt.
Step 3: Needle Movers: What 3-4 metrics do we most need to impact to reach that goal?
Step 4: Big 3 Projects: What are the “Big 3” projects that your company must complete to bridge the gaps? (It’s ok to have less than 3)
What’s the best thing that can happen and the worst? This question is essential, especially if you have a team because some people will think the best result is much bigger than everyone else. Get those extremes out of the way, and discuss them as a team. Get rid of assumptions.
Reality Check Questions
- Can the project be completed by the due date?
- Does the due date allow enough time in the period for the project to impact the Key Metrics? Make sure you’re aware of what time period it’s going to impact.
- Who is responsible for each project, and do they have the bandwidth to take this along with their regular duties?
The Secret to Predictable Growth: Repeat this process every 90 days.
Call to Action
At DigitalMarketer, they offer a class to help you through these processes. Check digitalmarketer.com/growth to see if enrollment is currently open.
What Do You Think?
If you watched this presentation or are familiar with Richard or Ryan’s work, I want to know what you think. Leave a comment or tell a story below.