Growth hacking can skyrocket a company’s growth when you do it right.
But one challenge many marketers face is getting the rest of their organization to buy in to growth opportunities. Many times, the rest of the organization doesn’t see the value or potential benefits of these opportunities. And one reason for this is that many marketers don’t communicate this value to their organization or decision-makers outside their team.
A recent survey by KISSMetrics found that most marketers, in fact, don’t share opportunities or results.
Why You Should Share, Report, and Solicit Feedback
Marketers are supposed to be reporting to other teams, their peers, decision-makers, and the organization as a whole. But some growth hackers suggest that you should be demonstrating your value clearly by sharing processes and how they impact the bottom line.
This way, when new growth opportunities come around, you’ll be in a better position to compete for company resources and sell that opportunity.
There are a myriad of reasons why marketers may not be sharing:
- They may not think it matters.
- It may have never occurred to them.
- There may be a fear of backlash for negative results.
- There’s always a learning curve from other departments, so it’s safer to stay silent than risk being misunderstood.
So how many marketers do and don’t report processes, growth wins, and learning?
In the aforementioned KISSMetrics survey, over 1,000 marketers were asked:
Do you have a defined process for sharing growth wins/learning?
A full 73.7% said no.
And 35% said they didn’t share wins and losses at all.
Many marketers may have never even considered sharing the details of their processes or results (growth wins/learning) with the organization.
But there are several reasons why you should make your growth hacking efforts a team activity:
Sharing informs the company about how marketing impacts the bottom line and the company’s growth. In other words, you’re able to repeatedly communicate your value to the rest of the team…and that’s what marketing’s all about, right? When you teach the rest of the organization about your processes and results, you’re able to demonstrate marketing’s return on investment.
And the best way to communicate that return is by being explicit. According to Joe Chernov, Hubspot’s VP of Content, “Marketers who measure surface-level metrics are being replaced by those who are able to prove their impact on revenue and even retention.”
Not sharing, on the other hand, can hurt marketing’s reputation.
You’ll be able to compete for company resources more effectively and you’ll be able to sell growth opportunities to decision-makers. When the organization understands the value you bring to the table in cold, hard numbers, they’ll be more likely to buy in to growth opportunities. They’ll know what works and what doesn’t, and they’ll also feel more confident since they’ll see exactly how it plays out…when you share it.
Sharing facilitates a growth-oriented culture where everyone has a say and an impact. Some companies go so far as to have “share” meetings on a regular basis. By allowing the rest of the organization to participate, you’re opening the floor to new ideas and perspectives.
Naturally, the marketing team leads and executes the effort, but why not take advantage of free intellectual capital? Also, this type of teamwork will foster goodwill towards the marketing team.
How to Share Results with Your Team
The benefits for sharing should be clear:
- You foster goodwill
- You demonstrate your value to the company
- You make it easier to make your case for investing in new growth opportunities
So how do you share?
As mentioned, prove your impact on the bottom line. Don’t just focus on vanity metrics or surface metrics. Show exactly how your experiments, processes, and campaigns are impacting the bottom line. Break out numbers that include user acquisition, user retention, and revenue.
This is an ongoing opportunity for you to educate the rest of your organization on how marketing actually works. A better understanding of how marketing spend yields results will give them a realistic perspective when evaluating those results.
That’s why it’s important to be transparent.
Show what works, what doesn’t, and why. This is another reason why many marketers don’t bother sharing. In general, non-marketers don’t really get how marketing works, so it’s often seen as safer to avoid being completely transparent.
But transparency is key to trust. And with trust comes the funds you need for that next growth opportunity or creative campaign.
Develop a system to share processes, wins, and losses. Make sure that anyone can understand and access these numbers. Noah Kagan, founder of AppSumo, created a dashboard where any of his employees can view and track their numbers, which are updated daily. Whatever system you choose to implement, also ensure that people understand what the numbers mean – not just what they are.
Growth hacking is just one of many marketing trends to hit the industry in recent years. But the way we work is also different – communications technology has ushered in a new era of collaborative possibilities that weren’t available yesterday. And one of the best ways to adapt to this changing work world is by sharing, being transparent, and fostering a team-oriented environment where everyone has a say.