⏩ In spite of the fact that everyone in the company contributes to the growth, a determined growth team plays a crucial role in marketing, sales, and product optimization so that more people extract value from their products. The growth team structure differs from one organization to another, but commonly they have engineers, designers, data analysts, and scientists. Best growth teams are always data-driven and it continuously performs the process of analyzing, experimenting, systemizing, and estimating.
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How Does OKR Software Help the Growth 📈✋?
The growth team acts jointly with the sales and marketing team and fills the gap between product managers. As they work with multiple teams, setting priorities where they can extract growth, becomes a real challenge. OKR software directs the growth team to set ambitious goals and the metrics to measure their performance. OKR software also ensures the team has periodic check-ins and tracks the progress towards the goals. OKR software enables the growth team to set their quarterly objectives and key results. OKR narrows down their scope and enables them to focus their work on the assigned quarter. The growth team’s focus covers the entire AARRR funnel – Acquisition, Activation, Retention, Referral, and Revenue. All these areas have an impact on the growth curve of the organization.
OKR software for the Growth
To achieve growth, the entire organization should work in a common direction with at most clarity and transparency. OKR software does the job of aligning the workforce’s objectives strategically towards the organization’s goal. Hence OKRs certainly have a major impact on the growth curve of every organization. OKR framework is well adopted by growth teams of various organizations. OKRs help to measure the success rate of the organization and also to record a to-do list of the growth team members.
There are a lot of advantages of using the OKR framework to increase employee engagement and improve the performance of the growth team. The following are some of the advantages of the OKRs that boost the business growth 🚀
OKR framework is known for its simplicity and agility and it works great with the growth teams to set their goals. It is transparent and self-explanatory in nature, making it adaptable to any type of industry to set goals and measure progress.
#2. Sets clear path
OKRs direct the team members towards the path in which they need to work and what they to do in order to achieve growth. It keeps the employees motivated and engaged. To minimize distraction and to get better results, team members need to set ambitious goals to measure success.
#3. Maximize Productivity 💡
OKR framework keeps the growth team members motivated and engaged. Once the OKR framework is implemented, it continuously encourages the employees to stay focused and aim at their rewards. The contribution from team members increases proportionately and maximizes productivity.
#4. Promotes teamwork ✊
To extract the maximum performance from the growth team, OKR software is a must-have performance management tool. When it is properly used, it gives a clear picture of the employee’s role in the organization to achieve their goals. People working as a team toward a common objective give best results than the individual trying to accomplish the goal alone.
#5. Progress tracker 📊
OKRs act as effective progress measuring tools for the growth team. It gives a clear picture of the progress every team member has made towards the goal accomplishment. OKRs drive the team member to know how he is progressing and make sure that he continues to perform towards the common goal.
#6. Problem identification and solving 🕵️♂️
OKRs track the progress in the predefined intervals (monthly or quarterly), it is more unproblematic to identify the root cause of the problems and address the same swiftly. By this, the team members prevent the same problem to happen again in the future.
Top 10 Growth OKR Examples 📈✋
Objective 1: Become the choice of the customer in the MENA region
KR 1: Increase the market share from xx to yy%
KR 2: Increase customer retention by xx%
KR 3: Increase customer conversation rate to XX%
Objective 2: Solidify our finances to set the stage for taking our product to the next level
KR 1: Increase gross profit from X to Y
KR 2: Generate Revenue of €XMM
Objective 3: Grow and increase our business by XX%
KR 1: Grow revenue to $XM
KR 2: Launch the X new product by Q2
KR 3: Customer churn to be reduced to X%
Objective 4: Increase product footprint
KR 1: Identify and secure X+ channel resellers
KR 2: Release a freemium version of the product in Q2
KR 3: Gain XM active new users
Objective 5: Improve the diversity of our company
KR 1: Increase gender diversity of leadership positions to XX%
KR 2: Remove the gender pay gap by establishing a transparent pay policy
KR 3: Remove gender bias from 100% of job descriptions
Objective 6: Improve customer experience on our website
KR 1: Exit survey CSAT score > XX%
KR 2: Average cart value increased by XX%
KR 3: Monthly returning customers > XX%
Objective 7: Turn our partner network into a revenue stream
KR 1: Generate $XK in partner revenue
KR 2: Attain X new customers from partner referrals
Objective 8: Accelerate Recurring Revenue
KR 1: Deliver $XM in subscriptions by Q4
KR 2: Increase customer MRR by X%
Objective 9: Empower customers to help themselves by building the best help resources
KR 1: Reduce the number of support tickets by X%
KR 2: Increase support center traffic to X unique visitors
Objective 10: Transition to proactive customer strategy
KR 1: Reduce customer churn risk by X%
KR 2: Reduce complaints by X%
KR 3: Increase total enriched leads to 75%
Implement OKR Software solution for your Personal Growth
Once we get to know the values of OKRs and their benefits, the next stage is to start implementing them. During the initial levels of implementation, it is necessary to allocate time for discussions and meetings with the team leaders, Pilot team, and team members before the start of every quarter. Let’s explore some specific ways, a growth team uses it effectively:
1. Setting the right objectives
While setting objectives, the company’s overall goals and the nature of the company’s product has to be kept in mind. Identifying areas of improvement that improve the growth curve of the company contributes highly to setting objectives.
After identifying the area of improvement, a timeframe for accomplishing the objectives had to be set. As OKRs are effective on short-term goals, it is advisable to set quarterly goals to keep the team motivated and focused. Make it a point to keep the objectives short, simple, qualitative, and ambitious.
2. Key-results identification
Trailing to the objectives set, and identifying key results, helps to measure the progress towards the objective. Key results are quantitative in nature and pinpoint whether an employee met the goal or not. At least three key results are set per objective and they figure out the means to measure the performance.
3. Measure the Accomplishments
After setting the objectives and the key results to measure them, it’s the right time to get to work. The set objectives and key results drive them as a team and help them to identify whether they are productive enough. It also makes them devise plans to achieve the objectives set and help the business grow.
Encouraging regular check-ins, performance assessment, progress tracking, and periodic feedback keeps them motivated and move towards accomplishing their objectives for the given period or quarter.
4. Aim for Average performance
It’s okay if the team doesn’t meet the targets with 100% accuracy. If a team meets all the objectives in every quarter, then it means that the goals are not lofty and they are un-ambitious goals. Even if the objectives are not met fully, getting pretty closer is considered excellent performance.
A golden thumb rule in OKRs is to aim for 70%-80% achievement of the objectives. It clearly reflects the efforts put forth by the team member’s hard work and makes room for future performance.
The above-mentioned sections clearly emphasize that OKRs centre around the growth patterns and that the growth teams execute them to move towards the company’s success. OKRs boost the company’s growth by providing a sense of clarity, driving towards a common objective, establishing priorities, and most importantly enrooting the idea of growth and development among the team members.
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