Are you focused relentlessly on nothing but potentially high growth ideas?
Or are your priorities unclear or unproductive, leaving you stuck in a constant scramble?
When crystallized and properly communicated, prioritization can, in some estimates, reduce costs by roughly 15 percent and improve your team’s capability to meet your marketing goals.
What is the process to truly remarkable ideas and ruthless execution?
Million-dollar gap between 10x and 10%
Because the goal of any marketing program should be to drive profitable customer action, the best marketers prioritize high-potential growth projects over incremental improvements.
Our team adopted a simple process that helps us do exactly that – the 10x vs.10% framework. A 10x project multiplies the results by a factor of 10. A 10% project improves results by a measly 10%.
A 10x project can positively impact a huge number of people in your audience and produce incredible revenue returns for your business. If plotted on an x-y chart, a 10x project falls high on the upper-right quadrant.
A 10% project, on the other hand, provides a little bit of value to a few people. Looking at things this way provides a framework for understanding and predicting impact. And therefore, it’s perfectly suited to help you prioritize which projects to take on and which ones to take a pass on.
Source: Content Marketing Institute