Speaker 1: Hi, I'm Erica Olson with OnStrategy. Today's whiteboard session is an overview of how to develop your growth strategy. It's part of our series on growth strategies specifically based on the Playing to Win book from Lafey and Martin, and it's all about answering the question where to play, how to win. So as just a general comment, our team over at OnStrategy reviews hundreds if not thousands of strat plans every year, and the majority of them do not have good growth strategies articulated. And growth strategies are like part and parcel to strat plans because strategic plans are all about growth and impact. So this series will help you unpack how to build one for your organization. Just as a newsflash, at the end of this video, there's a downloadable guide with a canvas that outlines all of this. So grab that and use that as we're walking through this overview. So here we go. First things first, when you're thinking about building your growth strategy, you want to be sure that you're clear about what your actual goal is. So obviously for businesses, we're looking for revenue goals, profitability goals. If you're a nonprofit organization or a government, we're looking for impact. So this is the, where are we trying to go with our growth strategies? This is our North Star, so to speak. All right. So then we break it down into a couple of pieces. The first piece is where to play and also where not to play. So that comes in the parts of markets, customers, and products and services. So just to take a little pause here, the source information for where to play would come from the opportunities part of your SWOT. Sometimes organizations have like lists and lists and lists of opportunities, in which case go check out my video on how to prioritize your opportunities before jumping here. If you've done that, you've got somewhat of a short list. We're going to unpack it here and articulate where to play either by market, by customers, and then also by products and services. An overview of how to win, that's the next piece that we would go to. How to win really unpacks the competitive advantages for your organization. And you can't really articulate your competitive advantages if you haven't done a competitive analysis. Not to worry, it doesn't have to be too in depth. We're going to show you how to do one pretty quick and easy. All of that comes together in understanding what your value proposition is because ultimately growth strategies are about being differentiated. So where to play and not, how to win flows over here. But before we go there, this awesome section again from playing to win is this idea of, so if we're going to tackle these opportunities, how are we going to enable that growth? People, process, systems, super important to this overall idea of building your growth strategy. So once you've got that identified, we're going to cruise over and say, great. So in summary, how are we going to grow? There are four classic growth strategies, market penetration, market development, product or service development, and diversification. So these four are the summary of where to play, how to win and where your focus is going to be. With that, it all comes down to where is that going to get us? So we're going to add it all up. And does that get us to the goal that we started out with at the beginning? So it's really easy to get tangled up in developing a growth strategy. So here's a couple of key tips. Number one, of course you want to use data, but you also want to use the wisdom of the crowd of your sales team, of your marketing team, of your customer service facing organization. So let's make sure not to just get stuck in the data. Let's use the wisdom of the crowd. Growth strategies and growth is about being differentiated and providing an amazing value proposition to your customers. So let's make sure to build a growth strategy that's differentiated. It's about making choice. I said that a couple of times where to play and where not to. And then probably most importantly is don't feel like you have to build Rome, figure out a general direction, test and adapt and learn. So with that, that's an overview of how to build your growth strategy. Check out the other videos in the series for a deep dive on each section and do not forget to grab the guide. Subscribe to our channel. Thanks for tuning in. Happy strategizing.