Introducing 10x and 10%
Garrett Moon, CEO of CoSchedule and author of the book “10x Marketing Formula,” has inspired and influenced many of Modthink’s business strategies and tactics. Through a series of his techniques, we’ve been able to effectively grow our business as well as our clients’.
Perhaps one of his biggest influences on the Modthink business strategy is the concept of 10x vs. 10%. I know what you’re thinking… what does this mean?
10x means to maximize and expand your results ten times over, rather than just by 10%. Anyone can make an increase in sales, get more leads, and create better content by 10%, but why would you want to do what anyone can do? Through accepting imperfection and moving towards a product of value without being too nitty-gritty, you can achieve 10x growth!
By getting scrappy and preparing for exponential growth rather than a measly, constant 10% growth, you can see your team and company execute amazing results. These results grow your content, projects, and company by a rate that multiplies exponentially: ten-fold!
Keep in mind some of the metrics that you would like to see grow at an exponential rate as we continue.
Where is the Gap?
We’ve all heard it before: “My business could really use more leads, potential customers, etc. Not only that, but it’d be pretty cool if we could increase sales and get my customers to buy more."
We’d all love a 10% increase in the things that help our business prosper. However, what some of us may not know is that we are putting ourselves, our team, and our abilities in a box.
When you stop to truly look at what you are capable of, you will see it’s much more than that just 10%. Also, why be so specific about the obvious? Instead, what else can you do for your business that provides a similar, perhaps better, value?
Avoid a 10% Mindset
One thing Garrett Moon addresses in chapter five of his book is his company’s disinterest in fixing typos. He doesn’t make team members double-check for any kind of punctuation or grammatical errors in the content they produce. On the surface, this may seem silly to any copywriter or reader, but when taking a deeper look, it illustrates an excellent point. Why should we spend time on trivial matters when we could be focusing on exponential growth? This isn’t to say that we won’t still cross our T’s and dot our I’s!
One aspect of the Modthink strategy that has stuck out to me from the beginning is the idea of “minimum viable product” or MVP for short. MVP means to execute a project, grow it, and learn as you go. It doesn’t have to be 100% perfect or the final version of your product, but it has to be viable and a catalyst for growth. Adopting MVP into all that we do as a team here at Modthink has helped us increase efficiency, provide value to our clients, and execute 10x projects.
Another feature of our strategy is keeping everyone focused and on the same page as we pursue 10x projects that yield 10x results. If “ten percent-ing” comes into the picture, we know we need to get back on the MVP track. When a member of the team hears someone struggling over the usage of two perfectly fine words or deciding between two strikingly similar graphics, you will often hear another member of the team say “We’re ten percent-ing.” Why focus on something that could be—you guessed it—a measly 10% better than the other? Instead, this reminder helps us focus on getting content out there and continuing on the path towards 10x growth.
So, Why 10x?
You may be asking yourself, “Should I stop correcting typos? Should I use a minimum viable product?” While these are good questions (I had the same ones when I first started), it’s important to remember that 10x is so much more than that. It is a mindset that, when integrated into your business goals, serves your clients, team, and ultimately your entire company better by maximizing results for everyone involved.
Incorporating 10x into everything you do—from getting rid of unnecessary steps and tasks to “moving fast and lean like a startup” (Moon, 159)—can help you provide value to your clients, increase your sales, or land new leads.
At Modthink, we have seen immense growth in our business since our transition to agile. We’re traveling down the path to 10x each day! Our scrums keep us focused on the task at hand, our sprints allow us to know what projects need to be shipped during the timeframe, and our retrospective meetings help us figure out what needs to happen in the next sprint to continue on the path to ten-fold growth.
So, why 10x? The answer is simple: to experience growth.
Still, wondering what you need to do to get started? Here are some practical next steps.
Breaking Down Your Transition to 10x
- Use minimum viable product. Allow your team to leave behind the specific, inconsequential, often trivial parts of projects. Does it really matter which synonym you use in a sentence? Encourage your team to move on and pursue the steps necessary to ship the project.
- Consider the Agile marketing methodology. Would daily 15-minute meetings help keep your team on track? Would you accomplish more if you knew the goals and objectives of all projects were the same for the next two weeks ? Try it out!
- Begin brainstorming the 10x way. Garrett Moon describes brainstorming the 10x way as everyone on the team answering one question: “What can we do to grow our {metric} tenfold over the next {timeline}?” So, how can you challenge your team to answer this question in as many ways as they can think of (aka brainstorming) before your next big project or series of projects?
All in all, shifting to a 10x mindset helps you, your team, and your clients achieve and grow MORE. Now, who wouldn’t want that?
Through understanding what 10x is, the gap between 10% and 10x, why it is helpful, and utilizing the right tips and tricks, your company can benefit exponentially. By prioritizing a 10x system rather than 10%, you can ship more projects, increase sales, generate more leads, and serve your clients more efficiently and effectively.
What will you do to grow your business? If you have more questions regarding 10x, agile marketing, or how Modthink can help you grow, start your free marketing review today.
