CEOs do not know what to do with their data and how to use it for growth and value creation

Shift In-house > Agency

43% of reasons for switching from in-house to agencies are more significant results. This is a clear indicator of a failed or falling in-house practice trying to survive.

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https://mygrowththinking.com/growth-hacking-service-report-86-of-growth-agencies-are-not-growing/

62% of growth teams have 1–3 people according to The State of Growth 2021, which indicates that few resources, in general, are allocated to growth teams.

Background

According to Growth Marketing Genie, 46% of growth challenges come from a lack of talent and internal support. Internal support and talent are vital to building real growth, which is why growth teams fail. This is where growth agencies fill in the gap in theory. But that in itself has its challenges.

Context,

One of the main drivers going to a growth agency is its data-driven capabilities that can support decision-making, and this has a two-fold challenge. First, the client doesn’t know what to do with their data. Secondly, the agency doesn’t understand its client’s business well enough to make sense of its data. 75 percent of business leaders admit that 4 percent of their data is used effectively, according to a study undertaken by PwC and CIO magazine. Additionally, 43 percent of companies obtain little tangible benefit, while 23 percent get no benefit.

Takeaway

In all reality, CEOs, and founders do not know what to do with their data, let alone how to convert that data into growth. At the same time, 16 percent of business leaders do not believe their organizations know what data it has, while 23 percent do not know where data could be used best, and 20 percent do not know how to gain value from their data.

Get the full report for free at
https://mygrowththinking.com/growth-hacking-service-report-86-of-growth-agencies-are-not-growing/

GROWTH HACKING SERVICE BUYER BEHAVIOR REPORT

A new study conducted by Growth Thinking, which analyzed 2,150 growth service buyers across 10 industries, found that 86% of growth agencies are — in fact — not growing.

These buyers, which represent $350 million in annual spending power, were surveyed over a period of 24 months. Some key findings in the study include:

• The top issue among those 86% not growing is talent;
• The average cost to switch from in-house to external providers is $48,241; and
• 55% of first-time services used are from freelancers.

The study takes a deep look into spending behaviors, the type of growth hacking services in most demand, and switching costs and reasoning.

Read the Growth Hacking Service Buyer Report by clicking here

ABOUT — Growth Thinking

Growth Thinking is a design methodology for growth hacking by the bestselling author of Ready Set Growth Hack, Nader Sabry. It has been applied as a book and a $1 million challenge known as the 10-day growth hacking challenge, which has generated $138m in revenue. This methodology has been adopted by universities like Harvard and Stanford, fortune 500s (Google/Microsoft), and unicorns.