Short-term thinking outright kills growth — exponential growth is a long-game

Duration for growth services

40% of all contractual service agreements last 3 months or less, stimulating high switching rates and higher failure rates

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

According to McKinsey & Co., 65% of executives and directors say short-term pressure has increased over the past 5 years leading to poorer performance overall.

Background

Lower spending clients with less experience and a lower priority rate for growth spend less on growth services and don’t commit long enough to get real results.

Context

As a result of short-term thinking and low budgets, clients face limited results, often leading to massive frustrations and low returns on investment.

Takeaway

8% of contract durations are between 12–24 months, which is the ideal timeframe for actual growth results to emerge. Given the current volatile and turbulent market conditions, time is needed to make the proper adjustments to gain sustainable and exponential growth.

Read the full report here 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.