10x Marketing Formula: 1 Mental Model For Exponential Growth

“There are 224 typos and grammatical errors on our website.”

I dropped this bombshell on my boss during my stint at a FinTech startup.

With a background in the publishing industry and content marketing, I saw this as a colossal issue. From publishing blog posts to books, I firmly believed in producing content that was clear, concise, and correct. Yet, here I was, overseeing a website riddled with errors. My boss's response left me stunned.

“Don’t worry about it,” he said.

Naturally, I asked, “What do you mean not to worry about it? Should I schedule the fixes for next week instead?"

He replied, “Nah, just don’t worry about it.”

Curious and persistent, I probed further, concerned that our prospects and customers might think less of us. For context, I regularly received messages from team members about fixing at least one of these errors.

As best as I can recall, he said something like, “People are paying us to provide them with software—not to be grammarians.”

Although I wasn't thrilled with the decision, I went along with it. 

Over time, however, I began to appreciate the wisdom behind it and started embracing a similar mindset.

What changed?

Around the same time, I was learning about mental models and reading Garrett Moon's 10x Marketing Formula. At one point in his book, Garrett said, “Drive positive outcomes, not perfection. Our goal isn’t flawless work; it’s effective work with huge results.” 

He further explained why he doesn't have his team fix typos, saying: 

“The point isn’t really about typos or minor mistakes. It’s about distinguishing between 10x projects and 10% improvements. A 10x project multiplies your results tenfold. A 10 percent project improves your results by a measly 10% (Think fixing typos, on this one.)"

While my boss didn't frame his advice this way, it stemmed from the same concept:

Focus on 10x gains—not 10% improvements.

Since then, as the leader of marketing teams at two different B2B SaaS companies, I've strived to incorporate a 10x marketing formula into my work. This approach has helped me to prioritize 10x projects and goals, ensuring our efforts lead to significant gains rather than incremental improvements.

In this post, I’ll guide you through:

• Defining mental models
• Harnessing the power of mental models
• Identifying 10x projects
• Practical implementation with your team

Let's dive in.

What are mental models?

Mental models represent general principles about how something functions. 

They exist in various fields, such as science, mathematics, and biology, and some are more universal in nature.

(Don't worry, this relates to marketing.)

These straightforward frameworks help us think critically, entertain alternative ideas, and enhance our decision-making abilities. Consider them like glasses you can put on to view a problem or challenge from a different perspective.

Here's the thing about mental models:

You're already using them.

Even if you're unfamiliar with this concept, you rely on mental models regularly. 

Without them, it would be nearly impossible to simplify life's complexities and make most of our daily decisions.

Mental models not only help with decision-making and problem-solving, but they also enable us to communicate complex ideas effectively. By providing a shared understanding (a common language with your teammates), mental models facilitate collaboration and the exchange of ideas between people.

Still unconvinced?

Here are some prevalent mental models you've likely employed in recent months:

• Supply and Demand
• Pareto Principle (the 80/20 rule)
• Confirmation Bias
• Sunk Cost Fallacy
• First Principles Thinking

These examples only scratch the surface of the many mental models you routinely use to understand the world and make informed decisions.
By familiarizing yourself with a variety of mental models, you can become a more effective thinker and problem-solver, as you'll have a broader range of perspectives and approaches at your disposal. This versatility is especially valuable in fields like marketing, where understanding different viewpoints and adapting to rapidly changing conditions is crucial for success.

Harnessing the power of mental models in marketing

Mental models are more than just passing trends on your Twitter or LinkedIn feeds.

Incorporating these handy models into your marketing efforts can enhance your decision-making, hone your problem-solving skills, and elevate your strategic thinking.

Let me illustrate this by revisiting the mental models mentioned earlier:

Supply and Demand

Grasping the balance between supply and demand helps identify market gaps or opportunities, establish optimal pricing strategies, and fine-tune promotional endeavors to achieve the perfect equilibrium between product availability and consumer desires.

Pareto Principle

Applying the 80/20 rule enables you to pinpoint the most valuable customers, channels, or campaigns that generate most results. By concentrating resources in these areas, you can optimize your return on investment and allocate budgets more effectively.

Confirmation Bias

We all have beliefs about our work, which can be challenged by data or others' opinions. 

In such cases, we often rely solely on our own beliefs—this is confirmation bias.

Acknowledging this tendency helps challenge assumptions, stay open to new ideas, and make well-informed decisions. It's vital to collect data objectively, test hypotheses, and consider alternative perspectives for crafting more effective marketing strategies.

Sunk Cost Fallacy

It's tough to let go of anything we've invested time and money into, be it a cherished marketing campaign or software, especially when they're not yielding the desired results.

However, as marketers, we must be ready to pivot or discard projects that aren't fruitful, regardless of the resources already committed. By doing so, we make rational decisions and redirect resources towards more promising ventures.

First Principles Thinking

This mental model encourages us to reduce everything to its fundamental elements.

When dealing with complex projects or situations, we're urged to break them down as much as possible and then rebuild them from scratch. In practical terms, adopting this approach in marketing means questioning conventional wisdom and challenging the status quo. 

By dissecting problems into basic components, we can devise innovative strategies, discover untapped opportunities, and uncover unique insights that set us apart from competitors.

Now that you hopefully see the benefits of mental models. 

Let me introduce you to the 10x Growth.

What is the 10x Marketing Formula?

In general, the 10x Marketing Formula poses a simple question:

“Will this idea or request produce 10x or 10% results?”

That's it.

Here's a visual of what I'm talking about:

Based on this mental model, the idea or request you're mulling over should either significantly influence your marketing goals or risk merely keeping you occupied with busy work.

If you’ve been in marketing for more than 5-minutes, you know that busy work often involves chasing a never-ending stream of ideas or requests thrown your way:

“Can you fix this typo?”

“What do you think about this idea?”

“We should add intro and outro segments to our videos, as well as subtitles.”

“Why aren't we running more webinars?”

“Can you create this piece of sales collateral?”

Now, there's nothing inherently wrong with these ideas or requests. However, they might not always position your marketing efforts to produce 10x results; instead, they may merely keep you busy.

That said, I'm not suggesting you should never field any marketing requests. 

Embracing the Pareto Principle (80/20 rule) mentioned earlier, marketing should primarily focus on promoting the product or service of the company or organization while maintaining enough margin to support the rest of the company. 

In marketing, you will undoubtedly encounter numerous ideas and requests—and that's perfectly fine. But it's essential to discern that many of the requests you receive will fall into the 10% bucket—not the coveted 10x results.

Improving your work is always commendable, but you must weigh your resources concerning time, budget, and personnel. After all, there's only so much you and your team can work.

Remember…

… this is a framework—not a rigid rule. 

The idea itself doesn't have to literally produce 10x or 10% results. 

Instead, this marketing formula serves as a guide to help you identify opportunities your marketing team can seize to drive growth—instead of getting bogged down in urgent, yet unimportant tasks.

By keeping this marketing formula in mind, you can prioritize effectively, stay focused on high-impact activities, and make more compelling marketing decisions that ultimately benefit your company.

Practically speaking, how does this work?

You might be thinking, “This sounds fantastic, but how do I actually put it into practice?”

There are four practical ways this mental model functions in marketing:

1. Provides a general framework
2. Creates a common language
3. Focuses on big bets
4. Encourages innovation and risk-taking
   

First up, the 10x Marketing Formula provides a general framework for you and your team. As you come up with new ideas or field new requests, you can use this mental model to ask, “Will this produce 10x or 10% results?” Depending on the answer, you can decide to act on the idea, say no to it, or act on it later, which leads me to my next point.

Secondly, this formula creates a common language for your team. Sharing this with them empowers them to think similarly and strategize how to prioritize their work, thus decentralizing decision-making throughout your organization.

Thirdly, this mental model guides you toward focusing on big bets, pushing you to think about what efforts will be most beneficial to your work and organization. In other words, you'll start aiming more for 10x growth rather than settling for 10% improvements. This is one reason why I was able to launch a successful B2B podcast.

Lastly, by focusing on 10x projects, you foster a culture of innovation and risk-taking within your marketing team. This mindset encourages your team members to think creatively and explore unconventional solutions, which can lead to breakthrough ideas and strategies that propel your company forward.

Over to you

You and your marketing team are tasked to primarily do one thing:

Market your product or service by influencing as much revenue as you possibly can. 

To do this, don’t get bogged down in busy work. 

Instead, strive to focus on ideas that will produce 10x results for your company or organization.