Simple Growth Framework
Growth Framework is an easy navigation tool to understand growth. In my previous posts, I went ahead to explain the What exactly is growth, and what motivates business/startups to grow. Before we dive in, I want to break
We have broken down growth to 3 sections
Acquisition component starts first by bringing a person into a channel. A channel could be your website, Facebook page or even your email inbox. A lot of thought and marketing activities are involved at this stage.
Next step is to convert these people into customers. We believe that every visitor who visits your website should be a potential lead. And businesses spend a lot of money bringing visitors into their website for landing pages, product pages etc. We would want these visitors to convert into customers. This is the sure way of increasing the number of customers.
Just as one medium is your website, next medium could be your social profiles. Taking Facebook as an example — when you engage with people on your Facebook page, and they communicate back to you, you’d like to be able to convert them into customers.
What we need are better, simple and magical tools to empower entrepreneurs, marketers, sales folks or just about anybody to become acquisition rockstars.
Retention = Your Success + Your Customers Success
Our economy is slowly changing into a subscription based one. Where the business has to tell an engaging story as to why they do what they do. Any customer that you have acquired, you should treat them as your best customer. Give them the attention they need and understand and truly empathize with your customers. After all, they are helping you run your business.
Retention requires you to first resolve any issues customers are having promptly with empathy. Machines can’t empathize, humans can. But machines are really good at empowering and giving the tools needed for us to maintain these relationships and resolve issues.
Next part about Retention is about casual engagement. Don’t mistake engagement with bugging your customers. Engagement is about starting the write conversations with the right customers at the right time. These conversations might be how to better use your product. Or it might be a survey that you are sending to better understand your customers. Always understand that engagement should be a win-win situation. When the customer engages with you, he also gets the benefit of understanding your product, whose behind your product and have their opinions heard. And who wouldn’t like a genuine gratitude when you send them to your customers.
When customers have gone through healthy retention cycles, you are able to understand more on what your customer’s needs are. If your customers’ needs match up with up selling or cross selling of your products, it would be a good time to warm up to that conversation.
Optimization of sales should also be done with a better understanding of your customers. Mainly because optimizing involves building up the relationship to the next level. Also, this means the customer is going to increase his commitment to your business.
After a customer is optimized, he would again move back to the retention phase.
This framework is very results oriented. It focuses on your customer and the relationship your have with your customer more than the nuts and bolts of stats and how funnels are created. This is because, every sale and every customer is a conversation, a very important one.
PS:- if you are interested in finding out how this framework is applied in a product, checkout out our upcoming product — alakazam 🔮, a Growth AI product.