I sometimes worry about “Growth Hacking” – people always looking for quick workarounds to build a business fast. Sure, there are one off successes that are quoted again and again in case studies (like using Craig’s list to build a cool business). But how do you respond to “Can you share how to growth hack this?”
It is like asking a content creator – so can you please make my content goes viral?!? Sure, it happens! But can you guarantee that everything that is ever created will go viral? Probably not.
Quite the same story with Growth Marketing – a more structured approach to growing a business in a smart, hopefully cost effective way. I wish my University taught me about the funnel that really matters today – The AARRR framework.
In fact, the new mooketing logo with the pirate patch is a tribute to the pirate sound of AARRR. I wanted to share a framework that I think is the most relevant to all marketers today that has helped me build and scale businesses throughout my career – the only practical funnel to scale your business.
Things to focus on:
a) Don’t just stop at Acquisition: Well, just a new install or lead isn’t going to make the cut. Don’t blame it on the drip funnel, expand it so more people can go through it.
b) Encourage usage: Promos, deals and incentives to promote usage within 15 days is really important. Yes, not all products are relevant at all times but at least get your user familiar with your product.
c) Come back again: Retention is key – all that money just wasted in new app installs will make you sad. Instead, focus on adding value, staying in touch with your customers and be relevant at times of intention.
d) Referral: Stop searching for Influencers with 2 million followers who have never tried or cared for your product. Instead, build programs with loyal users who have their own micro networks and incentivise them to share the love for your product.
e) Revenue: Go for the long haul – maximise your relationship with your customer and drive maximum revenue over time. Don’t fall for the one time star purchasers and find large audiences of people who are invested in you.
PS: None of this will work is your product is terrible. Focus on building a delightful product. That is the most important thing!