The acquisition marketing funnel is the entire sales and marketing process that acquiring potential customers, offers opportunities that can assist in converting them into your product. The acquisition funnel includes all the necessary steps to get your website noticed, identified and successfully acquired by the target audience. These include paid search advertising, paid social media advertising, inbound marketing strategies, Optimization and data analysis.
Don’t create product because it feels great idea or its great fit for the market, create product that the people actually want and need to resolve their problems. In growth one of the most important things is to ask for feedback from your customers, check their behavior where they navigate where they stop in the funnel? when you track all these things you then will know what your customers needs and how to improve the version and the flow of the product.
Retention is the key to a successful growth hacking strategy because it gives you a concrete example of what customers experience and how their experience changes as you grow. Specifically, retention shows how your product or service retains customers as well as giving you insight into their improvements over time. the higher the retention rate the easier it is to gain new customers. keep your retention rate high by :
- Make it easy for users to set up regular payments with little to no onboarding required. Include a form of automatic payment that can be set up by the end-user if they choose.
- Offer regular bonuses, rewards for precise achievements such as signing up for a newsletter or downloading an app, email marketing to keep them noticed. These can start small and be increased over time as retention strengthens.
Paid ads raise brand awareness, while the most basic referral service reduces CAC costs, and increase Conversion Rate which is an ongoing mission for any large or small start-up, and maximizes ROI, allowing companies to step forward faster.
This is illustrated by a simple mechanism: satisfied customers bring in new customers. So the cost of these new customers is usually low, by motivating existing customer to refer friend you can offer them significant discount or coupon or free package space, anything meaningful related to your business service or product.
The fact remains that there are ways to dramatically increase revenue whether you’re working alone or with a team. Revenue optimization is about identifying which stages in the growth process generate the most value.
It means having patience with a process that sometimes takes months or even years but once you get it right, your earning potential has the opportunity to sky-rocket. Most hacks take years to mature, so don’t start focusing on them too early. Here are some of the growth hack strategies to generate revenue:
1. Creating an “on-ramp” for potential customers through creating an on-ramp for new customers is one of the most effective ways to get more sales. The on-ramp provides information about your product and process, making it easier for someone to sign up and start using your product. By creating an on-ramp, you’re signaling to potential customers that they can get immediate value from your product — without having to wait days or weeks for an in-depth review.
- Highlighting important elements and offering detailed guidance
- Provide communication so they know they can get support from you.
- A customized thank-you message or handwritten note may be part of the on-ramp process to strengthen customer relationships, increase retention, and incite word-of-mouth campaigns.
2. Simplify and streamline the checkout process– Improving the checkout process will assist you in reducing cart abandonment and increasing overall sales in your store without making any other drastic improvements or running expensive promotions to attract new customers. Here is a list of some of the top reasons for cart abandonment, and the common friction points that can be reduced or eliminated:
- Long, complicated forms
- Inadequate knowledge (shipping information, customer support information, etc.)
- Concerns over site protection
- Shipping fees
- The site’s and checkout navigation is complicated
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