Word of mouth, sometimes accelerated by referral programs, is the most cost-effective and sustainable way to scale a business. Your revenue per customer can be maximized by reducing your costs and increasing conversion, retention, cross-selling, up-selling, and prices. For some B2B companies, Engagement is the stage where you encourage users to invite their colleagues (which is called product-led growth).
This happens through empowering them with product education, motivation, and success. Your goal is to get them to try new features, buy more products, and build a recurring habit of relying on the product. Growth employees who focus on this step have job titles including user acquisition, SEO analyst, paid social analyst, copywriter, and growth marketer. If they do get paid to work, it’s often just kindling to build their initial customer base—it’s then unpaid that powers the rocket from there. I compile my insights into free handbooks (like the one you’re reading). Insights that don’t make it into handbooks are shared on Twitter. Further, because company resources are limited and growth is time-consuming, I look for candidates who understand how to prioritize their ideas efficiently.
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For reference, it’s hard to acquire an ecommerce customer for less than $30 USD via Facebook or Instagram ads, which are typically the cheapest ad channels. For B2B SaaS companies, many can’t acquire a paying customer for less than $500 USD on these channels. Therefore , if you don’t earn at least that back in the customer’s lifetime, then these channels aren’t sustainable. Consider how a lead may repeatedly loop between seeing your ads and testing your product before finally converting into a paying user.
They walk through their methodology for optimizing conversion at every step in our product journey. This reveals their process-driven approach to spotting bottlenecks and generating hypotheses. Worse yet, many growth marketers are brand marketers pretending they’re experienced with data-driven growth.
Product-led growth —If your product grows virally from users inviting other users who use the app together, then you have the potential for product-led growth. It’s responsible for the success of Dropbox, Slack, Zoom, PayPal, and others. As one example, Slack’s team chat experience necessitates that you invite colleagues to benefit from the full product experience. It’s the same idea with Dropbox and sharing files with colleagues. Unpaid channels benefit from not being at the mercy of ad channel volatility, ad audience risks, and CPM pressures. Unpaid growth is often more reliable and more in your control. Profit margin— How much profit you earn per sale is critical to making paid work.