3 Billion Dollar Companies Supercharged Growth With This 1 Tactic
Airbnb. Uber. Pinterest. 3 Billion-dollar companies supercharged their growth with 1 tactic. A FUNNEL! Here's a simple framework to create a funnel that converts like crazy!
Source: Theo Ohene https://twitter.com/theoohene/status/1554828189859360772?s=20&t=I45-vEAu0n9Om9eR0s3Vfw
The growth funnel is:
Awareness → Conversion → Engagement → Revenue → Referral
The focus is on improving each step in the funnel.
The product helps drive growth.
Here's how to optimize each step in your funnel:
Step 1: Awareness - Making people aware of your brand.
Define your Ideal Customer Profile.
Then create valuable content for them.
Pick one distribution method:
Step 2: Conversion: Turning a visitor into a user.
Give your audience a compelling reason for a visitor to sign up.
Use persuasive copy on your landing page.
Offer something valuable in exchange for an email.
Access to your product:
Step 3: Engagement - Connecting with your users.
Ensure they have a good first experience.
Help them to achieve their goals.
Communicate with them via newsletter or email.
Give them reasons to come back:
Step 4: Revenue - Turning a user into a customer.
Give your audience a good reason to buy from you.
Have a strong offer.
Provide clear value.
Use authentic scarcity and urgency.
De-risk it with a guarantee.
Step 5: Referrals - Getting customers to tell others about you.
Make sure your customers are happy with your product.
Then make it easy for them to refer.
Actually ask for referrals.
And provide good incentives for referring.
How to build a high converting Growth Funnel:
Awareness - Make people aware of your brand
Conversion: Turn a visitor into a user
Engagement - Connect with your users
Revenue - Turn a user into a customer
Referrals - Get customers to tell others about you