This decade, growth marketing is the hottest topic. People already understood marketing, but now they must deal with growth marketing. Is this not a more complex topic? It is. That's why this blog exists to help you.
This article is written for anyone who has difficulty understanding the growth market strategy because of various roadblocks. Today we will be discussing two main sub-parts this emerging marketing technique.
The funnel concept
The AARRR Framework
These are the foundations of growth marketing. These are the stepping stones to growth marketing.
First, let's talk about the concept at the heart of funnel marketing. It is called the conversion concept.
What's the Concept of Conversion?
Conversion is when a customer responds positively to marketing messages and acts as the marketer intended. All marketing actions are conversion actions. This could include anything, from visiting a landing page to following social profiles, signing up for a webpage member, purchasing items, and so forth.
Unfortunately, marketers still consider the purchase conversion to be the most important conversion. It would be great if conversion rates could be increased only through short-term marketing. It will be hard to increase the purchase conversion rate within a short time span even if all employees are involved. It is difficult to improve such a challenging challenge with just a few people.
What conversions should we be monitoring and optimizing?
We will use the "funnel" concept to do this.
The Funnel Concept is a Service of Growth Marketing
A funnel is the process where customers identify and purchase a product. Because of the narrow shape of the funnel, the name was chosen to represent the decrease in the number people who enter from the earlier point.
The industry, company, and the advertising goal will all affect the funnel model. There are many funnels that can be used for different situations. They range from simple products with low involvement to more complex products that take a lot of time and require multiple steps before they are purchased.
However, the goal of the funnel design remains the same. The goal is to increase conversion rates at each stage of the funnel and ultimately, improve the conversion rate at the last phase, the purchase conversion.
The main goal is to improve the flow of the funnel at each stage.
This framework is called the AARRR Framework.
The AARRR Framework
The importance of the funnel concept in business is well documented. Let's take a look at the AARR funnel as an example of one of the many funnel theories.
Dave McClure, creator of American Startup Accelerator 500 STARTTUPS, created the AARRR indicator. It's a useful tool for assessing the state of services at present and developing strategies to address any weak spots. It is particularly useful for startups with limited manpower or time.
Five major steps are part of the AARRR, as indicated in the word. Let's have a look.
Acquisition
Activation
Retention
Revenue
Referral
Let's now get into the details about the AARRR framework.
Acquisition
Acquisition is when people find a product, brand, or service and become customers. This segment of statistics requires precise monitoring of website traffic and website data. How many people visit the site on a daily basis? How many of these people make a purchase?
It is important to monitor the user experience throughout the funnel, not just the conversion rate. Each micro-conversion along the journey is valuable. Micro-conversion refers to the smallest phases of the process. These tools are used in the acquisition phase:
SEO
SEM
Social networks
Blogging
Web Apps
TV
Activation
Sometimes activation and acquisition statistics overlap. Activation is the first time a consumer interacts with a product or service.
It's the customer's lightbulb moment. It is when the customer realizes there is real value in the product and returns for that reason. The activation statistic, in a nutshell is the time period between the user's first encounter and the moment they realize that the product has real value.
Acquisition includes customer conversion because any subscriber is sometimes converted to a client even though the potential is not always being used. It depends on the business type. An e-commerce company will need to activate their products after a micro-conversion rather than after a complete conversion.
These tools are used to activate the
The homepage that converts customers effectively
Landing pages that are efficient and provide customers with a controlled experience
Products with unique properties and characteristics that offer value to existing customers as well as new customers.
Tags:
growth marketing, growth marketing strategy, growth of services marketing, aarrr framework
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