Growth takes time, nurturing, and effort. Yes, a singular moment in time (a eureka moment) gives you an idea. But bringing that idea to fruition is the hard part that can take weeks, months, or even years. Bamboo, one of the fastest-growing plants in the world, needs three to four years until a forest is ready for harvesting.
The beauty of growth is that when you set the right conditions from the start, things take off on their own with little tweaks here and there. Maintaining is not nearly as difficult as building. Prepping the soil, choosing the right plants, and placing the plants in the right area are things you only have to do once. After that, much of the work comes from keeping an eye on your crops, ensuring the conditions foster your plant’s requirements, and then harvesting when the time comes. The things inherent in the soil, sunlight, and rain do the hard work as plants grow.
When you want your company to expand, having a growth marketing mindset is much the same way as cultivating plants. Once you have the foundation for growth, which is the most laborious part, after that you just need to tweak every now and then to see results over time. The ecosystem already in place does much of the heavy lifting once you put the right assets in the right places.
Having a growth marketing mindset means having the willingness and commitment to adapt to changes.
Growth marketing uses a holistic approach, across marketing channels and over time, with a continuous improvement model that helps you identify opportunities with your target audience. It can be visualized like a funnel, but not necessarily the traditional way you envision a sales funnel.
The keys to developing a growth marketing mindset are two-fold:
AAARRR, mateys! Sail, Ho! A customer is in sight in yer spyglass, and it’s a dreadnought loaded with doubloons! Bring a spring upon ‘er and give chase!
(In other words, you’ve seen your customers. How do you pursue them?)
With a growth marketing mindset, you won’t have to pursue them. You need to attract them. The pirate funnel (using the abbreviation AAARRR) can help you deploy resources to bring your audience to you.
Awareness is the top part of the pirate funnel, just like a traditional sales funnel. For growth marketing, awareness means figuring out how to get people to interact with your online presence, no matter where that presence is.
Using analytics tools, you can find out:
If you find out that your target audience can’t find your online assets, it’s time to do something about it.
Acquisition refers to turning your target audience into warm leads. If your awareness is set up properly and in an ideal world, everyone who interacts with your online presence will be a warm lead who is at least interested in purchasing your products or services.
Ask yourself:
Activating a lead means they’re ready to enter a sales pipeline and are ready to convert. You’ve cast your net and caught a lead. Now it’s time to reel them in all the way.
Here, determine:
Retention relies on relevant engagement to keep your current clients or customers with your company. This can be both a short- and long-term strategy based on your business model. For example, B2C customers may need text alerts or emails shortly after buying a product, whereas B2B customers may only need interaction every two to four weeks to keep them as regulars.
To keep your customers interested in your brand, consider:
Revenue measures how much money your company generates from your customers. In marketing, you can determine how much money your marketing efforts lead to revenue, giving you an ROI.
With regards to marketing, pay attention to these marketing KPIs:
Much of the hard costs from revenue generation activities come from setting up your website, advertising, app, and social media. With the right project management software, you can determine how your labor costs devoted to marketing can generate revenue and an ROI.
The final stage of the pirate funnel is the referral stage. This is when your customers do your marketing for you. Like other marketing efforts, referrals can have an omnichannel presence:
The big picture of AAARRR is that this cycle continues. Much like a sales funnel can start over at the top, so does the pirate funnel. When a current customer refers someone to investigate your business, they’ll go through the pirate funnel, starting at the top and going to the bottom.
The more people you can get moving through this funnel, the more your company grows over time.
To have a growth mindset, you must surround yourself with like-minded people. Contact BigPxl or call (417) 799-2233 for a consultation. We’re happy to help in any way we can.