Growth is often portrayed as something that can be "hacked".
The majority of advice out there focuses on individual metrics and actions.
Yeah, these things can help. But if they're completely isolated then all you'll see is an increase in that single metric.
And that's not growth. That's an improvement. A bump.
To experience true business growth, you need to do more.
Over the last 8 months or so I've been analysing successful businesses and their growth models.
The one thing that's really stood out to me is how all of these successful brands aren't focused on one metric.
You can break down the marketing and growth machines behind these business into 4 different stages.
I'll get into each of these in detail over the coming days (so subscribe if you're not already).
but as an overview here's a short breakdown of the 4 stages of growth 8-figure+ companies focus on.
The first section is figuring out how they're going to attract their ideal audience.
Or, more accurately, how they're going to get their offer in front of the people who are most likely to enjoy and benefit from it.
This is where most growth advice is focused because it can have the shortest feedback loop.
I can set up an ad and see increases in traffic in as little as a day (it's not all this fast though).
When you're getting eyes on your offer, you need to turn those people into leads and then customers.
The best brands out there focus on doing this sequentially.
They look a the best offer to get someone to hand over an email address, and then the best sequence to turn a lead to a customer.
Again, there's a lot of information on this because most brands have crappy sales pages and email sequences. Increasing a sales page by even a few points can generate big results if traffic is there.
Get a free copy of our Noom Growth Study to see some of the conversion strategies of a $500MM company.
This is where a lot of brands fail.
90% of marketing advice is focused on getting the sale, almost as if that's where your job ends.
Get the cash and bounce is the common M.O.
Yeah, the sale might be the end of the sales funnel, but it's the beginning of the customer journey.
If you're not engaging your customers after the purchase, they're going to churn almost instantly.
When customers aren't staying as subscribers or coming back for repeat purchases it's an uphill battle.
The best brands go out of their way to engage people AFTER the sale. They help their users...
- Immediately understand the value of their purchase
- Get the fastest possible return on their investment
- Understand the joy/benefit the product WILL bring
They work to give the customer the best experience possible.
This is a criminally overlooked aspect of growth. People are too busy focusing on the "sexy" metrics like traffic that they overlook what is at the core of retention.
And that's how their product is used and viewed by their customers.
The final stage is getting your happy customers to help spread the word about your offer.
Here's the thing.
You won't get anyone to refer a friend if you've not engaged them and helped them hit their goals.
This stage is pointless until you've figured out stage 3 - engage.
If you have happy customers, getting those referrals is a lot easier than you'd think.
The difficulty isn't in asking them to spread the word, it's in getting them to a point where they want to tell people about you.
For the dozens (or probably hundreds by now) brands that I've analysed over the last 8 months, these are the 4 stages I've seen all successful brands pour effort into.
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