Ed Baker, an entrepreneur skilled in growth hacking, has helped numerous companies expand their business around the world.
Growth hacking can be broken down into five components. These components, which make up the growth hacking funnel, are:
1. Acquisition: The first stage of the funnel, the most important part of the acquisition is keeping the customer engaged. From the moment customers meet your product, brand, or website, you must make sure they are engaged and want to spend time on your site and want to return.
2. Activation: Once you’ve engaged customers, you must get them to try your product. Email customers to remind them of your product and encourage them to come back and try your product. Appraise the value your customers place on your product so you can see if the current price is correct.
3. Retention: You want your customers to come back multiple times. Make sure you are realistic about your company’s retention; don’t expect customers to come back after a week if your product is used only once a month. To boost retention, stay in contact with your customers and continue demonstrating the value of your product.
4. Revenue: When people regularly use your product and understand the value it provides, you can start counting the revenue, which will be important in showing your bottom line.
5. Referrals: Finally, promote referrals in an effort to increase your revenue and drive the growth of your company. Share information about your product with friends and family, who can mention the product to their friends. Find advocates and ambassadors who can promote your product to others.
