8 ways to build compounding growth for your brand!
Written by Vanshitha M
Published on Jan 02, 2024
Introduction
Who would hate exponential growth? A growth that compounds into bigger profits?
Are you a digital marketer hoping to build your brand that’s a mascot of compound growth? This article might help you!
What is growth marketing:
This is a strategy to boost the brand’s revenue by improving loyalty or retention. For more information, you can check this article out.
Source: indeed
Step 1: User Growth
User growth (over any given period) = New user signups + Reactivations of current users – Deactivations of current users – Churn
Note:
→ Religiously learn about each metric that we use to understand our brand’s engagement.
→ Keep a specific time period to which you will check these metrics (Daily, Weekly or monthly basis)
→ After you get every data, recheck your stance and change your campaigns accordingly.
Step II:
Mold every technique to give results of the compound growth machine. Use your own product but optimize it to gain better results.
Remember! Compound growth is always better than simple growth.
Note:
→ Survey tactics to grow your product.
→ Every step counts, all incremental growth adds up to huge growth!
Source: Medium
Explore and use methods that have already been used
Step 3:
Craive solution always finds their way to retention.
Religion: When a pain point is discovered, the founder finds a solution for it and tries to scale it up.
Science: Along with creativity, data-backed results, and logic should be used to further grow the business.
When science and religion go hand in hand, the business will have better growth.
Note:
→ Bring out a creative solution to bridge a pain point of the users.
→ Test those ideas.
→ Learn from the hypothesis and make changes accordingly to your brand.
Step 4:
Make your product better! Do not try to hack for growth.
When regular changes and developments take place in a product, people are compelled to use it.
Any growth takes time and patience. Hoping for fast results is often a mistake.
Note:
→ Make your product likable to the public.
→ When it gains traction, invest in the product for better growth.
Step 5:
Make your product market fit.
Any discrepancy between what the market wants and what your brand can be resolved by
- Choosing the right target audience.
- Curate better marketing to compel the audience and perfectly describe why they need the product.
- Perfect the nuances: Remove any disturbances with the product reaching the audience.
Note:
→ Segregate the audience into 2 groups.
→ Create campaigns and do A/B testing.
→ Identify what metrics to use and revise those metrics again and again.
Step 6:
Regain the Hooking momentum.
Understand what makes the users sway with the product and boost it.
Note:
→ Comprehend the new user behavior.
Step 7:
Keep growth as the top priority:
Make sure to keep all of your managers, and executives tuned in with the growth mindset and keep the north star aka the growth as their priority.
Note:
→ Think about what steps you can take now to ensure that the north star is intact.
→ Build communication channels to ensure maximum optimization.
Step 8:
Define your growth sectors.
Comprehend the paths through which growth is hacked on. Reduce the paths through which growth is decreased and increase the paths through which growth is increasing.
Note:
→ Define metrics, and understand from where growth is taking place.
→ User’s should be a priority.
Conclusion:
Why Retention10?
Retention10 is the best customer retention management that curates flawless retention campaigns to help your brand upscale and get the best strategies.
Book a call with us right away so you don’t miss out on retention!
Thanks for reading.
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Vanshitha Munipally
( Research & Content Marketer )
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