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How to break bad habits
How habits are formed
The importance of consistency
Products are created so that they can be monetized. So the goal of everything including retention and growth is to find ways to earn more money.
The ideal situation is to increase the lifetime value of a customer (LTV). Different business models have different ways of increasing LTV.
For example: Retailers are concerned with making sure that their customers buy more of what they sell. While a SaaS company might be more concerned with getting customers to renew their subscriptions.
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“Learning more by learning faster is also the goal—and the great benefit—of the high-tempo growth hacking process. The companies that grow the fastest are the ones that learn the fastest.”
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Once you’ve put together your growth team, determined your key growth levers, and done sufficient testing to establish that your product is a must-have, you’re ready to start hacking the first stage of the growth funnel: acquiring customers.
The first message a potential cu...
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The first step in hacking activation is to identify all the steps that a customer makes to realize your product is a must-have. Any of the steps might need improvement.
The next step is to calculate the conversion rates for each of the steps on the way to ...
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Creating a must-have product is the baseline requirement for rapid and sustainable growth.
To know whether a product has made it to a must-have category, create a survey asking the following question: How disappointed would you be if the product no longer existed tomorrow?...
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“Achieving stable retention should not be viewed as a benchmark that once passed can be assumed has been accomplished and that the team is done with; teams must expect to continue to work on sustaining retention.”
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The purpose of a business is to create and keep a customer. The main strategy of retaining customers is to provide a product or a service that is of high quality and that continuously addresses a need of theirs.
Retention has 3 phases:
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The hacking process has the following steps:
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“It should go without saying that the longer you retain customers, the more opportunity you have to earn more revenue from them, whether that’s from selling them more items or services, from ongoing subscription renewals, or from bringing in more advertising revenue due to advertisers wanting...
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There are two ways to discover which marketing channels bring the most customers: discovery and optimization.
You can rank channels based on the following six factors:
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The Growth team is responsible for growing a company’s revenue and acquiring new customers. Members of a growth team have cross-functional expertise. They come from marketing, product design, and data analysis. These groups of people compliment each other.
Growth te...
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Other curated ideas on this topic:
It is natural to earn more over your lifetime. But a person can only earn more if they learn more. Further education enables an individual to provide more value.
Earning more is like a habit. Every year, we learn new skills and ways that will increase our ...
The Optimiser: Reconfigure resources to satisfy existing sustained customer demand, by increasing the efficiency by which they deliver these products and services.
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