Ryan's experience ranges from higher education to SMBs and tech startups. When not doing digital marketing, he's sure to be enjoying some kind of nerdy pastime.
Most marketing departments and agencies focus on awareness and acquisition. They think that if they can drive traffic and leads, it’s cause for celebration and take a victory lap.
This belief causes friction between your sales and marketing teams because sales think the leads are awful, and because website traffic and leads are up, marketing is patting themselves on their back for a job well done.
Having a ton of website traffic and generating a bunch of leads is a waste of everyone’s time if the leads you’re attracting aren’t your ideal customers.
The most robust growth strategies require all six levers of growth to be functioning at optimal performance to achieve an increase in revenue and retention.
What are the six levers of growth you ask? Keep reading to find out.
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Ensuring all six levers of growth are working involves reducing waste and fixing the levers from the bottom up. You need to have your referral, retention, and revenue engine in place for starters.
On top of that, you need to be able to activate your leads to convert them into customers with systems in place to retain them and receive referrals.
All of these systems and processes need to be in place before it makes sense to invest your time and resources into building awareness.
Let’s dive into each of the six levers of growth in more detail.
First Lever of Growth: Awareness
The first lever of growth is awareness. In this stage, your goal is to make your ideal customers aware that your brand, products, or services even exist.
Your business is never going to see a single penny in revenue without taking steps to increase awareness and reach your customer base.
Awareness is typically achieved through organic traffic to a website, social media campaigns, ads, or other advertising methods.
Lean Labs helps you increase awareness by working with you one-on-one to develop a plan that attracts your target audience through content marketing and retargeting.
Second Lever of Growth: Acquisition
Acquisition is the stage of the customer’s journey where they make the first contact with your brand. This is the stage where they subscribed to your newsletter, asked for a quote, or tested out your demo.
Your marketing team typically leaves the responsibility of nurturing their newly-acquired leads to the sales team. You’ll see a ton of friction in this stage if your marketing team isn’t generating qualified leads.
Knowing who your ideal customer is, and understanding what they do and don’t like, is the key to creating effective advertising that will convert newly acquired leads into qualified leads. You need to know their pain points and what solution your product offers them if you expect them to become your customers.
Third Lever of Growth: Activation
When your customer opens their wallet and parts with some of their hard-earned cash, they are officially in the activation stage.
Activation is the stage where you will find the most friction between your customer and your brand if your message isn’t clear. You need to be able to answer every possible question your customer could have and address any objection that might stop them from buying your product or service.
Lean Labs knows precisely how crucial this stage is to the success of your entire growth strategy.
Related Reading: Growth Team 101: Should You Hire or Build One?
Fourth Lever of Growth: Revenue
Maximizing revenue for your company relies on your ability to upsell your customers with more of your products or services that give customers even more reasons to love your brand.
The amount of money a customer spends on your business today is directly proportional to the money a customer will spend on your products and services in the future.
Don’t offer them a one-time and done purchase. Give them a reason to make additional purchases at the time of sale as well as in the future.
Fifth Lever of Growth: Retention
Up-selling isn’t the only way you can maximize your revenue. Retaining your customers for many years to come is crucial to your continued growth and success.
The larger your customer base grows, the more profit you will see, as long as you focus on strategies to keep them coming back.
Customer loyalty programs, the quality of your product or service, and how knowledgeable and helpful your customer service representatives all have an impact on your retention.
Sixth Lever of Growth: Referral
Referral is the stage where “word of mouth” marketing tactics come into play.
Increasing your word of mouth is one of the best things you can do to achieve real growth for your company that translates directly into increased revenue.
Happy customers who are excited about your product become the best advocates for your brand.
Get All Six Levers Functioning at Optimal Performance Levels
Imagine what it would feel like to have a money-producing vending machine that gave you $2 for every $1 that you put in. You would eagerly insert dollar after dollar, encouraged at how much money you were making.
Spending money on ads that don’t convert, creating content that never produces organic traffic, and sending massive amounts of traffic to a broken website with an unclear message will never lead to you having your own money-producing vending machine.
When you hire Lean Labs as your outsourced growth team, we’ll start by taking an in-depth look at how well all six levers of growth are functioning within your business.
We’ll help you pinpoint any problem areas you need to address, and then our team will help you develop and implement a plan to fix those issues so you can get all six levers of growth running smoothly.
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