Written by: Betssy Brijit Thomson
A growth engine strategy involves using marketing channels to attract and retain active users, acquire new clients, maintain customer satisfaction, and grow the company.
Business failure occurs when growth engines, like a set of connected gears, fail, like missing pieces.
Consider four things -
Before selecting a target customer group for a growth engine, understand their current demands and potential issues. Determine if these issues worsen over time and if they motivate customers to find better options. Determine the needs and solutions for serious issues.
Tip: Create multiple growth engines to satisfy different customer types and support growth engines.
Marketing channels
How can you market your company so that the target customer can find you? You advertise by posting on Twitter, Facebook, etc.
How to GET new customers
Find out what alternative businesses the users will find to meet their needs; events or activities that will trigger customers' needs for your business. Recognize the concerns potential customers may have and how and where they might seek information about your company. Explain how and why your company is unique. Tactics to get clients to approach.
How to KEEP customers happy
Onboarding guides customers through options and business runs, while power usage involves personal interaction with loyal customers. Show benefits, features, and ease for early use, ensuring customer satisfaction.
How to GROW your business
What are the core offerings, and how may we enhance the initial offering? By providing information about your company through social media, next-selling is the process of getting clients to return to your business again. Cross-selling, also referred to as selling things other than your core offerings, as well as word-of-mouth marketing and the spread of positive customer reviews, focus on the growth of your business.