Acquisition
At this point, you should be wondering, “How can I get potential customers to find me?”
Customers are the ones who would benefit the most from your products. Due to physical constraints such as geography, access to media, cultural barriers, and so on, it is unlikely that you will be able to reach everyone. Given these constraints, we should define a large subset of Total Market as Reachable Market, i.e. those people with whom you can actually interact in some way, such as directly or via some broadcast means.
Typically, you would develop and implement strategies to increase awareness and traffic.
Activation
You should be wondering during the Activation stage, “How can I provide a good enough experience for my potential customers?”
Once you start interacting with the Interested Goal Seeker’s group, your goal should be to engage them, i.e. to gain permission to speak with them. This type of interaction can lead to you persuading them and converting them into someone who, under certain conditions, would become your customer.
When a registered user becomes a qualified lead, he or she is activated. At this point, you must determine whether the specific circumstances required for that person are present and they are ready to become a customer.
Retention
During the Retention stage, you should be asking yourself, “How can I keep potential customers returning to me?”
This stage focuses on converting new users into returning customers. How can a customer who has subscribed to your product or service stay subscribed?
In Retention, your priority should be to keep the quit rate lower than the customer acquisition rate. Otherwise, growth will be impossible to achieve.
For starters, retaining an existing customer is far less expensive than acquiring a new one.
You should have established communication channels in your own properties by the Retention stage. These channels typically include your potential customers’ email addresses or Facebook Messenger.
Referral
You should be wondering during the Referral stage, “How can I get potential customers to talk about me in their circles?”
How does one of my customers become a preacher? Surely, if “you are awesome,” people will want others to know it as well. But does this stage have to come to an end because of your sheer awesomeness? Certainly not.
Referral marketing can become its own campaign. Whether it’s a friend-referral leaderboard giveaway or spreading the word during your startup’s launch, any referral action is more likely to occur if you encourage it. As a result, you have the option of starting your own campaign from a variety of different referral campaigns.
Revenue
During the Revenue stage, you should be asking yourself, “How can I convert potential customers into paying customers?”
Aside from vanity metrics, this stage is dedicated to calculating the number of paying customers and the amount of money you make. There are two additional collateral metrics: average order value per use and customer lifetime value.
However, in order for this stage to be successful, you must first ensure that your potential customer understands your value proposition. Furthermore, you must have communicated your USPs in a way that persuades your potential customer.
If you want to learn more about digital marketing, you should enroll at DelhiCourses, where you will be able to learn from industry experts in-depth.About the Author- Gaurav is a digital marketing trainer and writer with many years of experience in the field. He often writes guest posts for DelhiCourses, known as best & affordable digital marketing institute in Delhi also providing advanced Digital Marketing Course in Varanasi.
