13/03/2020
Denmark is shutting down. Right now, your growth model proves it's worth. We have 3 suggestions for consideration.
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Do you have a system in place that helps you acquire, retain and monetize new or existing customers through the stormy times? Here are our suggestions:
1. Construct a balanced acquisition strategy
- Relying on one acquisition channel may take you to the first milestone, but as it is with the current volatile stock markets, you have to spread your risk. Think about what channels you truly own and how you can leverage them to stay independent.
2. Construct engagement loops to build user habits
- Retention and engagement drive acquisition and monetization - not the other way around. Think about how to build engagement loops that help users fall in love with your product or service. Do a Google search for: Nir Eyal - Hooked.
3. Analyze your monetization strategy
- The success rate of selling to an existing customer is 60-70%, while the success rate of selling to a new customer is only 5-20%. Never evolving your pricing almost guarantees that you are either leaving money on the table or you are providing an opening for a new company to enter your market.
We wish you great health and increasing .
