How do you approach customer acquisition and retention in growth marketing?

In growth marketing, our strategy revolves around addressing the entire customer journey funnel, encompassing both acquisition and retention efforts. While our primary focus is on acquiring leads through targeted acquisition initiatives, we understand that retaining existing customers is equally crucial for sustained growth.

One common challenge we've encountered in B2B contexts is the presence of 'leaky buckets,' wherein there's a continuous influx of leads at the top of the funnel, but many customers churn after their initial purchase. Upon closer analysis, we identified that the issue often lies within our activation and retention processes. Specifically, some customers were dissatisfied with the outcomes of their campaigns, highlighting a product challenge that we needed to address.

To tackle this challenge, we've implemented strategies to keep existing customers engaged and satisfied. This includes regular communication through channels such as emails, website, webinars, where we update customers on product changes, enhancements, and best practices. By maintaining a strong presence and providing ongoing value to our existing customer base, we aim to minimize churn and foster long-term relationships.

From my perspective, customer acquisition and retention are interconnected. If done correctly, the users you acquire will stay retained.

It comes down to delivering on the promise you made when acquiring a user. When crafting your acquisition strategies, you should keep in mind how you will see the journey from the first touchpoint through to continuing to delight the customer, to the point where they want to stay with you. Think of the relationship you are building with a customer. It's not just about getting the sign-up or trial; it's about continuing to deliver value.

While I don't believe growth marketing should own the retention metric, I do believe in monitoring the relationship between acquisition and retention.