In this video Growth Automation expert Will Fraser explains the high level concepts of what Growth Automation really is, how it works and why it differs from marketing automation.
Growth Automation is a strategy for increasing your revenue per customer from acquisition right through to retention. Unlike marketing automation that focuses on the B2B vertical and warming up leads before transferring them to sales people, Growth Automation is really focused on the B2C (Business to Consumer) vertical. With Growth Automation, we’re building scalable flywheel systems that are going to grow revenue with no sales team involved. This makes Growth Automation ideal for any size business that sells transactional, subscription based consumer products, where sales people aren’t always required or affordable.
An example of Growth Automation in practice would start with an acquisition program, where you target customers based on some characteristics such as their location, what time of year it is, or how they’ve visited your page in the past. You would then transition the customer to revenue optimization programs or referral programs, and ultimately onto retention and/or win back programs. Retention and win back programs are best for customers that had a high lifetime value but are no longer purchasing, and you want to reach out to them with some automated individualized programs to get them back and purchasing again.
These stages of automated programs are the core functionality of the Growth Automation strategy, and by implementing this strategy you are bringing in all the systems to do what marketing automation can’t: growing your revenue efficiently without the need for sales people.