Lean AI by Lomit Patel

Author:Lomit Patel
Language: eng
Format: epub
Publisher: O'Reilly Media
Published: 2020-02-06T16:00:00+00:00

Stages of a User Funnel

The user acquisition strategy is all about how businesses get new users or customers, keep them happy by providing value, and then figure out how to monetize them to drive revenue to make a profit. This requires figuring out the best approach for customer acquisition, engagement, retention, and monetization. The B2C funnel in Figure 10-1 is a handy visualization of how customers come to know and buy from your brand. When your business circulates around delighting and retaining customers, your marketing strategy starts to resemble a virtuous cycle, not a funnel, with the focus on being customer-centric to always over deliver on the value you provide to customers.

All these areas in a funnel are important to any successful user acquisition strategy because being able to systematically attract, convert, and retain new customers keeps companies healthy to scale growth—and investors happy by validating that the startup has the potential to become a successful business. This requires running as many A/B tests as possible in each of these stages of the customer funnel so you can test, learn, and iterate as quickly as possible, finding small wins that end up compounding into massive growth in the long term. Obviously, the A/B testing and hypotheses development process has to be scientific based on some best practices, but as a startup, you need to increase the velocity of your experiments daily, weekly, and monthly.

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