Happy Monday, growth folks 👋
Each week we put together some handpicked insights from the industry experts to help you grow faster.
Let’s dive into this week’s dose, including:
- New video on how to give your product a human touch by Andy Moore, Design Director at ANNA Money.
- Community Insights on the controversial topic — customer acquisition vs. retention: which one’s more important?
- Team invitations to the HeyGrowth Summit.
📺 What to watch
Sometimes company’s leaders only care about increasing revenue, putting customer feelings in second or even third place. The story was different at ANNA Money, an online business account for freelancers and startups.
To make the product friendly and human-centered, they decided to become a personal financial assistant as if it was a real person. However, a high level of customer service requires consistency which is hard to achieve as the product grows rapidly.
Andy Moore, Design Director at ANNA Money, shares five useful tactics on how to maintain the human touch and practise empathy as a business.
🧑💻 Community insights on customer retention vs. acquisition
Customer acquisition versus retention — both are key to revenue generation. However, there’s a long-running debate in SaaS circles: which one you should focus on.
1/ Mike Christie, Head of Partnerships at JetSpring, states that customer acquisition is like a drug. Unlike retention, it’s faster and much easier to measure. But instead of blind pushing for new faces, marketers should serve existing customers so they want to come back again and again.
2/ Sheikh Nayab Karim, Sales Specialist at Crayon Data, also draws an interesting analogy on this matter. In his opinion, spending money on new users to counter customer churn is like filling up a bathtub with a crack in it.
3/ Nathalie Schooling, CEO & Founder of Nligthen, also prefers retention over acquisition. However, she believes that it makes sense if a business focuses on keeping profitable clients.
4/ Gaurav Agarwal, Chief Growth Officer at ClickUp, has a slightly different opinion. He points out that though acquisition and retention drive product growth in different ways, they should go hand in hand to give their best shot. Here’s a short thread on whys and hows.
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🎉 HeyGrowth Announcements
Only one week left until the HeyGrowth Summit — huge online event on product growth, marketing, and career.
We’ve already invited 30+ specialists from Miro, Welltory, Adobe, Joom, PandaDoc, and other fast-growing companies to share their first-hand experience with you.
Since the event is all about learning and growing as professionals, it's best to attend together with your teammates, share insights and put them to work right away. Your company can purchase multiple tickets at a special price.
Here's how it works:
- Reach out to your HR or B2B department.
- Send them this link: https://heygrowth.com/summit.
- When they fill out the form for purchasing multiple tickets, we’ll get back to them with a special offer.
Are you from the HR or B2B department? Grab the tickets now as prices are going to increase on April 12th.
Thanks for reading! Hope you found today’s insights interesting.