Every $1 spend on optimization can lead to a 12x impact on effectiveness of a growth funnel
55% of growth funnels are somewhat optimized
On average, companies are spending as much as $2,000 a month on conversion rate optimization tools — Forbes
Several forms of effort are required to make a funnel work. A funnel cannot stand alone. It has to be supported by several cross-functional skills (for a T-shaped growth hacker). Those surveyed indicated that their efforts can be much more effective.
Growth funnel experts indicated that their efforts are mostly spent on the design and automation aspects of the funnel. However, they indicated that the more efforts are put into pure optimization, the more comfortable and confident they would be about their funnels. This is where no-code and low-code speed up and lower the cost and time inputs. This gives funnels a better chance of being better optimized.
More efforts from the very start need to be placed on pure optimization capabilities. Data-driven approaches are vital, but this needs to be combined with cross-function inputs across the organization.
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ABOUT — Growth Thinking
Growth Thinking is a design methodology for growth hacking by the bestselling author of Ready Set Growth Hack, Nader Sabry. It has been applied as a book and a $1 million challenge known as the 10-day growth hacking challenge, which has generated $138m in revenue. This methodology has been adopted by universities like Harvard and Stanford, fortune 500s (Google/Microsoft), and unicorns.