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Growth Hack #1 – From $0 to $100 Million in 37 Days by Leveraging the Power of Exclusivity:
In January 2013, Gentry Underwood launched an email app called Mailbox. They focused on solving one massive problem – tons of unread messages in email inboxes. 37 days later Dropbox acquired it for a reported $100 million.
Why? Well, In 37 days, Mailbox accumulated over 500,000 users.
How did they do it?
They created a smart automated “referral reservation scheme”:
1: You sign up to get notified when the app will become available to you.
2:. You see how many people are in front of you in the queue.
3: The system notifies you: the more friends you’ll invite, the higher you’ll be in the queue, the faster you’ll get access to the app.
4:. You invite your friends like a crazy person trying to get to the top of the list.
It instantly went viral because the problem was hot/unsolved and the solution was elegant.
They notified tech media that were more than happy to write about the app (again, because the problem was hot/unsolved and the solution was elegant).
The viral nature of the video met media coverage, got multiplied by the “referral reservation scheme” and in 37 days resulted in 538,000 users waiting in a line to get access to the app.
It’s no surprise, then, that Dropbox swooped in and acquired them at this 37-day mark for $100 million.
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Growth Hack #2 – Increase “YES” Responses 2X By Giving People an Easy Out:
Do you like to hear “NO” or experience 0 responses when you survey your audience, ask them anything to do, or offer to acquire anything?
Yeah, we didn’t think so.
How about increasing your chances to hear “YES” by 2 times?
Here’s an easy trick to do just that:
42 studies showed that the likelihood of a positive response was doubled when researchers added a simple phrase “you are free not to”.
When you tell people they don’t have to do something, they’re more inclined to follow along.
Reaching out to press and getting what you want published isn’t easy. Make sure you’re warming them up appropriately instead of just sending a cold e-mail and requesting their help.
Here are 5 steps to warm up journalists before you pitch them an idea:
1. Do a customized audience campaign on Twitter. You will need at least 400 Twitter handles. Get their attention before contact them via email. 2. Send a personalized and short one-liner email. For example: “Hey: Do you like Chipotle?”. Track email opens with Mixmax for Gmail or Yesware. 3. When the software indicates the journalist has opened the email, send a tweet linking to your article. 4. Send a follow up email. 5. When a user answers that they are interested, send them the press kit.
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For example, in a recent survey, more than ⅔ of the 43,000 participants identified misuse of personal data as the main reason for distrusting tech companies.
Additionally, there’s the multitude of ads now constantly bombarding consumers across platforms.
With the endless stream of content and ads online, people have become more discerning when it comes to purchasing a product or service.
In fact, according to statistics, 92% of consumers trust recommendations from other people — even someone they don’t know — over brand content.
To attest to this, stats also reveal that 49% of people rely on the product or service recommendations from social influencers.
So, if your recent marketing efforts are not producing the results you want, turning to influencer marketing just might provide a solution.
Let’s first answer the question of “what is influencer marketing?”
Then, we can explore how to do influencer marketing and the steps needed to implement this strategy for your own business.
What is Social Influencer Marketing?
First off, let’s define what exactly is an influencer.
Influencers are individuals who have garnered massive followings on social media by sharing their expertise on a topic and offering tips, advice, and product recommendations to their audience.
To further clarify, they are “regular” people who amassed “loyalty points” from social media communities that share their interests.
The platforms they commonly use are Instagram, YouTube, Facebook, and Twitter.
By collaborating with an influencer on a marketing strategy, you are exposing your product or service to his or her established network of social media followers who trust what he or she has to say.
Let’s say an influencer recommends your product or gives it a positive review.
Essentially, it’s the equivalent of word of mouth in the digital age.
So, selecting the right influencer is the foundation of any social influencer marketing strategy.
To help you with this, here are a few tips for doing just that in the world of micro-influencers.
Top 3 Influencer Marketing Goals Businesses Should Focus on
As with any digital marketing strategy, it is essential to have clear goals and KPIs in mind to measure your success.
So, here are three key pieces to focus on as you consider how to do influencer marketing the right way.
1. Brand Advocacy
A brand advocate is someone who loves your product.
As a proud @BGCA_Clubs , I’m excited to help @OldNavy in their goal to donate $1 MILLION to Boys & Girls Clubs this holiday season.
However, according to research, they deliver a 60% higher engagement level than those with more significant followings.
Additionally, micro-influencer campaigns are 6.7 times more efficient.
Final Things to Consider for Your Influencer Marketing Strategy
Still unsure if influencer marketing aligns with your business?
Take a look at the influencer marketing statistics below.
Or, you can check out the facts below regarding the benefits of influencer marketing as compiled by the folks at SmallBizGenius:
40% of consumers purchased a product online after seeing it used by an influencer.
25% will purchase an item if someone with more than a million followers recommends it.
Influencer marketing delivers 11 times higher return on investment than traditional marketing.
In 2017, brands saw an ROI of $6.78 for every $1 spent on influencer marketing.
Statistics from 2018 show that 58% of businesses that implemented social influencer marketing saw an improvement in brand awareness. Additionally, 54% saw an increase in leads and revenue.
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Growth Hack #1 – +150% Revenue With Personalized Emails:
Udemy found that revenue generated in the first week correlated with an increased customer lifetime value. So, they ran a welcome email A/B test:
A. The control email welcomed new users with 50% off any course.
B. The variable email leveraged behavioral data to serve up a course that the user had already expressed interest in. They included that course in the email header, along with the same 50% off coupon for a certain course.
Growth Hack #2 – Turn 200% More Web Visitors Into Leads
Most sites get 2 times more traffic from mobile than from desktop. This number of mobile users is growing rapidly, but a ton of people still make this huge mistake:
They don’t optimize their landing pages for mobile devices.
String Automotive (now Experian) optimized just a single button for mobile devicesand as a result they increased leads by 200%.
What did they do?
They added a single click-to-call CTA above the fold.
There are also sales rank tools to help you find out what’s selling on Amazon right now and how your product ideas are fitting into the current market.
If you effectively use what’s at your disposal, you can make a great decision about what to sell on Amazon.
You just have to do a little research and put in the time needed to get familiar with your options.
Here are five easy tips to help you find what to sell on Amazon for a profit.
1. Use An FBA Fee And Profit Calculator
If you have a few items of the best products to sell on Amazon, the next thing to consider is which items are going to cost the least to list and stand the most to make.
If you see that your calculator is suggesting a price that isn’t going to be competitive, you can opt to look at other ideas for what to sell on Amazon FBA.
If you use an FBA fee and profit calculator throughout your decision-making process, you’ll be more informed about your final choices.
Don’t skip this step and make sure you’re using it early on.
2. The Best Products to Sell on Amazon Can Be the Simplest
When you’re still finding products to sell on Amazon, think about going for simple products over complicated ones.
Sometimes this can seem like a less enticing option at first, but dig a little deeper.
Simple products with a clear function that are easy to use are less likely to leave a customer dissatisfied and asking for a refund.
Returns are going to cost you money: both back to the customer and in fees to Amazon.
Choosing simple items to sell on Amazon FBA is a way to minimize that fee to a negligible amount.
You’re still probably going to have customers that are unhappy, but the more complicated your product is the more you’re risking dissatisfaction issues.
If you haven’t committed to what to sell on Amazon yet, do yourself a favor and seriously consider a simple product.
Refund fees can add up quickly and be the demise of your Amazon selling career.
Saving potential headaches and lost money is something you should definitely consider.
3. Look At the Best Sellers List to Help You Decide What to Sell on Amazon FBA
You can look at that list to get an idea of what’s selling well and help you decide what to sell on Amazon yourself.
Use that to look at what’s already choked with too many competitors and also to see what might not be relevant enough to sell.
There’s a good balance to be found by looking at what products are selling on Amazon well.
You can also keep in mind that the best sellers change frequently.
Look at the list over a course of a week or two to see what’s continuously doing well.
Sometimes an item might be hot for a few days and then forgotten about by the next week.
You don’t want to make a decision about the best products to sell on Amazon based on looking at the list only once.
The best sellers list will help you see both what to avoid, and what could be a good idea.
The key is to avoid items that are too trendy or already dominated by the big guys.
If you use the best sellers list well, you’ll be able to make some great decisions on what to sell on Amazon for a profit with the information there.
4. Think About Your Niche
There’s something to be said for having a niche that isn’t dominated by the bigger brands, but you don’t want to go so niche that there isn’t a market at all either.
Keep the balance in mind as you’re choosing the best products to sell on Amazon to make money.
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Growth Hack #1 – This Small Change Boosted Profits +10.7% (And Took Less than 5 Minutes):
Software marketing blogger Alwin ran an interesting experiment. He wanted to A/B test what photo of him on his landing pages would generate more profits.
He tested the following two versions: #A: Serious Alwin 😐 #B: Smiling Alwin 🙂
Here were the results:
Smiling Alwin won! 🙂
Compared to serious Alwin, here’s how the smiling version performed: +1.3% more sign ups +9.9% more sales +10.7% more total profits
