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Taktical Growth Hacks – #143

October 19, 2019

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ways to grow a business - gift gif

Growth Hack #1 – Increase Referral Sales by 3,600% With Tangible Offers:

Have you ever seen “Invite a friend – get X amount of money”, or “X%/$X discount for your next purchase”?

These offers are everywhere.

But do they work?

A study found that simply shifting from a cash reward to a bottle of wine (1/10th the cost of the cash reward) increased the number of referral sales by 3,600%!

The takeaway: Real gifts work much better than cash incentives.

Maybe this is a reason why Uber positions its referral message as “Get a free ride worth up to $5 when you refer a friend to try Uber” and not just “Get $5 …”.

Source: http://d1ygf77yf1jfd8.cloudfront.net/Content/Downloads/buzz-referrals-intro-to-referral-marketing.pdf

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Growth Hack #2 – Boost your Ecommerce Revenue +190% Through MultiChannel Ecommerce:

Stitch analysts found that retailers who sell on 2 marketplaces see 190% more in revenue than those who sell only on a single marketplace.

In this case, boosting your sales is as easy as putting your products in front of the eyes of the new ready-to-buy audiences.

Where else can you sell your products?

Check out these 5 marketplaces.

  1. Amazon
  2. eBay
  3. Etsy
  4. Rakuten
  5. Jet

Source: https://empireflippers.com/multichannel-ecommerce-selling

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ways to grow a business - king in chess

Growth Hack #3 – Facebook Ad Hack That Decreases CPE 64% and Increases CTR 920%:

This simple Facebook hack can transform your business.

First gain “social proof” (~1000 Likes) from low-demand countries (e.g. India, Philippines) for $0.005 per post engagement.

Then, switch target to the high demand, high competition countries.

Get 64% less cost per engagement, 920% increase in click-through rate.

Source: https://www.businessol.com/resources/blog/

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