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Growth Hack #1 – 29 Pricing Tricks to Boost Sales:
Another way to influence buying decisions is by picking the right price.
SocialMediaToday listed 29 pricing tricks, and here are a few of them:
– Choose numbers with fewer syllables: Even though people do not say the price out loud, they actually perceive phonetically short prices as cheaper.
– Use words related to small amounts: Descriptions like “low maintenance” are more appealing than “high performance”. Another example of loss aversion in action.
– Make products seem expensive to manufacture.
– Visual contrast between sales prices is powerful.
Well, all these tricks won’t make or break a business, but they’ll definitely help you get more of that green stuff 🤑.
Growth Hack #2 – Make Sure You’re Reaching 85% of Your Customers:
According to a study by SimpleRelevance:
1. Women make 85% of all consumer purchases.
2. 91% of women feel that advertisers don’t understand them.
It means, even if you sell consumer products for men, women are the ones who actually buy them. So, it’s women you need to market to and convince.
Here’s more detailed data by industry:
1. Cars: 65% of purchasing decisions are made by women.
2. Computers: 66%
3. Healthcare: 80%
4. Bank accounts: 89%
5. New homes: 91%
6. Vocations: 92%
7. OTC Medicines: 93%
8. Food/Groceries: 93%
Growth Hack #3 – Keep Retargeting Ads Fresh Automatically:
Do your retargeting creatives burn out fast?
This is a common issue, simply because retargeting audiences are usually smaller than cold audiences. However, this retargeting set up shared by Josh Graham, which leverages Facebook Dynamic Creatives, might be an easy fix.
The idea is that you upload the creatives and the ad system rotates them to keep ’em fresh.
Here’s how Josh does it:
– Audience: All Website Visitors in the last 30 days, excluding purchasers.
– Two ad sets targeting the same audience but leveraging two different types of creatives: Customer reviews vs. FAQs. Both optimized for purchases on 1-day click attribution.
+ Ad set using reviews: Here you can build five different ads based on five different users’ reviews, using the review as the the copy and UGC pieces as creatives.
+ Ad set that uses FAQs and common buyer objections: Here you can go with your website FAQs section and look for comments on your ads to catch common objections. For the creatives, Josh uses product pictures and videos.
So, once you have all these ads set up you can leverage Facebook Dynamic Creatives features to make them rotate to the most appealing users.
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