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Growth Hack #1 – Boost Sales 100% With SMS:
After noticing that a large portion of their purchases were coming straight from mobile, Bohemian Guitars decided to experiment with their sales strategy.
The brand included an option to send customers a text message (SMS) directly from their site.
The gamble paid off big-time: directly texting customers led to about a 98% increase in sales.
Source: 500 startups
Growth Hack #2 – How to Get 1000+ Subscribers in One Day From Twitter Influencers:
In 2013, Alex Turnbull came from out of nowhere and published a blog that quickly built relationships with some of the biggest influencers.
For four weeks, he followed a checklist and was able to catch the attention of these major players. As a result, his blog got over 5,000 subscribers in 5 weeks.
Here’s how he did it:
1. Figure out which influencers align with your audience
2. Pick the ones that will gain value from your content
3. Follow them on Twitter
4. Reply to two of their tweets and post two comments on their blog
5. Contact the influencer directly with a personal email that shares two of your blog posts
6. Craft a personal email pitch (here’s an example) and end it by asking, “Do you mind if I send a link?”
These six easy steps are a sure-fire way to build meaningful connections with your industry’s most influential players.
Here’s Alex’s full checklist and worksheet.
Growth Hack #3 – Earn Up to 16X More From Return Customers:
Your relationship with customers doesn’t stop after one-time sales. Instead, fostering a sense of loyalty among previous clients can be a big boost to your business.
The White House Office of Consumer Affairs stated that loyal customers, on average, can end up being 10X more profitable than their initial purchase.
Bain and Company backed this idea up, claiming that retaining 5% more customers can increase profit by a whopping 25%.
To prove this once and for all, the Harvard Business Review examined Delaware credit card company, MBNA America. They found that when the institution cut their churn rate from 10% to 5%, their profits increased 16 times. It’s even more impressive when you realize that MBNA didn’t make any acquisitions during this period.
Keep your current customers happy, and you’ll reap the rewards.
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