Case Studies: 2017’s Top 10 Growth Hacks
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Growth Hack #10: +367% boost in revenue
PopcornMetrics increased their revenue by 367% in 12 weeks.
This is what they did:
They focused on helping their churned free trial users become successful in achieving their goals by using their product: deep 1-on-1s, tweaking code, feeding useful info, spending hours on Skype — whatever it took.
After a while that un-scalable hustling turned into scalable texts, videos, tutorials, onboarding emails, FAQ section, etc., which boosted their conversions.
Source: Popcorn Metrics
Growth hack #9: How to increase your tips by 23%
In a study from the Journal of Applied Social Psychology, researchers found that waiters could increase their tips by 23 percent by returning to tables with a second set of mints.
There is one simple rule for making your customers adore you.
This rule is only ONE word: overdeliver.
Or as Larry Page from Google said:
The easiest way to deliver more than expected is to promise less.
Growth hack #8: +178% more repeat business
Researchers handed out loyalty cards at a car wash. The cards offered a stamp for every car wash the customer bought.
Half of the cards had spots for eight stamps, with a free car wash offered for collecting all eight. The other half had spots for ten stamps, but two of the spots came pre-stamped (oooooooo vs ooooooooXX).
The pre-stamped cards resulted in 178% more repeat business than the unstamped ones.
Growth hack #7: Little trick +26% to conversions
What is the first thing you need to get from your prospect to significantly increase their chance of being activated?
You need their email. This is the key to long lasting relations.
First — get their email. Everything else is later.
But, what if you need their name, surname, phone number, social profile, website, credit card data, or anything else that is super important to your specific case?
The answer for your specific case is: First — get their email. You can get the rest in the next step, or even later.
The more fields, the lower the conversion rate.
Here is an example.
Noah Kagan`s submission form had four fields: Name, Email, URL, Revenue.
He decided to remove the “revenue” field altogether, leaving only three fields — Name, Email and URL.
This small change meant an improvement in his conversion rate of 26%.
Source: Niel Patel
Growth hack #6: 2 headlines. 40% difference.
- “The simple test that increased our referrals”.
- “The simple test that increased our referrals by 30%”.
The second looks more promising.
But by how much?
Data makes your headlines stronger.
Here is my favorite massive resource with all kinds of data for your tasty headlines: statista.com
Source: Buffer Blog
Growth hack #5: 10-second trick
“You seem interested in UAlberta news. Would you like to sign up for the Daily News email?”
Source: Niche Hacks
Growth hack #4: +300% in monthly sales leads
Gr8tFires — which makes wood-burning stoves and fireplaces — discovered that one of the biggest customer pain points is the cost of installation.
- They installed an exit popup (shows up when you are about to abandon the page).
- In the popup they offered an installation calculator for free in exchange for an email address.
Result: a 300% increase in monthly sales leads.
Source: Matt The Woodward
Here are some tools for you to create exit popups:
My gift for you: an exclusive invitation to an invite-only community of growth-hackers. People from Microsoft, Adobe, Sony/PlayStation, Adobe, LinkedIn are among our subscribers: click here to activate your invitation »
Growth hack #3: Sales increased by 262%
The psychology behind human thought is designed in a way that it needs a reference point. Either you will provide it, or a human will choose one himself.
Economist.com had 2 subscriptions options:
- Web only version for $59
- “Print + Web” versions for $125
Only 32% bought the print and web version.
Then they tried something new with their pricing.
They added a new reference point, “Print only” for the same price as “Print + Web”.
1. Web only: $59
2. Print only: $125
3. “Print + Web”: $125
Now the “Print + Web” price seems much more tasty.
And here are the results:
The “print + web” sales increased by a significant 262%!
Growth hack #2: 1000% increase in sales
The general rule is that the fewer choices you have available, the better conversions are. This issue is known as analysis paralysis. More features, more services, more options, and more choices decreases your conversions.
A well-known study was conducted in a supermarket. A jam tasting kiosk offered various flavors to customers. The test compared the impact of varying the number of choices between 24 and 6.
Result: The kiosk with 6 flavours converted into customers at a 1000% higher rate than the one with 24 flavours.
Source: Get Rooster
Growth hack #1: Lifetime Value increased 20x!
Reducing prices to (try to) reduce churn is the worst thing you can do. If a customer is not finding value in your product, they’ll cancel even if it’s 50 cents per month.
Slidebean increased their prices by 4 times.
1. Churn rate dropped down from 25% to 6,53% (x3,82).
2. LTV increased from $22 to $444 (x20!).
Bonus #1: Boost your opt-ins by 70%
Fedora installed a SumoMe widget called “Welcome Mat” in 5 minutes and boosted their opt-ins by 70%.
- Set up SumoMe in 37 seconds. SumoMe is a free tool by noah kagan, former growth hacker at Facebook & Mint.
- Open your site
- Click the crown
- Input your email and password
- Click “Sumo Store”
- Click Welcome Mat
- Free (after a while “Free” turns into “Open”, click it)
- Click “Paused” to switch to “Active”
- Click “Design” to set up your colors and texts.
Done. It took me 5 minutes.
Bonus #2: Interesting fact!
Bonus #3: (I know you love bonuses) ;)
A 349% increase in total lead inquiries
There is a hard way and an easy way of making people feel the need.
The hard way is to convince and push.
The easy way is to ask and help.
There was an interesting experiment related to this concept.
A study wanted to figure out what email tone would result in more lead inquiries.
- “Selling tone”, which sounds like: “You are one step away from getting free access to something, here is our award winning product, you can quickly get something, try it now.”
- “Helping tone”, which sounds like: “We`re just here to provide you with whatever assistance you need in reaching your goal.”
#2 saw a 349% increase in total lead inquiries.
Bonus #4: Ha ;)
Make your app worse and double your sales
Sometimes you need to look inside the product to determine why customers who tried it don’t want to pay the price. In this case, you need to find out what stops customers from buying. You can send the exact same question to your prospects who are churning. Ask: “What stops you from buying?” Or, you can discover how successful analogues work. Sometimes the reason may be very simple.
Here is an example:
A tool PC optimizer was running SUPER fast. It only took a few seconds to fix the registry and remove unwanted programs. It occurred to the team that the users might think the scan wasn’t doing much. After all, it was super fast! What could it possibly be doing?
They tested the competitors’ products and noticed that their scans ran slow. So, they decided to slow down their scan too.
The results were jaw dropping; their conversions almost DOUBLED.
If you have competitors, you are lucky. You can discover what they do. They can save you a lot of time. That’s a good reason to love them :).
Source: The Next Web
Bonus #5: OMG ;)
116% more sign-ups with credit cards
Talk to your prospects and customers constantly. If you asked them something and got answers, that does not mean it will work forever. The world is changing very fast. What questions are still left unanswered by your prospects?
CrazyEgg found that prospects had some doubts on the checkout page:
- They did not know why the service required their credit card for a free trial.
- They were scared that they would be charged.
Here is what they did:
- Showed the question “Why do you need my credit card for a free trial?” right on the checkout page with an answer: “To prevent multiple free trials for one person”.
- Added an explanation: “Nothing will be billed for 30 days. You can cancel at any time.”
- Added a list of companies that use their product
- Changed the Order Total from “$49 per month” to “$0 for 30 days” + “after 30 days: $49 per month.”
These modifications increased their free trial sign-ups with credit cards by 116%.
You can survey your prospects right on the checkout page to learn what’s on their mind. Online chats or survey widgets can help you with that.
Source: Conversion Rte Experts
Bonus #6 — !!! ;)
A 474% conversion increase
How to about creating your own widget? Just add “Powered by [Your company]”.
Or even replace it with your actual CTA “Get your [benefit]” and gain new users constantly for free.
For example, Gleam ran one test, that showed a 474% increase in conversions when they changed “Powered by” to an actual CTA.