It’s every business owner’s ambition and dreams to grow his business. But sometimes you get stuck for ideas to help grow your business fast. So, just look around to discover growth hacking techniques that other successful businesses use. You’ll be inspired by these about how to take your business to the next level.
Though your business is unique, these growth hacking ideas and examples can show you the ways and moves you can take to drive incredible growth. You can creatively apply these to your business to enlarge your customer base and make more profits. So, here we go….
15 Best Growth Hacking Techniques to Boost Conversions
Here are 15 growth hacking techniques you can steal from successful brands to boost conversions.
Dropbox employs one of the most creative growth hacking techniques. Dropbox’s referral program gamifies its referral process, offering its users more free storage and incentives for sharing about them on social media sites like Facebook and Twitter and taking up simple tasks like using camera uploads. This has enabled Dropbox to own 700 million registered users now!
So, the takeaway message is- to use gamification in marketing to increase your conversions and sales and grow substantially.
Founder, a global media, and education firm for startups use a mix of social advertising, influencer marketing, and conducting competitions employing a tool called Upviral. They incentivized their users for various promotional activities. All these were directed at earning more competition points so that they could win one of the three grand prizes offered.
This growth hacking technique helped Foundr attract hundreds of new supporters and thousands of email marketing subscribers. So, try conducting competitions and rewarding top users for promoting your brand.
When Gmail started out, it employed an invite-only system. It taps into the human psychology of FOMO (Fear Of Missing Out) to increase its user base and thereby drive growth. This proved to be a powerful marketing technique for them that there were Gmail invites auctioned on eBay.
However, since with Gmail you can email users using other email services tools, it worked. But when they used the same invite-only tactic to closed-off social networks like Google+, Wave, Buzz, etc. it failed. So, use this growth hack technique only for open communities and tools.
Hubspot employs a surefire technique to boost its conversions. This involves creating a free tool that people benefit from. Its website grader tool, for instance, lets users evaluate their sites for speed, mobile friendliness, and SEO friendliness so as to optimize those. Additionally, since people have to sign up to get their site’s report, this also helps widen Hubspot’s email list.
In 2015, the firm’s CTO and founder acknowledged that the tool played a vital role in increasing its user base to 15,000 and market value to $1.6 billion.
Autopilot, visual software for customer journey automation, establishes restrictions on their freemiums. They identified specific actions performed by a large section of their free users and set a limit to it. Once a free account holder reached that limit, it sent them an invite to upgrade their account for a fee. This business growth strategy generated 21% month-over-month revenue growth and increased their customer base to 2,500 customers.
Slack, a leading B2B SaaS business, employed a different kind of growth hacking technique. It was to recognize a problem people didn’t even know they had, and then come up with a solution for it. The issue they identified was increased stress and poor productivity due to poor communication, and they created Slack as the solution for it.
They also provided a freemium model and encouraged word-of-mouth promotion by its users. Within a year, Slack’s daily user base grew to over 500,000. Slack now has 12 million daily active users and 156,000 subscribed organizations.
Personalization is another vital growth hack you need to learn. For, people crave personalized experiences. When a brand provides them with this, they are motivated to shop more and buy more. Amazon, the online retailer, employs this tactic. It provides a contextual experience via making recommendations. Estimates say that the firm generates 35% of its sales from recommendations.
Offering cash incentives to existing users to refer others works the best. Paypal banked on this idea. They spent $60 million incentivizing their current users to refer others. They also promoted themselves via word of mouth on emails, blogs, and instant messaging. This grew their business by 7% to 10% daily. The firm’s revenue today is $21.4 billion annually.
9. Boot Barn
Boot Barn, a shoe retailer, employed retargeting using a three-stage email process to regain sales lost due to abandoned carts. The first was sent 20 minutes after cart abandonment to find out if anything had gone wrong. The second was sent 23 hours later highlighting reasons why the customer should purchase from them. And the third was sent one week later and contained a call-to-action warning. This increased the email open rates. So, retarget your lagging customers!
10. Movies Unlimited
Movies Unlimited, an online store for movie collectors, dealt with their high abandonment rate issue with emails as well as A/B testing. One version of their campaign offered a discount and the other did not. The campaign had a 27.7% higher average order value when compared to other marketing campaigns. They also found that the offer version brought in 36% more movies ordered than the non-offer emails.
11. Dollar Shave Club
Human beings are extensively motivated by what they see. This is why visual marketing has grown widely nowadays. 74% of internet traffic worldwide is brought by videos. Dollar Shave Club, an American company selling grooming products, employed this hack. Though simple, it was so compelling. It became a viral marketing tactic that made more than $20 million in revenue in two years.
AppSumo, a digital marketplace, hosted contests and initiated giveaways to increase its subscriber base. They created, launched, and managed viral contests. This way, they were able to gain 140,000+ subscribers in 10 months. If you combine this tactic with gathering entrant contact details, brands will be able to abruptly grow your email list.
Burberry, a British luxury fashion house, built its online community. They curated user-generated content (UGC) by employing a unique hashtag on social media. This drove brand awareness, attracted new people to them, and engaged their customers. They also designed their content to drive customers down the purchase path. This in turn increased their eCommerce sales by 50% year after year.
RJMetrics used one of the most affordable growth hacks. They organized a cupcake giveaway to gain attention for their SaaS enterprise. They spent only $50 on the giveaway. This generated a lot of social media love and brand affinity for them. Many other firms got inspired by this growth hack and employed it themselves successfully.
Hotmail was the most widely used email service provider in the 90s till 2012 when their title went to Gmail. Their growth hacking technique is a notable one. For, 12 million email users then used Hotmail within just a year and half of their launch. They achieved this just by including a simple, yet captivating tagline in their email signatures. It said “PS: I love you. Get your free email at Hotmail.”
Though growth hacking is a relatively new technique, it’s quite effective in customer acquisition and revenue growth. Do try some of the growth hacking techniques discussed by us in this blog.
Shivani is a content writer at InviteReferrals, which provides referral software that allows businesses to attract new customers from existing customers through referral campaigns.