Posts Tagged :

growth hacking

e-commerce growth hacks
6 E-commerce Growth Hacks That Will Change Your Game 1024 536 Zsolt Farkas

6 E-commerce Growth Hacks That Will Change Your Game

When you think about e-commerce growth hacks, you need to understand the importance of experimenting instead of guessing.

Growth hackers don’t guess, they make hypotheses based on data and then experiment to prove those hypotheses right or wrong.‘ – Sean Ellis

Through this quote, we focus on the e-commerce growth hacks that we usually do with our clients’ stores. We brought 2 examples in the acquisition part, 2 for the conversion optimization and 2 retention hacks.

6 E-commerce growth hacks

2 Aquisition hacks

When we talk about acquisition, it is critical to know that it is followed by 5 other levels, which are usually forgotten. These 6 levels together make up the Pirate Metrics that was invented by Dave McClure, the leader of 500startups.

#Get massive follower base on Twitter

What if we were to tell you that you can easily turn Twitter followers into customers, using a simple tool called Tweepi?

Tweepi is a tool to find users on Twitter who are interested in a specific topic and/or tweet about particular things. Let’s assume that you have a cosmetics webshop; your first step using Tweepi would be to find people who tweet about cosmetics. How about a search for #cosmetics or #facecream

You’ll get endless tweets and a list of people who tweeted about cosmetics. Before you start to follow them, make sure that you speak their language. Send some tweets from your profile using the same hashtag or keyword that you searched on. When they get notified that they’ve got a new follower, they’ll click on your profile and check your tweets and voila, the first tweet they see from you will be super relevant. You can also favorite, retweet and comment their tweets in order to show more engagement and awareness.

Just make sure that you don’t follow too many profiles at once because Twitter has some rules regarding how fast you follow users.

#Make your content shareable

To always find outstanding topics and write content about them is hard and painful. But what if you could tell which topics are trending on the internet? Dear visitor meet Buzzsumo, the ultimate source of knowing the hottest trends.

With it, you will be able to create the next e-commerce growth hack that will improve your SEO. After you have found the best converting topics and content, all you have to do is format it in whatever way you want.

Let’s say you’re writing about face creams and you’re doing a quick search on Buzzsumo. This is how it looks like:

The top articles got a couple of thousands of shares each.  If people are interested in “face cream against wrinkles“, find a way to create similar content that goes above and beyond the initially shared item. You can create a more detailed content, an infographic or a video, that gives people a more rich experience around a topic they care about.

It is called the “skyscraper method” because after you improved the original content you can reach out to these blogs and sites and alert them that you have an updated piece of content. In many cases, they are likely to share your content on their channels or replace the “old” links with your new ones.

2 Conversion hacks

After the acquisition of your potential customers, it’s time to convert them into real customers. To do that, you have to serve the best user experience in order to attract your users and make them buy and trust in your e-commerce store.

Before these e-commerce growth hacks, I would recommend you 2 software which you can check easily what your users are doing on your site and why. One of them is Qualaroo, which is an in-page pop up survey (why), the other one is CrazyEgg that is a heatmap (what).

#Reduce shopping cart abandonment

To be honest, the most annoying thing is when a user has already put some items into their cart and when it’s time to checkout, instead of buying the products, they leave without taking action.

One way to prevent this phenomenon is by using exit intent pop-ups, like Optimonk. Though many sites use these solutions, in reality, they do not use it properly. Most sites usually put the pop-ups in front of every existing user, and that’s why they are not effective. With Optimonk, you can create several settings; for example, a setting can be like this: if a potential buyer put at least 2 items in their cart and they want to leave without buying them, 20% discount coupon immediately pops up on the screen.

The other way is to get exiting users to fill out a short exit survey. For that, you can use Qualaroo.  Make the survey multiple choice to increase the response rate. A customer might respond that they are leaving because delivery costs are too high. That’s a valuable feedback but also a good opportunity to save the transaction right there.

Respond to their answer with a free delivery in real time. With it, you can save a big chunk of abandoned visitors and make them buy from you instead.

#Dramatically increase your conversion rate

This e-commerce growth hack is very simple, but it works. It is called the “foot in the door technique“, which means that you try to get a small commitment from a user in order to get a bigger one in the future. So, instead of trying to push the user to buy something the first time, you simply ask for their email address and leave the rest to email marketing, for example.

You can get it with a simple pop up with a clever text on it. Please don’t use the common phrases like “subscribe to our newsletter“, because in that case, nobody will subscribe. Try to be funny or different and you’ll get a much higher conversion rate. Here is a good article from experts in this field.

2 Retention hacks

There is an adage which says that “it is cheaper to keep a customer than it is to acquire a new one“.  When you are running an e-commerce store you need 2 main numbers, the CAC (customer acquisition cost) and the CLTV (customer lifetime value). In this section, you will read about two e-commerce growth hacks that talk about the longer lifetime value of your customers and the increase in your ROI.

#Increase your customers’ loyalty

Take your retention to the next stage by making your customers the star of your webshop. You can do this by user-generated content to build long-term loyalty and accelerate the word-of-mouth (WOM).

The first step is to encourage your customers to show off their purchased items on their social media channels, like Twitter, Facebook or Instagram.

Give them a unique differentiator, like a hashtag that they can use when they upload e.g. a picture of themselves and your product. Now, you can easily find these photos by searching for your special hashtag.

On the other hand, this move allows you to nurture enthusiastic fans to your site by showing them off, on the other hand, they’ll represent the “social proof” to other visitors on your website.

#Reverse engineering your very best customers

People tend to focus on new acquisitions instead of polishing the existing customers who have already purchased. Usually, a very few percents of your customers purchase in the biggest quantity.

First, what you should do first is to calculate the average amount of purchases and then take those customers whose spendings are in the top 1%.

Now, you have a smaller group that you can reverse engineer. Look into the analytics and look for similarities between them.

  • How frequently do your best customers purchase from your online store?
  • What items do your best customers purchase?
  • Where do these customers live?
  • Are they in the same age group?

If you don’t know these answers at all, try the old but working method and call them. Offer a discount in return for their answers. You’ll see that they will help you with their insights.

If you learned some new hacks today, please share this article! Thank you 🙂

growth hacking
The Naked Truth About Growth Hacking 1024 538 Zsolt Farkas

The Naked Truth About Growth Hacking

History

Everything began on July 26th, 2010 when Sean Ellis wrote a post about a new type of marketer in terms of growth hacking. This was based on a conversation with Hiten Shah and Patrick Vlaskovits, where together they coined this term describing online marketers whose “true north is growth”.

Sean Ellis

Sean moved to Budapest after university and started to work as a Sales guy. After a couple of years, he went back to the States. Throughout his career, he worked for companies like LogMeIn, Eventbrite or Lookout. Maybe the most known ‘hack’ was the referral system at Dropbox that many companies copied and applied successfully. But it’s important to know that before this system at Dropbox, there were many failed tries to increase the number of users and get them to pay for the service. For example, the customer acquisition cost (CAC) at the beginning was more than 4x greater than the price of the service. After a while, Sean established his own firm, Qualaroo and he has created the No.1 online platform for other growth hacking minded people, growthhackers.com.

Patrick Vlaskovits

Patrick is a half Hungarian serial entrepreneur, who also started his career in Sales. He was really good at it, so in 2010 he wrote “The Entrepreneur’s Guide to Customer Development”. This book became a very successful and well-known piece of content. Some years later, in 2013, he not only established his new venture, Superpowered, but he wrote “The Lean Entrepreneur” becoming a New York Times Bestseller. Currently, he is a mentor at 500startups, author of Pandodaily and Harvard Business Review, as well as an enthusiastic surfer.

Hiten Shah

Maybe Neil Patel’s name is slightly more familiar for you, but Hiten and Neil are both partners in some multimillion dollar companies! Kissmetrics, specializing in Customer Analytics and Crazyegg, centering on clicks and increased traffic, are just a few to mention. Shah is also an active angel investor. Buffer and Slideshare are among some of his prized investments.

5 famous growth hacks

It’s essential to know that with Growth Hacking, what worked for “Company X” will not necessarily work for “Company Y” since there are different products, markets, and channels. But let’s see some of these hacks that became adages, and see if it’s possible to apply them somehow in your company.

#1 Airbnb – Craigslist.

In the early days of Airbnb, they uploaded all of their rental ads to the platform, Craigslist. Because of this move, they could convert a large amount of Craigslist users into their site for free. The entire idea was based largely on the fact that Craigslist had such a large user base. It still is their most famous Growth Hack.

#2 Dropbox – referral system

This system was invented by Sean Ellis. The main idea being, if you invite your friends into the platform, both parties can receive free storage space. With this tactic, within just 15 months they could increase the number of users from 100k to 4M. It meant that they could triple their user base every 3 months. This hack is now widely used by many startup companies.

#3 Twitter – onboarding

In the beginning, Twitter struggled with the retention of its users. People registered, but a big chunk of them never returned. They were essentially good in acquisition and activation but lacked retention and referrals. They figured out that if during activation a registering user follows at least 10 profiles, the chance to come back becomes much bigger than before. After this detection, they were able to grow massively in terms of active user base.

#4 Buffer – share bar

If you’re not yet familiar with Buffer, it’s a smart software that allows you to share all your content that you want to put on different social channels, and it will automatically post the right content at the appropriate time on said channels. The company’s famous hack was buying a WordPress Sharebar. Many people used this Sharebar plugin on their websites, and after an acquisition, they were able to show up in tens of thousands of websites.

#5 Facebook – widgets

Nowadays it is very normal and totally evident that almost all websites contain Facebook boxes and widgets to encourage sharing and attract followers. Thanks to these easily implementable boxes, Facebook grew like a virus. There is a rumor that in these boxes, there are small pixels that can follow you anywhere after you visited a site and that’s why Facebook can target so precisely with its ads.

Conclusion

In conclusion, all of these very successful companies used some awesome Growth Hacks. But you should know that before these hacks, there were tons of failed trials and this is what nobody talks about. There are no silver bullets neither in growth hacking nor anywhere else. The failures should be more carefully studied, as we could even learn from those mistakes. According to this phrase:

‘it takes 20 years to make an overnight success.’

Weekly Growth Tricks
Novel techniques of online influence psychology and growth marketing once a week
Your Information will never be shared with any third party.
Don't pass up growing your business
Novel techniques of influence psychology and growth marketing once a month ›
Your Information will never be shared with any third party.