10 growth hacking ideas for 2023
Growth hacking is a marketing technique developed by technology startups which use creativity, analytical thinking, and social metrics to sell products and gain exposure.
To give you an more clearer idea of what is growth hacking here are 10 growth hacking ideas you should implement to take your website and business to the next level.
Growth Hack Tip: 10
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.
Growth Hack Tip: 9
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.
It says — Over deliver.
The easiest way to deliver more than expected is to promise less.
Growth Hack Tip: 8
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 Tip: 7
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.
Why? 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%.
Growth Hack Tip: 6
Growth Hack Tip: 4
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.
Growth Hack Tip: 3
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.
They changed their pricing.
They added a new reference point, “Print only” for the same price as “Print + Web”.
- Web only: $59
- Print only: $125
- “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 Tip: 2
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 was set up to offer different flavours 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.
Growth Hack Tip: 1
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!).