Growth Hacker’s Digest – Edition 33
Happy start of the month to you! What growth strategies are you testing out this month?
If you're building a marketplace, one of the most difficult aspects of it is growing the supply side of the equation (especially if you're reaching out to businesses). Beyond having a strong network within the supply-side target market, what you can also do is to launch an ambassador program. Tam Pham from the Hustle will share with us what has worked for some startups in "Why Building Community is the New Growth Hack".
Beyond that, here's what we have lined up for you:
- Case Study: Improving 123ContactForm’s Pricing Table Boosted Conversions by 21%
- How I Built a Profitable SaaS Company Alone
- The Secret of Our Growth: Successful Integration Partnerships
Blog Posts of Note:
Building targeted partnerships is difficult and can get costly fast (especially if you hire Business Development Managers on staff). To acquire partnerships in a cheap way, what you can do is to create an Ambassador program who can do the partnership building for you.
Here are the basic mechanics of an Ambassador program:
- You should have referral rewards which are relevant to your target market. For example, if you want to create a marketplace that connects suppliers and distributors, in order to attract the distributors, you can offer an ambassador program that offers free motorbikes / trucks / vehicles for logistics if a certain referral target is met. If it's for a more professional audience (like doctors / medical practitioners), you can offer conference tickets or deals on medical devices.
Beyond supply side growth, here are other ways you can maximize ambassadors.
By Claudiu Murariu
Claudiu here shares with us a detailed and helpful case study on how he:
1) Diagnosed the #1 conversion problem his client is facing
2) What tools he used to discover that problem
3) Built the timetable for his client; and
4) How he crafted the analysis for his client
By -developer- (Reddit)
Two things caught my attention in his journey to $75k MRR:
1. Haggle for less. If you receive anything that's in the form of a proposal, you can always haggle for a cheaper fee by up to 30%.
2. Relentless personal time tracking. You need to know if you're spending time on things that add value to your business.
I've been doing #2 since January 2016. I've always been curious with answering the question of "How does a productive workweek look like for me?" Here's how I've been spending my time across software, consulting, and others:
I then map this with the number of hours I worked with the % of monthly goals I've achieved:
I would say that doing this has brought me tons of value -- I'm much clearer on how many hours I need to allocate to specific activities in order to meet my goals. If that number is too high, that's when I know that I need to start delegating work in my growth consulting business (instead of hiring for hiring's sake). It's been a game changer for me (and for my sanity!).
By Madhav Bhandari
Madhav from Hubstaff shares with us a great case study on how they've built partnerships and co-marketing packages to secure integrations.
The main principle that you need to keep in mind is that you'll need to create value for both their team (internal) and for their audience (external). All the actions that Hubstaff has done flows from those first prinicples.