Growth Hacker's Digest - Edition 2
How does your Black Friday loot look like? Personally, since I've been learning ReactJS and Ruby on Rails, I've piled up quite the reading list! So far, I've built for myself a Reddit-like app and I'm now preparing to create an Inventory Management app.
For this week's digest, let's tinker with an oft-ignored channel that enables marketers to get a steady stream of traffic at zero cost: Twitter. This is a great channel because I see my clients focus too much on how to "cost-optimize" their Facebook and Google Ads. There are cheaper ways to get traffic and building an organic Twitter following is one. Justin and Karan will show us how to make Twitter work for you in both technical and non-technical ways.
Apart from that, you will also discover a better way to hack your conversion rate. A lot of marketers think that to do this, you only need to apply the principles of anchoring, scarcity, and urgency to get people to convert. It's not just that and more and more people are getting sensitive to aggressive sales pages. Patrick Mckenzie below shows us how to do it in a way that is focused on delivering "quick wins" for users.
Kenn at GrowthHackerKit | @kennyfrc
New at GrowthHackerKit
Unscalable Growth Hacks for Startups
by Aaron Ginn
Engineering Your Marketing Outcomes
by Patrick McKenzie in "The Business of Software"
Customer acquisition is sexy and it’s easy to rack up huge numbers. But the frustration comes in when you need to figure out how to get those people to convert. The issue is that most marketers measure only 1 metric for activation which is conversion rate. This is the wrong mindset. As shared by Patrick Mckenzie in this video, the activation metric that you should measure shouldn’t be the one that eventually leads to revenue. Rather, you should also track metrics that enable the customer to reach a “small win”. Such questions include:
- Are you measuring the home page, landing page, pricing page, and software page?
- Within each page, are you measuring the effect of headlines, offers, and microcopy?
- Within that page, are you delivering a specific small win for the user? (check out Patrick’s WoW analogy)
- Do you measure that “micro-funnel” towards that small win? Do you then measure if they want to experience it again?
- For each component of the funnel, do you replace those pieces with new ways to convert and deliver a small win for the user?
How I Run a Bootstrapped Marketplace with 11 different properties and 5000 vendors
by Tracy Osborn of WeddingLovely
Customer acquisition is thought to be costly. That’s because you need to outbid folks in Google Adwords and get the targeting right in Facebook Ads. Now think about doing customer acquisition for double-sided business models (eg. Uber, AirBnB) — that is a LOT harder. That’s because the value proposition of that kind of business is the act of transaction between the “producer” and the “consumer” of the platform. For WeddingLovely’s bootstrapped founder, she needed to figure out how to acquire the “producers” (wedding vendors), acquire the “consumers” (soon-to-be weds), and do it with minimal cash burn. The solution, which is demonstrated in the article, is to ensure that the producer platform is self-contained. In other words, apart from the producer (wedding vendors) getting value via customer acquisition (ie. the soon-to-be weds as clients), you need to provide another path-to-value, which in this case is marketing support for the producers (similar to the Alibaba model). In order to contact these clients in a cheap way, what she did was to do email outreach.
In order to generate a list of emails, what you can do is the following (more details in my blog):
- Create a google search script that allows you to search through Linkedin based on position and location
- Connect with the prospect list through LinkedIn
- Once they accept, go to “Connections”, then “Export”, then “Download CSV” to get your list of contacts with emails
- Email them in a non-salesy way to get good open rates
How to Acquire 50k+ Twitter Followers [Has Non-Technical and Technical Content]
by Justin Mares in "Programming for Marketers"
Acquiring free, organic traffic is a chore. You need to reach out to forums and blog posts daily, comment on it, and partner up with similar content providers to get it done. Not only that, getting that steady stream of organic traffic seems to be achievable after continuous effort for more than a year. This may be true for email lists but the truth is that there is another oft-ignored channel and that is Twitter. Justin Mares talks about how to do this for both non-technical and technical readers. If you’re non-technical, read only Section 1 of his guide and you’ll be familiarized with various tools to acquire more followers. For my clients, I exclusively use Tweepi to do the “influencer search”, “follow for a follow”, and “favoriting” techniques. Make sure to churn some accounts weekly, though. Spammy accounts (and therefore accounts which don’t engage) cannot be tracked in the Tweepi platform. It’s something that you will have to deal with once you open up your new newsfeed 😉
How I Grew from 300 to 5k+ Followers in 3 Weeks [Technical]
by Karan Thakkar
Here’s a more technical take on the twitter hack above. The advantage for doing this is that it’s free, instead of having to pay for Tweepi and TwitFox services. The disadvantage obviously is the time needed to tweak it. In my experience, once you settle on a specific process and to-do list that you can easily execute day after day, it gets a lot easier.
Date: November 30, 2015