Here is the second volume of the growth hacking series we started in 2016. Here you get another 5 growth hacking tricks that you can apply in your business to grow quick. If interested, please go through the first volume of the series here — Ultimate Business Growth Hacking 2016 (Vol. 1)
#5. What will give you more buyers — $34, $39, or $44?
Pricing can be tricky. A small change can get you surprisingly high or low sales. As per one of the research study carried out by researchers of MIT and The University of Chicago, if the price of the product ends with a 9, it gets you more sale.
In the experiment, the researchers tried selling the same product to similar people at 3 different prices — $34, $39, and $44.
The results surprised the researchers, the product priced $39 got the highest sales out of the three. Products at $34 and $44 stood at second and third place respectively in terms of the sales volume.
This goes to prove that, lower price will not necessarily get you more sales, but the psychology behind using the number ending with 9 will certainly do.
#4. Toyota’s 7 forms of waste
Efficient manufacturers are obsessed with maximizing flow. Toyota is one such company that focuses heavily on maximizing output. They have also designed a methodology in order to find out what to optimize next. In this method all you have to do is scan any process in your company through the lens of Toyota’s 7 forms of waste.
- Identify defects.
- Find supply to demand mismatch.
- Identify wait time of inventories.
- Identify unnecessary processing. Example, inspection that stops work.
- Identify unnecessary motion of employees,
- Identify unnecessary transport and handling of goods,
- Identify wait time and interruptions in the process.
#3. 16x more traffic from a Facebook page
Daniel Weber, one of the growth hackers, relaunched a website of a snack restaurant and intentionally included some spelling mistakes. He posted about these mistakes on his Facebook page, offering a coupon to each person who pointed out a mistake / typo in the comments.
The result? Before the post, they had 1020 Facebook fans and about 60 clicks on their website per day. Within 48 hours after the post, it reached 9400 people (over 900%), added 50 new fans to the page, and had 1000 visitors (16x) on his website. All organically. As a bonus, he got fans pointing out 20 unintentional mistakes.
#2. Pivot framework – When to pivot?
Growth hacking is the final stage of any startup. Here’s what goes before it.
5. Growth — making as many potential customers use it as possible
4. Viability — your solution should cost less the customers are willing to pay for it
3. Solution — your customers achieve success – you really solve their problem
2. Problem — you found a painful problem your customers have
1. Customers — a lot of them – who can & want to pay
If you have trouble with any of these stages then you need pivoting in that particular stage. And everything above that needs to be redesigned.
#1. Free epic tool – charts for your KPIs
MetaBase is a tool that allows you to build customization of charts for your KPIs. There are similar tools in the market — Chartio and PeriscopeData. But unlike them, MetaBase is free and open-source. Go get it!