Welcome!

When you joined Growth Marketing Pros, we promised you one thing: Weekly, curated tips that (actually) help you grow. So here they are. 🚀

By the way, here's a link you can copy-paste to invite your colleagues to our Slack community:

Without further do, let's get started.

Provide case studies to increase willingness to pay

Source: Growth Bites

Social proof increases conversions, but we're becoming so accustomed to testimonials that they're having less of an impact. Boost willingness to pay by offering case studies.

ProfitWell found that full case studies increase willingness to pay by 10-20%, and even a mini-case study can give a boost of 6.74%. Compare that to testimonials, which increase willingness to pay by 4.39%. So consider offering case studies featuring specific problems that were solved by your product. You can display them on landing and/or your product pages, but it might be best to show the highlights and link to the full version instead of overwhelming visitors with text. You could even combine a case study with its corresponding testimonial by adding its key findings and a link next to the quote. Here's a good guide on how to write case studies, and here are a few helpful tips for best results.

What's trending?

From Service to Product: Introducing Launch With AI Program for Startup Success

_{Brought by Solveo}

The five phases of the product launch journey

Through our experiments and testing tactics, we’ve identified five key stages that form the foundation of a successful product launch process:

• Stage 1: Reflect (Pre-launch)

• Stage 2: Ready (Pre-launch)

• Stage 3: Release (Launch)

• Stage 4: Review

• Stage 5: Refine

Discover further insights in the 👉 blog post.

These stages are designed to guide you through the journey, ensuring you cover all the critical aspects of a launch. We’ve crafted a comprehensive framework that encompasses these stages, allowing you to navigate the process with confidence and achieve results. By incorporating AI-powered tools and techniques into each stage, we’ll unleash the true potential of data-driven insights, giving you a competitive edge and propelling your product toward success.

Learn about the program: HERE.

Improve your referral incentives

Source: Demand Curve

To get referrals to work, you need your incentives to check three boxes:

1. Your customer acquisition cost (CAC) must be less than the lifetime value of that customer (LTV). This is obvious.

2. The referrer's incentive needs to be desirable enough that your customers take action.

3. The referral's incentive needs to be desirable enough that they convert.

Different business models call for different incentives. Here's what we've seen work best:

• For B2B: Tailored personal rewards work better than discounts. A gift card to a local restaurant works better than 20% off your product since B2B customers are employees—they're more motivated by personal incentives.

• For E-commerce: Discounts or cash offers work because there is a direct benefit to the customer. But your cash incentive needs to be significantly large enough to drive action. $5 off typically doesn't cut it.

• For SaaS: Offer greater access to your core product—that's what users come to you for. So give them more of it.
  E.g., Dropbox offers referrers more storage.

Thank you for reading! ✌️

We look forward to sharing more with you next week. Stay tuned!

Powered by Solveo