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- 🚀 This Week's Hacks: Top 1%? How about top 0.5% 🔝
🚀 This Week's Hacks: Top 1%? How about top 0.5% 🔝
The best email of your week
Ilan Nass
December 03, 2023
Hey, Marketers! BFCM is in the rearview - who’s ready for the rest of the holidays? Gear up for the next part of the season with this week’s growth hacks:
What’s in the news…
Shopify merchants broke a Black Friday sales record, LinkedIn introduced a whole bunch of new product updates, TikTok released Creative Cards to help you come up with new ad ideas.
Growth Hacks
#1. Use video in PDPs to boost AOV
Make your product pages more effective by not just highlighting product details and affirming their benefits, but also embedding persuasive short-form videos.
Use a simple tool like Videowise for integration.
True Classic's approach transformed their PDPs into high-converting landing pages, reinforcing customer confidence and boosting sales.
Source: Modern Retail
#2: Slash churn with smart annual pricing
Instead of the standard annual discount, price your annual plans just above the average 4-month LTV.
Codecademy applied this by pricing their annual plan at the LTV value of 5 months, leading to a significant reduction in churn and increase in LTV.
Example:
Monthly price: $49
Average retention: 4 months
Annual price: $245 (5 months’ worth)
Apply this insight to estimate competitor retention rates and adjust your strategies accordingly.
Source: Dan Layfield
#3. Be in the 0.5% of successful apps
Only 0.5% of launched apps succeed.
Land in that top percentile by asking if users are willing to pay within your market.
To do this:
1) Calculate the revenue-per-download ratio by analyzing competitor data.
2) Use this ratio to determine a feasible cost-per-acquisition (CPA) for your ad campaigns.
For example: If competitors average a $5 return per download, and you aim for a $2 CPA, your campaigns are likely to be profitable.
Source: Appfigures
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