Today’s lesson, we’re going to be discussing the principles of growth hacking. So why use growth hacking? Well, it saves on advertising costs. It’s more efficient, and it’s a much quicker way to grow than just using the traditional channels. And in many cases, when you just use the traditional marketing channels to grow, it costs a lot of money and you have to raise venture capital, which is why we discussed that in the previous lessons. But if you use growth hacking you can be much more efficient and you don’t need as much capital to grow faster.
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The first step with growth hacking is about having a product people want. It doesn’t matter how good you’re at marketing. If people don’t like your product or they don’t like your service, you’re not going to do well. So make sure you always fine-tune your product.
There’s three disciplines that I want to cover in today’s lesson: psychology, technology, and marketing. Growth hacking is when you use marketing, psychology, and technology, and you combine them all to achieve business growth for maximum users, revenue sales.
Now let’s dive into psychology first. With psychology, a lot of people are like, all right, this product was $30, now it’s 10. And in essence, they’re doing a sale, and that creates a lot of movement in the product. And when you have sales, that works out well. But you’re like, Hey, I don’t always have the sale running. That’s okay. You can use psychology in different ways with pricing.
And the reason this is important when you’re using psychology within your copy, within the images is when you’re driving things like paid traffic, if your conversion rate isn’t as high, well, your ROI is not as good and you can’t spend as much.
The big thing that I want you to take away when using psychology, it also needs to be logical. If it’s not logical, it doesn’t work as well. Yes, you want to play against emotions but you want to play against emotions and logic.
Another strategy is product demos and explainer videos. We used to use them on crazyegg.com years ago. We used a company called Demo Duck back in the day to create them. There’s tons of options. Now I don’t know if Demo Duck still exists or not. And you can do it for more than just software companies or technology companies.
You can also do it for eCommerce products. 73% more visitors who watch product videos will buy. Videos appear in roughly 14% of internet search results. So it’s a great way to get extra traffic. And 71% of consumers think videos explain the product better. And 57% are less surprised by products with the video, which causes less refunds. And 58% of shoppers think companies with product videos can be trusted. So you should really consider creating a video if you don’t have one.
Another quick and easy way that you can grow as well, similar to, you know, using product videos as a hack, this one is exclusivity.
I also recommend that you use humans in your video to explain things. Just keeps things really simple. I recommend you keep it short. Don’t have 20-30 minute videos if you don’t need to, if you can have a 1-minute video, even better 30 seconds. Anything that you can do to imply urgency. And the best product videos tend to tell a story as well as demo. So those two things are super important.
I also want you to try progression as a psychological hack. And the idea of helping them achieve their goals is great. So whatever they’re doing, help them level up and achieve more. And that’s a great way to get them to really stick with it and continually pushing forward.
I also want to show you advanced sales funnel that I use to generate more leads and sales. I use a lot of psychology in one of my funnels. I know it’s a little bit hard to see.
Don’t worry about, you know, looking at each and every single step. Again, you can get this at NeilPatel.com/training. Click on Growth Hacking Unlocked, and in there click on week two. It’s the first video lesson in there.
A lot of people use advanced funnels. Good example of this, my buddy Timothy Sykes, helped him grow to 15 million per year. He’s much bigger than that now. And Timothy really grew through funnels. It just worked really, really well for him.
So imagine combining traditional marketing with technology and psychology, and that’s where the power comes from. That’s how you grow a business.
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