The Growth Newsletter - The Growth Newsletter #058

The Growth Newsletter #058

Hey, Julian here. This newsletter curates growth insights from the Demand Curve Slack community. It keeps you up-to-date on growth tactics.

 

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Double your landing page conversion

 

Big news this week.

We launched a new live course: Write High-Converting Landing Pages.

Between our work at Demand Curve and our agency Bell Curve, we’ve run thousands of landing page tests for companies like Segment, Microsoft, and Perfect Keto.

In just 3 live sessions, you’ll get the strategy, frameworks, and tactics that we’ve accumulated over years of rigorous testing. We’ll help increase your homepage conversion rate so that you get more customers.

The cohort will start on February 14th.

We’re capping enrollment at 75 seats and they’re filling up quickly. This is a rare opportunity to work directly with our team. We’ll make sure you walk away with a high-converting page, a repeatable framework you can use after the course, and a group of ambitious marketers to help you out along the way.

Grab your spot before we’re full here.

 

1. Low-cost way to source assets for your brand

Insight from Pencil.

 

If you’re building a brand, you need quality assets. Think, photo and video for your site, social channels, ads you might run, and the content you create.

 

Here’s an effective workaround for brands looking for a fast, inexpensive way to source the top three types of quality creative assets you need using vendors.

• Product shots. Use Soona for a quality virtual shoot. Simply choose what types of shots you’re looking for, provide details, and ship your products. You’ll live chat with your photographer so you can make sure you get the shots you need. And you should have finished assets in about 2 weeks.
• High-quality stock video. Use Social Motion Packs for beautiful video content. You can buy individual content packs or a subscription to their library.
• UGC. Use Billo to source talent. Spec out exactly what type of UGC you want. Creators will apply for your project and you choose those who best fit your brand. Send them products. Approve their content as they submit.

Pencil used this process and sourced loads of quality content for their brand ... at a cost of $343.

 

2. Irrelevant cross-sells can hurt your average order value (AOV)

Insight from Baymard.

 

In-cart cross-sells can boost AOV.

 

But only if the products you’re featuring are relevant to the items already in your customers’ carts.

 

A Baymard study found that 52% of sites recommend products that are either completely irrelevant or based only on what other customers bought.

 

In 2022, most people expect a personalized online shopping experience, which is why irrelevant cross-sells rarely work. And worse, they erode users’ confidence in your site and business—dragging down your AOV.

 

If cross-selling is part of your ecom strategy, consider these 6 tactics to help improve take rate and AOV:

1. Avoid listing a fixed number of products: One highly relevant suggestion that stands alone will get more attention than if it’s buried amongst four irrelevant suggestions. For example, If someone is buying a computer mouse, only show them the batteries they'll need, not batteries plus a random selection of office supplies just to fill up space.
2. Be cautious about listing alternative products: Introducing alternative products during checkout can cause the customer to second-guess their decision, consider other options, and abandon the checkout process—the last thing you want. Products that complement the item in the cart should be shown over alternative products. For example, if someone is ready to buy a pair of AirPods, don't recommend a headset from Bose or Beats by Dre.
3. Use labels to define the context: If you want to present a cross-sell but don't have a high relevance product, consider using labels like "Inspired by Your Browsing History," "Frequently Bought Together," or "Other Products in This Collection." Users will be less dismissive of questionable product recommendations if you simply give them a reason.
4. Prioritize products of the same use case or theme: Giving priority to products of the same use case or theme can prevent seemingly unrelated items from being displayed. For example, cross-sell sections with labels like "Winter Essentials", or "Back to School" allow sites to make reasonable suggestions as long as they're thematically related.
5. Feature products that customers need to get started: Some examples: A toy that requires batteries to operate, a mobile phone with specific dimensions for a protective case, or a camera needing a particular memory card type.

 

3. Four best practices for offering discounts

Insight from Demand Curve.

 

Rule of thumb: Early-stage startups should avoid offering discounts.

 

They can easily become a crutch or a Band-aid that’s covering up—and failing to solve—a bigger problem.

 

That said, discounts can be effective, depending on your market. As with everything pricing-related, what matters is who’s doing the buying.

 

Example: Apple Store shoppers don’t typically buy based on discounts, but J.C. Penney shoppers do. The department store chain found that out the hard way when they brought an Apple exec in. He got rid of J.C. Penney’s discounts—and sales tanked.

 

If you’re considering experimenting with discounts, here are some guidelines to help you get started:

• Don’t offer more than 20-25% off. Steep discounts dilute brand value.
• Make discounts random—in terms of both when the offer is made and what it is. That way, your audience won’t come to expect a discount or hold off on buying until your predictable “annual sale.”
• Don’t start off by offering discounts across your entire audience. Focus on user segments that truly need a bit of a nudge. That way you test discounts without cannibalizing leads who'll likely buy at full price.
• The best kinds of discounts are the ones that are deeply aligned with your product. They incentivize activation, habit building, and long-term use. Some examples:
  • “Get 30% off if you buy 10 or more” is a more effective discount than “get 30% off your first order.” The “buy 10 or more” offer means more product use, increasing the chance that your product’s value will be realized—which often leads to a higher LTV.
  • Free trials fit the bill too. By offering a 30-day free trial, you decrease initial friction and give prospects time to experience your product’s value.
  • A discount on an annual vs. monthly subscription increases the chance that a user will get activated and build a product habit.

 

4. New accelerator to check out

 

If you're thinking about joining an accelerator or raising capital for your startup, Hyper.com is a new accelerator backed by the biggest VC names in tech: A16Z and Sequoia.

 

Hyper is doing something materially unique. First, they offer super competitive terms. Second, they are the owners of Product Hunt and therefore give all of their companies unique access to Product Hunt, their team, and resources to have a successful launch. Third, they have world-class advisors like Naval Ravikant, Ryan Hoover, Jeffrey Katzenberg, Harry Stebbings, Sriram Krishnan, and more—including marketing advisors like Shaan Puri and Sahil Bloom. And because Hyper keeps their batches small, your experience is more intimate.

 

The kicker? Hyper is only 4 weeks long—and you're building the whole time you're in the program. There are just a few days left to apply to their next cohort: hyper.com

Brand new links

Demand Curve blog: We're breaking down growth topics on the Demand Curve blog. This week, we're covering email marketing:

• Email Deliverability: How to get more emails into your recipients’ inboxes. Find out how email deliverability works, why it matters, and how to improve it here.
• The 9 most important email marketing KPIs. With new privacy updates and email trends, you might need to change the email metrics you’re tracking. Check out the top email marketing KPIs for 2022 here.

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Content role: NeuroFlow is hiring for a Content Marketing Manager. Built on the mission of making a happier, healthier world, NeuroFlow provides best-in-class technology and services for the effective integration of behavioral health. They're growing rapidly, helping hundreds of leading health systems, payors, and organizations capture behavioral health insights and take action to proactively manage individuals and populations holistically. They're on the lookout for someone who can combine a passion for mental health with a knack for crafting engaging and educational content. Apply here.

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For fun: My friend Yvonne just launched a website called Bewilder. It's a portal for planning outdoorsy adventures in California. Their mission is to make it easier for people to spend time outside. Every trip idea features the best trails, local restaurants, and campgrounds to reserve, along with a packing list and meal ideas to share with your friends. I'm excited to watch Bewilder grow so subscribe to their free newsletter and send your thoughts to yvonne@bewilder.camp. 

New marketing jobs

 

If you're looking for a top growth role, check out the opportunities below from our job board. Companies can post jobs here.

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Something fun

Marketoonist on Twitter.

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Reply to this email. Let us know what would be most helpful to you this year. What topics would you like us to cover? We'll continually improve this newsletter based on your feedback.

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Who's Demand Curve? We're who startups rely on for professional growth. We dive into your ads, funnels, landing pages and more. Take a look at our Traction and Growth Programs. Or Bell Curve will grow your company for you. We've worked with clients like Microsoft, Segment, and Perfect Keto.

 

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— Julian, Nick, Grace, Joyce, Dennis, and the DC team.