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Your "Tell a friend" messages will bring in more referrals if you prefill them and get the copy right. It was also found that the effect varies depending on the copy you choose.
The research focused on two types of prefilled messages. The first was the sender informing the friend that they had bought the product and it's worth checking out. This boosted conversion rates by 11% and also improved customer satisfaction, but it had no impact on subsequent referrals. The second type involved the sender giving the friend an incentive to refer others. This did not impact purchase likelihood, but it did result in 53% more referrals.
But combining the two messages may seem like the obvious choice, it was actually found to cancel out the benefits.
So the rule of thumb put forth by the study was that if you're selling something, go with the first option. If you're giving something away for free, go with the second.
And of course, make sure to A/B test your copy.
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Snippets
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- The first time founders care most about the product and second-time founders care most about distribution. (Tweet it)
- Distribution is the actual innovation that differentiates a business and makes it successful. (Tweet it)
- To make discounts appear larger and increase sales, use the discounted price ($2/$8 = 25%) instead of the original price ($2/$10 = 20%) to calculate the same $2 discount. (Tweet it)
- The SaaS SEO MBA is a free collection of advanced-level SEO resources for SaaS companies. Tons of amazing knowledge in it.
- Are you building something for freelancers, agencies or their clients can be your potential users of your SaaS. Then reach out to them on Fiverr and add them as your affiliates.
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Most of us already know these things. but some fellows are new to this world (including me.) Here is a list for them:
1. AAARRR funnel OR Pirate funnel: Awareness, Acquisition, Activation, Retention, Referral, Revenue
2. TOFU: Top of the funnel (Blog posts, eBooks and stuff shared with people who are looking for information about the product or service)
3. Bofu: Bottom of the funnel (some examples are: trials, consultations, case studies, demo etc.)
4. CRO: Conversion rate optimization is the process of increasing the percentage of website visitors who complete a desired action like who sign up for a newsletter, make a purchase etc.
5. CPC: Cost-per-click is the cost per click that the company pays to get each click on the pay-per-click (PPC) ads
6. CAC: Customer acquisition cost is the cost to convince a potential customer to make a purchase with them.
7. CPA: Cost per action is usually applicable for paying an affiliate when a specific action is completed. This action could be watching a video, clicking on a link, making a purchase or filling a form.
8. Heat maps: Heat maps are visual maps that allow the business to know which elements/ sections of their webpages the visitors interact most with
9. ICP: Ideal customer profile is a hypothetical customer that benefits the most from their business offerings and in turn provides significant value to the business.
10. KPI: Key performance indicators are actionable and measurable indicators that keep your strategy on track and allow you to manage, control and achieve desired business goals.
11. Net promoter score is the percentage of customers who are likely to refer a particular business’s products or services to their friends, families or colleagues.
12. OMTM: One metric that matters. It's a metric your business cares the most about in the current stage of your business.
13. XML sitemap: it lists all the important web pages on a website. This allows the search engines to understand the structure of the entire website
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Worth Reading
1. Baird's SaaS just hit $1M ARR for the second time. Here's his best advice
2. How to increase signups for your affiliate program by 300%
3. How I Made $342k From an eBook Without Amazon Kindle (Slideshare)
4. The compound effect - make your hustle work for you
5. 78 takeaways from Traction book
6. Effective entrepreneurs focus on creating systems, not achieving goals
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