The Hack - Know When To Hold'Em and Know When
to... Hide'em
AARRR stage - Revenue
Growth Problem - Getting Customers
Haxplanation:
"You've got to know when to hold 'em. Know when to fold 'em.
Know when to hide 'em. So switch your exit intent popup on. You
never count your money when someone's viewing your pricing page.
There'll be time enough for countin' when the transaction's
done."
Ok, we may have changed a word or two in Kenny Rogers'
(in)famous lyrics. They also probably sounded better in their
original form. Probably... But we had to do so in order to deliver
a pretty important lesson in revenue hacking. So, where's the
connection between Kenny's cowboy classic from 1978 and your
startup's revenue in 2015?
While your desire to be an open book to your potential customers
is admirable, honesty is not always the best policy. Sorry, let us
rephrase that so that it doesn't sound so unethical: sometimes you
need to save the best for last. Or in Kenny's immortal words: "know
when to hold'em."
If Kenny's butchered lyrics haven't given the hack away already
then read on to find out just what we're on about.
Just Hack It:
- So, what's all this kafuffle about holdin 'em and hidin 'em,
and all that? And why are you taking revenue hacking advice from a
wannabe cowboy?
- Putting the cowboy thing aside for a moment, the gist of this
hack is that you save your best offer for when your visitor is just
about to leave your pricing page. That's what the "hold 'em &
hide 'em" is all about.
- The exact execution of this tactic involves using an exit
intent pop-up app to display a pricing discount message that
triggers based on a visitor's activity on your site.
- Some apps that can help you achieve this include: Rooster,
Optimonk, Sumo.me, OptinMonster, etc.
- For instance, you can set your app to only appear if your
visitor has been on the pricing page for a certain amount of time,
or if they abandoned their shopping cart mid-way through the
checkout process.
- The message can say something along the lines of: "Don't go
just yet! Here's a discount that you can apply immediately to get
25% off your first month's subscription." Or it can say anything
else you believe will get them to convert. Just don't grovel.
- To use a poker metaphor, not giving a discount up-front is the
equivalent of not playing your hand too early in the game. This, in
turn, saves precious revenue.
- As a final word of advice, we'll once again defer to the
eternal wisdom contained within the lyrics of 'The Gambler': ""If
you're gonna play the game, boy, ya gotta learn to play it
right."
- Now that you know how to play the revenue game right, go and
get your startup's poker-face on.
- You probably never thought that you'd be able to learn a growth
hack from a country song now did you?
Source or Inspiration:
http://sixteenventures.com/pricing-page-discount