Consider launching a new product in a very competitive online survey sector.
You must be either insane or aware of the clever strategy that allowed the Fieldboom team to accomplish their goal without spending millions of dollars.
Additionally, they were able to attract their first paying clients before launching a product.
Here is how they accomplished this:
- Prior to developing a product, they sought to identify the weaknesses of its direct rivals.
- They made a basic Facebook advertisement.
- They restricted their marketing to SurveyMonkey, their main rival.
- The ad posed a straightforward query “Disappointed in SurveyMonkey? We’ll give you free lifetime access to Fieldboom when it launches if you take a moment to explain why.”
- The advertisement directed users to a brief online survey that included the following three questions: + Are you an existing SurveyMonkey customer? + What do you enjoy best and least about SurveyMonkey?
If you had a magic wand, which one thing would you change about it? Your first name, your email address, + Are you available to speak with us on the phone to discuss this further?
- In a matter of weeks, they managed to gather about 300 responses this way.
- The feedback made clear what their product should be: straightforward, with features that automate much of the laborious labour, a positive user experience, and clear pricing.
- Of those, 28 were interviewed. One crucial question was posed at the end of each of these discovery phone calls: Would you be ready to pay $200 up front for lifelong access to Fieldboom?
8 of the 28 participants replied yes. They all made payments a day after the call, too.
- They then ramped up this strategy to get their first 100 paying clients before the product launch.
The most important lesson: It means nothing to hear “Yes, I’d use your product.”
The most extreme type of product/market fit validation is “Shut up and take my money.”
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These abandoned cart email templates generate up to $23 per sent email and have open rates between 43% and 65%.
Framework used by THMotorsports: First email (10 minutes after abandonment): Open rate 69%; CTR 14%; Revenue $42,362; Second email (1 day later): Open rate 65%; CTR 15%; Revenue $11,802; Third email (3 days later): Open rate 43%; CTR 6%; Revenue $18,530.
Fourth [1 month]: 46% open rate, 3% click-through rate, and $4,714 in revenue
The strategy used by Legion Athletics (provide no discount in the first email and “10% off” in emails two and three) is as follows:
First [30 minutes]: 63% open rate, 10% click-through rate, and $26,495 in revenue
Second [1 day]: Open rate was 58%, CTR was 16%, and sales were $26,978.
Third [3 days]: 55% open rate, 17% click-through rate, and $29,589 in revenue
Framework for Peak Design (first email inquires about any problems with the checkout process; second email offers 5% off + free shipping):
Initial [2 hours] Revenue was $57,751 and the open rate was 65%.
Second [30 hours]: Open rate was 57%, CTR was 18%, and sales were $87,680 ($23 for each email sent).
Source: conversionxl.com