Irresistible Offers Make or break your business.
Your offer plays important role in the success of your business. To get more ROI for your business–” Offer” plays a vital role.
Bad offer = bad product
Bad product= bad marketing
Bad marketing = fewer sales
Bad sales = No revenue
Good offer = Good product
Good product = Good marketing
Good marketing = more sales
More sales = high revenue
There are 2 ways to build offers for your business
1. Transformational Offer
2. Grand slam offer
Let’s discuss these in detail:
- Transformational Offer: It is one of the most straightforward irrestible offers you can create yet complicated to execute it.
To create a transformational offer you need to have deep knowledge about your business– like your USP, Your target marketing, etc.
Creating a transformational offer
To create this offer you should take your customer/user from the current state to the desired state by your product/service.
Their current state is struggling state. They need your guidance so they can thrive and go to their desired state.
Digital Depak is a digital marketing expert in Asia. He has a coaching program where he teaches digital marketing.
His offer is to take learners from the current state which is (they don’t have much knowledge about digital marketing) to desired state which is (they learn digital marketing practically with projects).
When his learners reach the desired state they have all the skills like their own website, social media profiles, paid ads experience, and articles.
In the end, they are transformed by taking his course.
So, here the main ingredient is your customer/user transformation in the desired state.
- Grand slam offer: It is the offer you create so well–people feel stupid saying no.
Grand slam offer is the method founded by Alex Hormozi (Founder of Acquisition).
This offer helps you get more customers, getting them to pay more, and getting them to do so more times.
Value-driven vs price driven purchases
In business, you should have value-driven product/services which means there is no comparison with a competitor.
If your product/service is a commodity then it will be a price-driven purchase to customers. They will see competitors product/service–they will buy which has less cost. It is a race to the bottom.
Pricing: Charge what’s worth
Keep prices as high as possible for your products/service in your business.
When you keep your price high–you bring more results for your customers and also it increases your profit.
When Alex Hormozi was consulting for his business “Gym Launch”, other businesses were charging $500 (low) $5000 (high) per month, whereas Alex charged $16,000 per month for a 16-week service. That’s three times more priced than the highest competitor.
Charging high will give your business the freedom to grow, hire good people and scale your business.
VIRTUOUS VS VICIOUS CYCLE
Check virtuous cycle
|Decrease||Revenue for fulfillment||Increase|
Check vicious cycle
|Decrease||Sales team conviction||Increase|
I hope you are in the last category because for this is who I am writing this for so you can implement this in your business.
Make sure you provide a lot of value for your customers. If you charge 1x–give them 10x of value.
Suggested article: How to Create Google Ads: Step-by-Step
Creation of Grand Slam offer
To create a grand slam offer you need to work on these 7 steps:
- Identify Dream outcome
- Problems and solutions
- Time delay
- Decrease effort and sacrifice
Let’s take a deep dive into these steps
Step 1: Identify Dream outcome
“Many companies have forgotten they sell to actual people. Humans care about the entire experience, not just the marketing or sales or service. To really win in the modern age, you must solve for humans.”
— Dharmesh Shah, CTO & Co-Founder, HubSpot
Dream outcome is the expression of the feelings prospects/customers have envisioned in their minds. It is the gap between their current state and their dreams.
Identify what Your target market needs by talking to them and doing competitor research.
I know a friend of mine who is a fitness coach. He offers a training program where he coaches his clients to lose weight and build body.
His dream outcome for his clients is “lose 30lbs in 7 weeks”. Big dream outcome loses 30 lbs with a decreased time delay of 7 weeks.
Another example: You can offer marketing services to businesses. Your offer could be “Get 10 dental implants patients in 30 days”. Dream outcome with decreased time delay is an amazing offer to dentists.
Step 2: Problems and solutions
“Strive not to be a success, but rather to be of value.”
— Albert Einstein
- List problems:
Here you list all the problems of your customers and provide solutions for that problems.
List out all the problems and their limited belief around them. When listing problems think of what happens immediately after your customers uses your product/service. What’s thre next thing they need help with? Think of problems in extreme detail. If you do, you will create a valuable offer as you will be answering people’s next problems as it comes.
- I cannot do market research
- 2. I don’t know to run an advertisement
- I cannot write content
- I cannot make sales calls
2. Solutions list:
Now that you have a dream outcome, all the obstacles in people’s life–it’s time to make solutions list.
We are going to transform all the problems into solutions.
- I cannot do market research→ How to do market research in 30 minutes
- I don’t know to run advertisement→ How to run quality ads to get customers
- I cannot write content→ How to write engaging content that gets shares in 10 minutes
- I cannot make sales calls→ How to make sales call and close the deal
Step 3: Time delay
“Decisions are driven by deadlines.”
Time delay means how fast you can provide the product/service to your customers.
If your customers get your product/service instantly after they buy your offer, it is valuable and essential.
Example for fitness coach: “Loose 30 lbs in 30 days” is extremely valuable offer since they get to fat loss and build body in 30 days.
Example for marketing agency: “Get 10 real estate buyers in 20 days” is an amazing offer to clients as they get buyers in 30 days–which means they can earn more money.
Step 4: Decrease effort and sacrifice
Customers should not feel a burdened to do the work. Your product/service should decrease their efforts and sacrifice in their business.
Car travel effort and sacrifice:
- Full petrol in the car
- Horrible traffic jam
- Sit hours in driving
- Wash the car if it’s dirty
- Tyre puncher problem
Flight effort and sacrifice:
- Travel to destination in minutes or hours
- Free food on the flight
- Luxury of experience
Massive difference, right?
Decreasing the effort and sacrifice or at least the perception of effort and sacrifice can boost the appeal of your offer to customers.
Basically, the prospect would want to simply say “yes” to your product or service and get the dream outcome without much sacrifice and effort.
Step 5: Scarcity
“Only 1 seat remaining.”
Scarcity is least understood and most powerful strategy to unlock sales and unlimited pricing power.
The reason celebrity (Salman Khan) and authority (Doctor) charge more is because of implied demand. People assume there is a lot of demand for their time, and, therefore not a big supply of it. As a result, it must be expensive.
Two types of scarcity
- Limited Supply of products/Seats/Slots: in general or over X period of time.
Agency clients, limited seats/ only 2 remaining,
Having scarcity is tried and tested method to use for your business and to your advantage.
Example: 1 slot is remaining out of 9 in my agency. If you are looking for a agency this is right time. If you don’t act now–you have to wait for a month.
2. Never available again.
This scarcity principle is used if you sell only a limited number of products/services.
Example: Only 2 slots are available for the coaching program.
Step 7: Bonuses
Bonuses are the extra value you provide for customers when they purchase your products/services.
When creating bonuses– single bonuses is less valuable than the same offer broken into its multiple components and stacked as bonuses.
Bonuses are meant to more effective the product/service itself. When customers purchase your product/service–provide 10x value for the amount they pay.
Example: My Mentor Digital Deepak is a Digital Marketing Expert.
He sells his coaching program for learners. Where he teaches all aspects of digital marketing.
He offers bonuses for learners, such as: Free WordPress theme, Free weekly live meetup and cashback for who completes the assignment.
His bonuses were 10x value to the learners and strive for the transformation of the users.
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