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Implementing profitable special offers.

Implementing profitable special offers.

Why you should be running special offers and how to successfully do it.

Sometimes it seems like if you are running a special offer, you are desperate. Looking desperate in the eyes of customers or competitors is not a good thing. So how do you give your clients a great deal, grow your income and still look like the top player in your industry?

“…running a great offer means that I have the opportunity to grow my brand, create awareness about my product/service and get people into my door.”

A few times in my life I’ve heard company owners saying things like “The profit margin on a special offer is too small. It’s not worth it” or “With specials, we are just losing money.” Thinking like this means that you are missing the point of running a great jaw-dropping special offer.

To me, running a great offer means that I have the opportunity to grow my brand, create awareness about my product/service and get people into my door. Is this not fundamentally what we need in order to expand our businesses?

Don’t just run a special for the sake of giving a discount with the hopes of making a few sales. Think about what you want to achieve. There needs to be meaning behind what you are doing.

 

Ask yourself the following few questions before you decide on your offer:

1. Who am I trying to sell to? Who is that ideal person that I want to spend money with me?

2. What problem does he have that I can try and solve?

3. What product or service can I offer to solve that problem? (And then only do you decide WHAT you will have a special on)

4. What kind of a deal or discount can I offer with this product or service?

5. (and the last step that a lot of people miss) What other product or service can I provide to “supplement/complement” the first one? – See this as your opportunity to make up for the discount you give with your initial offer.

 

Structuring the different offers you have in a logical way to progress a customer to a bigger better product/solution is called a value ladder.

 

To assist you in understanding who your ideal client is that you are trying to sell to, we have a worksheet that you can download that will guide you through this process.

Download Avatar Worksheet

To assist you in understanding and creating your own value ladder, we have a mini-course to help you get started.

Create Your Value Ladder Here

We as humans are weird when it comes to buying things. We buy for emotional reasons.

Think about this: when you add something into a shopping cart that you want to purchase from a website, do you immediately press the “Pay Now” button? No, not always. You first take a beat to think about it. “Do I need this? Can I afford it?” Whatever your question is, the point is that there is almost always a question that makes you hesitate, even if it’s just for a second. There is always some emotion involved whether it’s excitement, happiness, doubt or whatever, there is something.

Your special offer needs to address that emotion. You need to get your prospect to understand that “It’s ok, you can continue with your purchase. You are making a good choice.”

After almost every sale, we then search for the answer to the question “Did I just waste my money or was this a good choice?” You as the person running the special offer needs to address this question as soon as possible. How? By sharing the solution, advantage or benefit of the purchase your customer just made. Offer a second product/service that compliments his first purchase. Make them feel like they made the best decision ever. If you can successfully achieve that, they will come back again and again and again, just because you make them feel good.

When you can offer a second product/service or if you can get that customer to return, that is when you start getting profitable.

“If you can make the emotional connection, you can make the sale, and get them to return.”

Always remember that if you can add value to the question of why they need to spend money with you, you will have a successful campaign. And as I mentioned before, the added benefit of your product/service or the solution it offers is much more important than the product or service itself. If you can make the emotional connection, you can make the sale, and get them to return.

 

 

Why you should be running special offers and how to successfully do it.

Sometimes it seems like if you are running a special offer, you are desperate. Looking desperate in the eyes of customers or competitors is not a good thing. So how do you give your clients a great deal, grow your income and still look like the top player in your industry?

“…running a great offer means that I have the opportunity to grow my brand, create awareness about my product/service and get people into my door.”

A few times in my life I’ve heard company owners saying things like “The profit margin on a special offer is too small. It’s not worth it” or “With specials, we are just losing money.” Thinking like this means that you are missing the point of running a great jaw-dropping special offer.

To me, running a great offer means that I have the opportunity to grow my brand, create awareness about my product/service and get people into my door. Is this not fundamentally what we need to expand our businesses?

Don’t just run a special for the sake of giving a discount with the hopes of making a few sales. Think about what you want to achieve. There needs to be meaning behind what you are doing.
Ask yourself the following few questions before you decide on your offer:
1. Who am I trying to sell to? Who is that ideal person that I want to spend money with me?
2. What problem does he have that I can try and solve?
3. What product or service can I offer to solve that problem? (And then only do you decide WHAT you will have a special on)
4. What kind of a deal or discount can I offer with this product or service?
5. (and the last step that a lot of people miss) What other product or service can I provide to “supplement/complement” the first one? – See this as your opportunity to make up for the discount you give with your initial offer.

We as humans are weird when it comes to buying things. We buy for emotional reasons. Think about this: when you add something into a shopping cart that you want to purchase from a website, do you immediately press the “Pay Now” button? No, not always. You first take a beat to think about it. “Do I need this? Can I afford it?” Whatever your question is, the point is that there is almost always a question that makes you hesitate, even if it’s just for a second. There is always some emotion involved whether it’s excitement, happiness, doubt or whatever, there is something.

Your special offer needs to address that emotion. You need to get your prospect to understand that “It’s ok, you can continue with your purchase. You are making a good choice.”

After almost every sale, we then search for the answer to the question “Did I just waste my money or was this a good choice?” You as the person running the special offer needs to address this question as soon as possible. How? By sharing the solution, advantage or benefit of the purchase your customer just made. Offer a second product/service that compliments his first purchase. Make them feel like they made the best decision ever. If you can successfully achieve that, they will come back again and again and again, just because you make them feel good.

When you can offer a second product/service or if you can get that customer to return, that is when you start getting profitable.

“If you can make the emotional connection, you can make the sale, and get them to return.”

Always remember that if you can add value to the question of why they need to spend money with you, you will have a successful campaign. And as I mentioned before, the added benefit of your product/service or the solution it offers is much more important that the product or service itself. If you can make the emotional connection, you can make the sale, and get them to return.

In the next Blog:
We will look at why people spend money on your product/service, and why not. What makes you stand out from your competitors.

What gets someone to spend money on your business?

What gets someone to spend money on your business?

Why people spend money on your product/service, and why not.

  With businesses popping up everywhere it becomes more difficult, day by day, to get, and retain new clients. I can not give you a solution to this problem but, I can share with you my experience and what I see happening in other businesses.

“We buy for emotional reasons. It might not just be that we are emotional about the product we want to buy, but we have emotions towards the buying process.”

The fact that it is so easy for anyone to start a company means that your competition is getting bigger. This causes very competitive prices, and a result of that is smaller profit margins for you. Getting around this can be tricky because you do not want to drop your prices so far that you go bankrupt, but you also do not want to scare away customers with high prices. How do you approach this? An interesting thing about a potential buyer is that they will always shop around for the lowest price. But for some reason, a lot of people opt for the best quality and not the lowest price. This tells me that even though we want the “cheapest”, we can always be convinced for the “best.” That can work to your advantage. The “best” does not necessarily mean the best product. In this case, it means the best service. I’ve found that if I get excellent service from someone, I would instead buy their more expensive product than purchasing the same item from a rude, unfriendly person. This now circles back to what I touched on in an earlier article, emotions. We buy for emotional reasons. It might not just be that we are emotional about the product we want to buy, but we have emotions towards the buying process. I guess by now you figured out where I’m going with this: Be nice. Customers, especially new ones, do appreciate friendliness. Even though you might be going through a bad time does not mean you should not be friendly and kind towards your customers. What will get someone to buy your product or service instead of your competitors’ even though you are more expensive? In my opinion: 1. Make an Emotional connection to your prospect. They need to feel happy about where they are and the decisions they are about to make. 2. Give immaculate service. Know your product like you were the designer and developer. Remember that your prospect does not necessarily know your product so educate them on why they need it. 3. Make your prospect feel like he is the only one. We all know that we are not, but we would like to think so. Be mindful about distractions when you are dealing with your prospect/client. They want your full attention, and you need to give it if you’re going to make the sale.

“The “best” does not necessarily mean the best product. In this case, it means the best service.”

Having better, faster and friendlier service than your competitors, I think, will put you in the “I want to just deal with you” category. As soon as you can achieve that, your business will explode just by word of mouth and referrals. I would love to hear your opinion on this. Get in touch with me or leave a comment. 

 

 

Why people spend money on your product/service, and why not.

With businesses popping up everywhere it becomes more difficult, day by day, to get, and retain new clients. I can not give you a solution to this problem but, I can share with you my experience and what I see happening in other businesses.

“We buy for emotional reasons. It might not just be that we are emotional about the product we want to buy, but we have emotions towards the buying process.”

The fact that it is so easy for anyone to start a company means that your competition is getting bigger. This causes very competitive prices, and a result of that is smaller profit margins for you. Getting around this can be tricky because you do not want to drop your prices so far that you go bankrupt, but you also do not want to scare away customers with high prices. How do you approach this?

An interesting thing about a potential buyer is that they will always shop around for the lowest price. But for some reason, a lot of people opt for the best quality and not the lowest price. This tells me that even though we want the “cheapest”, we can always be convinced for the “best.” That can work to your advantage.

The “best” does not necessarily mean the best product. In this case, it means the best service.

I’ve found that if I get excellent service from someone, I would instead buy their more expensive product than purchasing the same item from a rude, unfriendly person. This now circles back to what I touched on in an earlier article, emotions.

We buy for emotional reasons. It might not just be that we are emotional about the product we want to buy, but we have emotions towards the buying process.

I guess by now you figured out where I’m going with this: Be nice.
Customers, especially new ones, do appreciate friendliness. Even though you might be going through a bad time does not mean you should not be friendly and kind towards your customers.

What will get someone to buy your product or service instead of your competitors’ even though you are more expensive?
In my opinion:
1. Make an Emotional connection to your prospect. They need to feel happy about where they are and the decisions they are about to make.
2. Give immaculate service. Know your product like you were the designer and developer. Remember that your prospect does not necessarily know your product so educate them on why they need it.
3. Make your prospect feel like he is the only one. We all know that we are not, but we would like to think so. Be mindful about distractions when you are dealing with your prospect/client. They want your full attention, and you need to give it if you’re going to make the sale.

“The “best” does not necessarily mean the best product. In this case, it means the best service.”

Having better, faster and friendlier service than your competitors, I think, will put you in the “I want to just deal with you” category. As soon as you can achieve that, your business will explode just by word of mouth and referrals.

I would love to hear your opinion on this. Get in touch with me or leave a comment.

In the next Blog:
If someone does not trust in your brand, they will not support you. Next time we will be looking at how to get people to believe in your product or service so that they can get to the point of “shopping without thinking.”

Getting (and keeping) customers to return.

Getting (and keeping) customers to return.

How to get a customer to return and to become a regular repeat customer.

The ideal customer is the person who not only buy one time from you but returns for another purchase. The idea is to get a repeat sale again and again. Ongoing income should be one of your main goals in your business.

“Ongoing income should be one of your main goals in your business.”

Some of the biggest challenges that some companies face is the fact they think that a customer can only buy from them once. If it is the case, then you might need to make some changes in your business.

Another challenge you might face is that for some reason your customers are not motivated enough to return to you. In this case, you might need to rethink your products or the services you offer.

And the last point is that you might not be 100% sure if your customers are satisfied with your product or service. Is it good enough so that they would want to return?

Let’s break this down a bit…

 

MY PRODUCT IS A “ONCE-OFF” BUY.
I spent some time thinking about instances where this might be true, but I can not find something that fits this statement 100%. Almost every type of business I thought of has the opportunity for multiple sales.

Let’s look at a few examples (and solutions):
1 – Wedding Venues: A couple only gets married once (we hope). Yes, that is true, but there are ways to get a return client. Become part of that couples life journey. Do not just focus on their wedding. Start from their engagement. Offer a space for the engagement party and engagement photoshoot. Then the wedding. After that the first anniversary. Birthday parties and other special occasions. Think of anything that you can offer a new couple for the rest of their life. If they like your venue, they will return.

2 – Photographers: The same as with the wedding venues. Become part of their lives. Become friend and partner. They must refer to you as “OUR Photographer” NOT “THE photographer we used at our wedding”.

3 – Jewellers: Don’t just make or sell a ring to someone. Think of how you can build a relationship with your customers. You must know your customers by name (and they must know yours). A customer should be able to “pop-in” at your shop once a month for a quick coffee and, and while she enjoys her coffee, you can quickly clean and service her jewellery.

The list goes on, but the point I want to make is that you need to build a relationship with your customers. Become a part of their journey. Become part of their life.

 

MOTIVATION FOR A CUSTOMER TO RETURN.
You need some motivation, especially at the beginning of a relationship, for a person to return to you and support you again. They don’t know you or trust you yet, so find some incentive for them to consider you a second time. It can be in a range of forms from discount offers, or specials to gift vouchers, coupons or anything that might seem like an attractive deal to them.

Always ask yourself the question: “Why would I return to support myself?” Put yourself in their shoes, and it should become clear as to what you can use as your incentive or motivation.

 

ARE THEY SATISFIED WITH ME OR MY PRODUCTS?
The ultimate goal would be that your product or service is so outstanding that a customer will send you a letter or give you a call to compliment you. When you are receiving compliments or good reviews without asking, it means that you’re are on the right track.

If you do not get that, it might mean that you might have to start looking at your quality of service, or your products.

A great way to find out is to run a survey. Get customers to give their feedback in the form of a questionnaire, reply to an email you sent with a few questions, reply on an sms, comments on Facebook etc.

Think of a way that you can ask your customers (or potential customers) what they like and what they want. According to that, you will be able to determine what changes you need to make.

The key here is to keep it short. One or two questions. Do not spam your customers because that might also drive them away.

“…you need to build a relationship with your customers. Become a part of their journey. Become part of their life.”

In summary, what do you need to consider to get return clients?
1 – Do I have something I can offer them for the rest of their lives?
2 – What offer, solution or benefit do I have to get them to return, and that will improve their lives?
3 – Is my product or service quality good enough for them to want to return?

 

 

 

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