Why does your marketing NOT include an Irresistible Offer?
I apologise if that offends you, but the problem is that I see them so rarely, whether in print, email or online.
Ask yourself when you last saw one, that was so good you had to sign-up and buy?
And if it was so good, what was it that made it so enticing, so irresistible?
Was it price or scarcity that attracted you?
Be honest, you all love a bargain or one of the “only 25, 24, 23 left”, but there has to be more doesn’t there?
You want to optimise your leads and sales; you want to generate an avalanche of sales and sustainable business growth. From my earlier articles, you may have clarified your Target Market, created your clear, unambiguous and rare Differentiator (USP) and developed some really creative Headlines. All that effort will not be optimised, if you have not created that Irresistible Offer.
So how do you do it?
As my headline states, there are 5 simple steps:
1. Understand your Lifetime Customer Value (LCV):
a. For how long does your average new customer or client purchase your product(s) or service(s)? For example - 5 years
b. How much do they spend with you each year? For example - £1000
c. What is your gross profit per year on this average purchase? For example - 30%
d. What is the cost of acquiring each new customer? For example - £500 (10% of the lifetime spend)
e. In this simplified example, your LCV is (5x1000x30%) - £500 = £1000
f. So, you can spend more of your LCV to acquire each new customer, and your competition won’t know what has hit them!
2. Generate leads by offering some “soft” offers, without a sales offer
There are many different types of soft offer – special reports, brochures, newsletters, coupons, e-books, videos and webinars - but as described they are not irresistible! To make them so, you must:
a. Tailor them to your target market(s), ensuring they offer real value – solving problems, teaching new techniques, revealing opportunities – it is important that you are seen to be giving real value, not a sales pitch!
b. Tell your target market(s) very clearly, why these offers are so valuable, so they will want to accept your offer and willingly give you their details, call you, or return your coupon
3. Create “hard” offers which convert their interest into a personal interaction, even if “no-cost”
a. Proven “hard” offers include free trial, no obligation call or meeting; but again, they are not irresistible. They need to appear unique from your competitors’ hard offers by giving them a unique name such as Discovery Call, Best-fit call, Matchmaking Meeting etc! Include information or benefits that distinguish you from the competition even if they do not become a client and you could even add no-cost bonuses
b. The most well-know of this type of offer is the loss-leader, to which we are all exposed every day in super-markets, or the “Buy 1, get 1 free” (or BOGOF), or the introductory Club offers for books, wine, plants and flowers and so on
4. Stimulate acceptance of your offer by creating:
a. A deadline (must end this month)
b. Limited availability (only 25/50/100 available)
c. Bonuses only available today (even I have succumbed to those)
d. Price increase in 3 days’ time – great success if you can demonstrate that you have done this before
5. Communicate your offer in all your lead generation and conversion materials, whether online or offline
The Irresistible Offer Formula
While the concept of an irresistible offer is rather simple and certainly not revolutionary, many businesses fail to capitalise on them or use them astutely. Luckily for SME owners though, there is a proven formula for generating and promoting an irresistible offer:
(D + S + C) = IO
(Desire + Stimulator + Communicate) = Irresistible Offer
I have been helping businesses develop for over four decades now, and have been able to teach business owners how to effectively create and communicate an irresistible offer. Irresistible offers are part of the 9 Core Elements which make up a thorough and proven method of developing a business. These 9 Core Elements and their implementation will be discussed at length in the maxpotenti Growth Club, an initiative which helps to support and grow SMEs. If you are interested in finding out more about how to become a member, click here.