In the last article we discussed that the creation of a compelling offer will increase your conversions effortlessly and put a lot more money into your business. We also discussed that this article would discuss the top three methods and how to implement them. Click here to see the archived newsletters.

 

THE FIRST ARE WHAT WE CALL INTERNAL COMPELLING INCENTIVES. These are incentives based on something you provide. If your marginal profit on the bonus item you offer is 50%, then the perceived value of that offer is double your actual cost. THERE ARE FIVE WAYS YOU CAN OFFER INTERNAL COMPELLING INCENTIVES. The first involves additional services. This is an incentive based on an extra service that the customer would normally expect to pay for but which you offer to provide for free. This incentive is especially effective if you or your staff has available time. This actually makes this incentive cost free to you. For example, a consultant could offer a complimentary two-hour business makeover.

 

A dry cleaner could offer free pickup and delivery. A dentist might offer free teeth whitening with a checkup. A contractor could offer an additional 2 hours of handyman labor for every paid project. A bike shop could offer free assembly during slow hours.

 

Obviously, it depends on the type of business you have that will determine which of these internal compelling incentives will be best for you. You may need to limit the days the offer applies to, limit the number of recipients that can receive the incentive, place a maximum cap on the number of hours per month that are available and so on.

 

The second way you can offer internal compelling incentives is an offer for free or discounted products. If you have high margin items that complement the prospects purchase, then you can offer these for free or at your cost as a huge enticement when buying the primary product or service. For example, free batteries with the purchase of a child’s toy. Free lawn aeration with every landscape maintenance agreement. A free flu shot with your office visit to your doctor. A free oil change with every tune up or five years of free maintenance with the purchase of a new car.

 

The third way you can offer internal compelling incentives is a free trial of a complimentary product or service. If you have a business in which you can entice your customers to purchase additional items or services from you, then providing a bonus or gift such as a free trial or sample is a powerful way to expand their purchase pattern. This works exceptionally well when the lifetime value of that customer is great.

 

When you implement the above strategies, what will it add to your bottom line?

 

 

 

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If you are a business owner who wants to build a seven-figure business without spending an arm and a leg check out The Academy of Creative Marketing

 

 

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