MOBE Ratings: Offer a Bonus to Encourage Prospects to Upgrade
MOBE Ratings: The internet marketing niche is a very competitive industry, and you will need to have something different to stand out and have an advantage over your competition. One of the greatest ways is to incentivize your prospects with a bonus they will get for buying from you.
But how do you go about offering that bonus without it seeming like a bribe, and how can you guarantee that you are not making a loss with prospects that are not going to buy?
Know Your Client’s Worth To You
Before you offer a prospect a bonus, evaluate their lifetime worth to you. Have a rough estimate of how much they will spend on your business in their lifetime as a customer. This will help you deduce how much you can spend to acquire that customer. You don’t want to be spending a lot of money on a customer that is only going to spend a small amount of money, sometime even less than what you paid to acquire them.
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Give Value, But Maintain Your Margins
The foremost and important thing when offering a bonus is value. Make sure what you are offering to your prospects is something of value that can benefit them in their business. Learn to differentiate between ‘valuable’ and ‘expensive’. Just because something you are offering is high priced doesn’t necessarily make it valuable. Also, some bonuses give value, but are outside the limits or what you can, or are willing to spend. For example, a laptop is a high priced item that will be costly to offer for prospects to sign up. Instead, you can offer a valuable bonus that cost less, for example, a free coaching session with you.
Give The Bonus After A Sale
MOBE Ratings: Never send a bonus before the prospect makes the actual sale. You promised the bonus as a reward for purchasing with you, and it should stay that way, otherwise you are setting yourself up for a possible loss. This is especially true for physical products like laptops, mobile devices, etc.
Offering a bonus is a smart way of giving your prospects that extra push they need to make their purchase decision. Be careful when offering the bonus, to make sure you do not lose money acquiring a customer who will not bring you much profit.