Finding it hard to create an offer for your customers that benefits your brand?
In this article, we break down how to develop a special offer that’s both valuable to your customers and profitable to your business. You’ll gain insight into the many types of offers you can give customers, the reasons why customers make purchases, and how to make an irresistible offer by leveraging your target market’s desires and dissatisfactions.
Techniques for Making Offers for Customers
- Bundle or stack – Customers get multiple products/services for a small discount
- Layered offers
- Value-adds
- BOGO (Buy One, Get One)
- Preferential treatment (exclusivity/urgency)
- Risk reversal – reduce friction in a transaction
- Discount correctly – think, what’s in it for you?
- Higher perceived value (Veblen effect & anchoring)
- Plus many more…
What is an offer?
Most entrepreneurs may think of drastic discounts, like coupons or flash sales, but a truly effective offer is about adding value to the customer…
NOT discounting. An offer should address the main reasons your customers buy, while giving customers a reason to either purchase from you or come back again for more.
Reasons customers buy:
- Confidence – Focus on your role as a thought leader and an authority. Make sure you have a good reputation. Who do you trust to solve your problems
- Customer service – Identify what is core and deliver that 100%. Do less better.
- Quality – Think benefits rather than features. They buy benefits, you sell beneficial features. Remember to provide consistent quality.
- Range or Selection – Give them the choice they want and need. Don’t give them too many choices.
- Price – In tough times, customers seek value for money.
Reasons customers buy:
Having a budget is not being price-focused. And what’s important to understand is that in uncertain times, people are often less price-focused because they’re focus is on seeking reassurances and trustworthiness.
Challenge:
Think about how price-focused your customers are and how that relates to the five reasons customers buy.
How do you make an offer irresistible?
The great sales paradox:
We hate being sold to BUT we love to buy things.
The answer to this paradox lies in understanding that there’s a psychology to selling… and there’s even a formula for it for all those math lovers!
(D x V) + FS > R = £
D = Degree of dissatisfaction (with your current state)
V = Vision (for the future)
(DxV) Combined = Desire
FS = First Steps
R= Resistance
The point is… it doesn’t matter how good you are if there is no desire, so you first need to identify or create your customer’s desire or degree of dissatisfaction with something. Then, you can develop an offer based on that desire or dissatisfaction.
How do you create desire in your customers?
Think about what your customers want to achieve emotionally. What do they want to feel after taking advantage of your special offer? Customers won’t remember what you did for them as much as how you made them feel, so consider that when developing your offer.
Offers are often confusing and send mixed messages, or are too complicated to redeem. You need to know your customer and then speak directly to them. And don’t make it too difficult for them to receive the benefits of their offer or else they may end up feeling discouraged from interacting with your business again.
Challenge:
What do your customers want and how can you give it to them?
Has this article got you thinking about your business and how you want to grab the reins and drive it forward but you struggle to find the time or feel that you lack the skills or knowledge to do so?
Are you looking at your screen wondering how or if Good2Great could possibly help you to build a better future for you and your company?
If so, why not check out free ways to learn more either in the fun but growth focussed ‘Friday Hub Zoom Room‘ or let’s meet and chat about your business – it’s our passion after all! Just click this link, it will show you availability in my calendar – just grab a slot that suits you and it will automatically set up and schedule a Zoom meeting and send all the necessary invitations to calendars and email… https://bit.ly/meetingwithjohnny
OR – perhaps you’re still at the start of your business journey – check out Business Start Up Masterclasses
