How To Sell More With A Bonus Or Incentive
Everybody loves a bonus or incentive.
Just think back to the last 10 things you bought – anywhere.
What finally helped you make the decision to buy?
Were you ‘sucked in’ by the special offer, the free gift, the exclusive bonus?
Or after you bought it, did the ‘surprise’ free gift delight you, make you feel better about your purchase, view the vendor or business more favorably?
Then you’ve been a ‘victim’ of good ‘bonus marketing’!
I say ‘victim’ in the mildest sense of the word. Good ‘bonus marketing’ practiced by an expert can be the best thing that happened to you.
And by learning to practice it yourself on your own vict… er, customers, you will gain a competitive edge over
- people who don’t offer a bonus or incentive, or
- who don’t do it as well as you
Before you start using bonuses intelligently, you must first understand what makes them so special, attractive, convincing.
Like all other reports in this Business Optimization series, this one will go into depth and detail about using bonuses, incentives and gifts strategically in your business to gain customers, build loyalty and skyrocket profit.
This is information that will help you optimize your business and maximize your profit, quickly and easily. While the idea itself is simple and can be used to sell any product or service, it is incredibly effective and works brilliantly for almost everyone who uses it right.
So tune out all other distractions for the next ten minutes and concentrate on learning the trick of using a bonus to boost the perceived value of your offer and close more sales.
Your bottomline profit will thank you for it!
The secret to using a sign up bonus or other types of incentives is knowing what about the technique makes it special, and then implementing the concept effectively. In this free special report, I’m going to show you just that.
Incredible Incentives : Table of Contents
You’ll learn all about…
- WHAT Makes A ‘Bonus’ Powerful?
- WHAT Can You Use As A Bonus?
- WHERE To Offer Your Incentive Program?
- HOW To Deliver Your Bonus?
- PITFALLS & DANGERS With Bonus Marketing
- OTHER EMAIL MARKETING GUIDES – More From EzineMarketingCenter.com
Learning these lessons cost me 26 weeks in a private mentorship program with three top marketing experts – and a financial outlay of $5,000.00 in hard cash. You’re getting the distilled wisdom of this training… for free.
Please don’t let this fact make you underestimate the power and value of the information.
- Study the report.
- Apply the principles to your business.
- And enjoy the profitable result in a very short time.
Ready to begin? Let’s go…
What Is An Incentive – And What Makes A Bonus So Powerful?
The definition of an incentive or bonus is a gift or free add-on that you throw in when someone buys your regular offer – with the aim to enhance perceived value of your offer, and improve your sales conversion rate.
There are several subtle psychological ways in which a bonus or incentive acts on a prospective buyer, while being a cost-effective marketing tool for your business.
A Bonus May Carry High Perceived Value
If you buy a book for $19 – and get a $15 gift as a bonus – wouldn’t that delight you?
Of course, it would. But think about why it works.
Because, in your mind, you’re now getting $34 in value – but paying only $19 for it!
The value of the bonus lies in how your prospect perceives it. That’s why you need to sell the bonus just as hard as your main product. More about that later.
A Bonus Usually Has Low Creation Cost
Yes, you could go out and buy your clients a bonus that costs you $15 – and give it away as a gift. It would still be a worthwhile investment in terms of the loyalty you’d build with your audience.
However, the great thing about bonuses (or at least, the ones you’ll learn to offer when you’ve finished this report) is that they can be created or licensed or bought at a very small cost. You’ll learn all about creating or sourcing these bonuses soon.
A Bonus Will Complement or Supplement the Purchase
A great bonus builds on the product or service being purchased. It could:
- extend the usage
- enhance it
- guide consumption
- add an extra facet of utilization
As a result of having your bonus, the buyer should get an EXTRA benefit from the original purchase.
When that happens, you win BIG!
A Bonus Always Adds Value
Your bonus should always add value to the product. That gives the buyer extra value from his/her order.
And it goes further than perception – the buyer actually feels the extra benefit s/he derived from the primary purchase as a result of the bonus you threw in as a gift.
Will that make them go “Wow!” ?
You bet it will!
What Can You Use As A Bonus?
There are literally unlimited types of incentives you could use.
Here are some ideas – but this list is by no means complete. You’ll see… Just let your imagination run wild.
An excellent bonus to offer along with a purchase of any ‘hard’ (physical, tangible) goods is an information product.
It could be a guide to ‘educate’ the buyer about using it. For instance, a collection of recipes or a handbook of safe operation would be a great bonus to offer anyone who buys a microwave oven.
Or it could be an add-on report showing how to create a business, or enjoy a hobby, or experience a better life – while using the product s/he bought.
2. Audio Recordings:
If you’re selling anything in print – like a book, tutorial, guide or report – you could offer an audio version of it as a bonus.
Some people prefer learning by listening. Others need something to listen to as they drive to work or exercise. The mobile revolution offers an easy way to listen to digital audio – and if you throw in a recording of your information, it’s a nice bonus to complement their purchase.
Choose the right kind to give away, and you’ll blow your client’s socks off!
The right kind of software can be an excellent complement to anything – a book, a magazine, a training program, a course, a seminar, anything.
A skilled programmer can whip up a pretty neat program quickly – and inexpensively. Your buyers will adore you for throwing it in with the purchase.
These are the simplest kind of bonus – and really add value to the product or service being ordered.
If you’re selling anything that involves making a list (a list of things to buy, or things to do, or steps to follow, or any such thing), you could throw in checklists as a bonus.
Checklists aid consumption of your product or service – and add value to the client.
5. Related Products:
This is BIG.
- If you’re selling shoes, give away a pair of socks.
- If you’re selling a monthly membership to a gym, give away a body-building supplement.
- If you’re selling subscriptions to a financial magazine, give away a calculator.
Remember – the bonus should be related, and add to the expectations a buyer has from the initial purchase.
6. Blueprints and Ready-reckoners:
Many buyers – especially of ‘complex’ products – don’t have a clue about the best way to make use of what they bought.
- What’s the next thing to do?
- What long term strategy should they follow?
- How to go about it?
Without guidance, your customers won’t optimally use what they purchased. Worse, they may ask for a refund, if they can’t understand how to make it work, or feel that they’re getting enough value from it.
But see what happens when you give them a step-by-step blueprint of things to do.
Show them how they can quickly and easily measure the value they got from their order. Help them use what they bought – and they’ll come back for more.
7. Training Programs, Coaching and Seminars:
Another type of incentive scheme you can try is ongoing education about making the best use of your product.
A person who buys an ebook on setting up an online business will be delighted if you conduct ongoing coaching and train them on the various things to do.
Or a financial product buyer will benefit from attending an investment seminar with speakers who are experts on the subject.
8. Community Membership:
Ever wonder why big corporations have a ‘Club Membership’ for their customers?
It’s because people love to ‘belong’ to an elite group. They like having access to something ‘exclusive’. It makes them feel special. To feel good about themselves.
No prizes for guessing if they’ll be loyal to you for making them feel special!
Offer membership to a private club, or access to an discussion forum, online community or Facebook group that’s accessible only to your clients and members.
Create a community of buyers – and let everyone know about it.
Then watch sales soar, as people queue up to join the club!
9. Discount Coupons:
Nothing beats cash.
But if you make a ‘cash-back’ offer, your sales might grow but your profit actually drops.
A better way to offer cash-back is by a discount coupon… on their NEXT purchase!
Or if your product doesn’t have a ‘next purchase’, give a coupon on someone else’s product – and arrange a partnership deal to share in the profits resulting from this coupon redemption.
10. Free Upgrades and Updates:
This can be an excellent ‘zero cost’ bonus to sellers of software and info-products.
Buyers will get future updates or upgrades free – or at a discount on full price. This alone will boost your sales as some people don’t like the idea of paying for multiple upgrades – but will pay a higher upfront price if you offer updates as a bonus!
Where To Offer Your Incentive Program?
There is no single ‘best’ way to introduce your buyers to an incentive program – and the possibilities are endless.
You’ll get the best results from trying out different approaches, and then keeping the ones that work best.
Here are some ideas to get you going…
On The Sales Letter:
You could mention your incentive program right up front, along with the sales letter. That way, your buyers know exactly what they’re getting at the time they order.
During The Follow Up:
I hope you’re following up – and staying in touch – with your clients. (In case you’ve not yet read the Ezine Marketing Success report on Follow Up Email Marketing, be sure to check it out. It’s here: click now)
If you are using drip marketing to turbocharge your online selling, one of the best ways to delight your buyers after the initial purchase is to offer a free bonus – or three!
In The PRE-Sell Process:
If you send a sequence of sales pitches to prospects, you can mention your bonuses in each message.
This works to develop anticipation and steadily build up the value a potential buyer will receive by going through with the purchase.
The approach becomes even more powerful when you offer multiple bonuses. Each message in the sequence will mention one MORE added bonus – until the prospect feels this is such a great, valuable deal, s/he simply can’t afford to miss out on it!
How To Deliver Your Bonus Online?
You must always try to keep the cost of your bonuses to the minimum. This means not only do you have your bonuses created at the least expense, you must be able to get it into your buyers’ hands without breaking the bank!
There are several ways to deliver your bonus online or offline without too much of added cost.
The simplest way – and least expensive one – is to make your bonus available as a digital download.
This would work well if your bonus is an ebook, info-product or digital audio presentation. It may not work for physical products – or even if your audience is not Web-savvy and has trouble downloading a bonus (e.g. if you target a group that is technology averse).
Bundle With Product:
Another method to deliver your bonus online is to bundle it along with the product itself.
- If you offer an ebook for download off your website, you could include the digital files of your bonus within the same download file, or even incorporate the content in the same document as your ebook.
- If you’re shipping a book, include a CD with it.
- If you’re getting clients to visit your car wash, hand over the bonus gift when they come in.
Ship It Separately:
A last way to deliver your bonus is to ship it to the customer as a stand-alone package. This is more expensive than other approaches, so make sure you fully understand your costs and factor them into your calculations of profitability before you even run your promotion.
Bonus & Incentive Marketing : Words Of Caution!
Don’t Ever Take Bonuses For Granted!
You may think customers will be delighted just at the thought of getting something for free.
If you simply bundle your bonuses and throw them into the order, at best you’ll have a few buyers look at them and think “Oh, I got something for free”
At worst, you’ll hear COMPLAINTS – at being billed for something they never asked for! (You’ll have to work on telling them it’s free, and explain why it’s worth their time to use the bonus!)
How to get around this?
Educate your customer – and SELL your bonus.
I won’t go into much detail here about how to do this, though it will be part of a more comprehensive course on BUSINESS OPTIMIZATION that I plan to release soon. If you’d like to be notified about this program when it’s ready, please register to get my email newsletter here: click now
Essentially, educating your customer boils down to building the value a buyer perceives in your bonus.
- Tell them how good it is.
- Show how it will help them get additional value from their purchase.
- Say why others think it is great.
Then, after you’ve built up the value, tell them they can have it at no extra cost – just because they bought your other product.
That builds expectations, creates loyalty and satisfaction.
But of course, you’ve got to make sure that your bonus really delivers what you promise – or you could be in big trouble!
Some People Buy FOR The Bonus(es)
You never know what little thing will finally convince a hesitant buyer to go ahead and take the plunge.
Often, it is a bonus or incentive.
On many occasions I have bought a product because I really wanted the bonus that was on offer! I’m sure you have done this too.
So while your sales approach needs to focus on the primary product or service, you should also make sure the benefits of your bonus are featured – and even highlighted – to a prospect.
After all, it could well be the ‘deal maker’ in the end!
Don’t Go Overboard!
You’ve certainly seen those incredible hard-to-believe offers that go –
“Buy my $19 book today, and I’ll throw in $2,000 in bonuses”
And I guess tomorrow, you’ll be selling those $2,000 bonuses for a couple of grand – and folks will be falling over themselves to buy them!
Don’t make the mistake of thinking your prospects are senseless, greedy, grasping retards.
Sure, they may love the idea of getting their hands on a ton of freebies – but do you seriously think they’re going to value them at $2,000 – or even $200 – if you’re giving them away as a bonus for a $19 purchase?
The perception of value is individual.
Sure, a handful of prospects may really believe in the hype. But seriously, do you want to be viewed as the ‘Master of Hype and Exaggeration’?
It’s your choice, I guess.
But a more reasonable approach of throwing in a select collection of targeted, relevant, genuinely valuable bonuses will do a lot more to build your credibility and your reputation in the long term.
Hopefully, what you’ve learned about using a bonus or incentive program in boosting your sales will help you
- optimize your business,
- enhance your credibility,
- delight your customer, and
- seal your bond of loyalty with clients.
The key to getting the highest value from your bonus offer is to use the right one, offer it the right way, and showcase its value to a buyer in the right context. The psychology and process of doing this is beyond the scope of this overview – but I’ll dive deeper into it in a more detailed course that will be released soon.
If you’d like to be notified about this BUSINESS OPTIMIZATION PROGRAM when it launches, be sure to sign up to our newsletter mailing list.
I hope you found this report useful. Please let me know your thoughts about it. And please put the system to the test.
Test any one or two of these ideas on your existing sales process. Add a fresh bonus. Introduce an incentive program. Then track your sales over a month. Come back and report on your results. You’ll be surprised!
The concept of using incentives to grow your business might seem simple – but it’s really explosively powerful. Imagine how much more you will make if your bonus offers boost sales conversion by a mere 5% or 10% – at little added cost.
So, go on and try using bonuses to improve your sales right now.
OTHER BUSINESS OPTIMIZATION REPORTS
The Business Optimization Series is a steadily growing collection of informative, educational and inspirational writing that’s designed to help you build a successful online business and turn words into wealth.
Other special reports in this series include:
- INCREDIBLE INCENTIVES – The Fastest Way To Succeed With Mouthwatering Bonuses
- FOLLOW UP MARKETING – Leave Your Competition Eating Dust
- BLOGGING FOR PROFIT – 21 Non-Geeky Ways To Make More Money Blogging
- JOINT VENTURE SYNERGY – The Kick Ass Guide To Profitable JV Deal Making
- GET PHYSICAL – The Easy Way To Expand Your Online Marketing
- AUTOMATIC WEALTH – How To Get Repeat Sales From Existing Customers
- HOW TO CLOSE THE SALE – Powerful Ways To Take Away All The Risk
- BOOST CONVERSIONS – Explode Your Marketing Success Through Split Testing
- POWERFUL TESTIMONIALS – Sell More, Increase Revenue & Dominate Your Market
You can read them all right here on my blog..
Don’t miss any of the other 8 business optimization reports in this series. Sign up to our mailing list and get notified as soon as each one is published.