Posted by As you’ll know …. because I keep telling you …. in joint venture marketing it’s not enough to have a good offer. You need a GREAT OFFER. Why? because great offers are much more profitable.
Don’t think you have to spend a lot of time and money to achieve this. There are some very quick, simple and cheap (some cost absolutely nothing) ways to turn your offer into a great, profitable offer. In this article, I’ll tell you what they are:
Use A Time Limited Offer
This makes your prospects take action immediately. When people see that they are getting a special deal for a limited time only a higher percentage will take advantage of the deal. That’s marketing fact. But the secret here is to make it real. Stick to your guns and charge the usual price afterwards.
Offer Freebies
Freebies are always a good way to increase sales – both from a ‘normal’ product offer and an endorsement offer. And providing a freebie just for your endorser’s clients is a great way to seal the JV deal.
The easiest freebies to add to your offer are information products. E-books are great because they cost you little and are immediate too.
One thing: Whatever freebies you offer be sure to put a realistic cash value on them – £29.95 or £50 or whatever – and push that free money value in your offer.
Have A Longer Guarantee
Too-short guarantees, like seven days etc., only create extra buyer resistance. Most people realise it’s very little time to decide if they like a product or not. And customers are easily sold when they don’t have to take an immediate decision, or have a chance to try something out.
So soften that resistance by offering a longer guarantee. Not only is the customer more likely to buy, but it will make your offer stand out from competing ones too!
How long should a long guarantee be? Only you can decide for sure. I’ve seen 28, 30, 45, 60, 90 and even 120 days and 1 year offered. Try experimenting to see which produces the best net sales. (Also bear in mind these type of guarantee’s may have an affect on how your credit card processor handles your merchant account – check what they are happy with too.)
Offer Individual Support
Providing a support service makes customers feel important and can help swing the sale. And it doesn’t necessarily involve a lot of hassle. By making use of modern technology such as e-mail (or maybe setting up a forum) providing support can be easy and inexpensive. In actual fact, only about 10% of buyers will make use of the support. (But it’s a great way of developing that all-important relationship with those who do.)
Run A Competition
Promotional competitions are a tried and trusted way of making your offer more appealing. But many marketers don’t get the basics right. For success, make sure the contest and prize is closely related to your product. And sell the benefits of the prize just as extensively as the product itself.
Obviously more impressive prizes pull better. For example, a free one-to-one or telephone coaching session with you or the product creator. But even simple promotional competitions are better than nothing. For example, discounts off your next product or free ads. in your e-zine.
Use A With-Profits Guarantee
A with-profits guarantee means that the customer still gets something even if they decide your product isn’t for them. Here’s the easiest way to do this: Offer a free bonus with your product and allow the customer to keep it even if they claim a refund on the main product. (If that free bonus is a download it actually costs you nothing!)
Sure, you will attract a few freebie hunters with this sort of deal. But, generally, your net sales will be much higher. And you generate valuable goodwill too.
Offer Installment Terms
If you sell a higher priced product offering installment terms can double or triple your sales. For example, if you sell a £199 product allow your customers to pay in two or three monthly installments. As well as making it easier to pay this reduces buyer resistance to spending such a large sum in one go. It also tempts those buyers who can afford to shell out the whole lump sum with a ‘taster’ before they take splash out the whole amount.
Use Delayed Action Payment Methods
Lots of businesses have become extremely successful by offering delayed action payment methods. In this case, take a credit card number, take a cheque or get a standing order form filled in but don’t actually process them for a set number of days.
This method works great if you have a membership site with a regular subscription. It removes the risk to the customer and allows them to ‘try before they buy’. Yes, a few might try and then not buy but once again, generally, you will be the winner.
Celebrate !
Using offers is all well and good. But experience proves that if you have a REASON for making a special offer it will always produce better results.
So have a reason for offering a special deal. Is it a new product offer?Holidayoffer? Summer/winter deal? Your first anniversary in business? A clearance sale? A loyal customer offer? Keep trying to think of new and interesting things. That way, you can keep running celebrations without diminishing the value of them.
And go into some specific detail about your offer, to make it even more real and powerful. For example: For an anniversary sale, tell them about the day you started in business and how it went. Or tell them how you selected your best customers to get this ‘loyalty bonus’. Tell them how long it took you to set it all up. Details like this make it more realistic and not just another ‘sale’.
I would strongly recommend that you use at least two or three of these techniques – ideally more – in every JV offer you create. You’d have to be a very tough marketer to fit them all into one offer ….. but by all means give it a try and let me know how you get on!