Are you sick of struggling with a low conversion rate?
Tired of spending 1000’s on digital advertising and seeing no return on investment?
The most important thing you can do to ensure this is by optimising your offer.
There are many ways to spice up what your business does and make it impossible for customers to say ‘no’ to you.
In fact, when done right, it’s safe to say won’t only be coming back for more – they’ll be sending their friends too!
All you need to understand is the art of persuasion. This boils down to winning people over to your way of thinking by making them feel good about themselves .
At Owendenny, we’ve created a list of the 7 best ways to improve your offer and improve your conversion rate.
Get ready everyone, it’s time to enter the land of offer optimization!
1 – Do Everything You Can To Reverse The Risk
People are more likely to buy from you if they perceive your proposition to be risk free.
The key here is ‘perception’.
How your customer perceives you, your company, and your services dictates everything.
A simple way of reversing the risk is by offering a guarantee.
Don’t get skimpy here. Ask yourself how you can offer an industry-leading guarantee?
100% Satisfaction Guarantee or Double Your Money Back?
365 Day Guarantee
“Try on your shirt, and if it doesn’t fit – send it back in the prepaid envelope and get your money back in 24 hours or less”
There’s plenty of these kickin’ around the inter-webs. Check out the hitters in your industry and one-up them 😉
You could offer in a Performance-based Guarantee (like we do at Owendenny Digital).
If your customers don’t get results from your service, product or program – isn’t it best to refund them in full? …
…or even better: wouldn’t that make them shriek with delight and asking to buy?
2 – Offer An Easy To Understand Payment Plan (Or ‘Soft Financing’)
Offering payment plans will reduce the anxiety customers experience when they must pay for your whole product in one payment.
We did this at Owendenny. When we launched, we made the cash flow situation sound for our clients by invoicing 14 days after services.
This helps clients receive both value, leads and sales well in advance of paying for our services.
On top of this, some clients are now debited weekly instead of paying at the end of the month. Not only is this more digestible for clients, it helps us with our cashflow too.
If you can, launch a ‘Pay-Per-Result’ model and make your services even more enticing.
Imagine getting paid as a personal trainer based on the % of muscle gained or the number of kilos lost instead of a flat per-session fee.
The possibilities here are endless.
Quick Win: If you’re an eCommerce store, you’d be crazy not to investigate the power of AfterPay and ZipPay. Yes, they charge a fee, but you’d be crazy not to offer a means of paying for your products in bite-size chunks.
3 – Offer More Than One Way Of Taking Payment: Offer ZipMoney, AMEX, Paypal, AfterPay, Bank Deposit, Stripe…
Tap into all the options at your disposal when it comes to getting paid for your products and services.
Heck! You could even take BitCoin (if you’re willing to take the risk)…
4 – Bundle Your Products And Services
Create an offer your prospects cannot refuse by creating irresistible package deals.
The best way to develop a ripper offer is counter-intuitive.
It’s not by throwing all your products together.
It’s by listening to what’s important to your customer and by giving them extra services they value.
The type of value you offer should be something that’s relevant to your customers.
So, for example: if your target customer is a small business owner and you offer a service-based business, throw in free consulting time to help them work on their next project.
Or what if you’re selling tyres for work vehicles? Buy 3 Tyres and Get the 4th Free? That would go bananas!
5 – Inject Urgency & Scarcity Into Your Offer
If you’re a restaurant, offer the first 50 people on your mailing list A FREE DINNER when they book a table of 3 or more this week.
If you’re a tyre business, run your ‘Buy 3 tyres get 1 free’ promotion in June each year to align with the end of financial year (EOFY).
You get the idea!
Human’s like to count. Human’s also like certainty too. When an uncertain outcome (i.e. missing out) runs through the mind, we act fast.
Here’s a warning: If you’re always using scarcity or urgency, get ready for customers calling BS on your business.
Everyone knows of a business that’s claiming to be ‘Closing Down’ every year. Discounting your products and services regularly will lead your business to a sad, miserable death.
6 – Offer Something For FREE
If you’ve bought anything online, you know how getting Free Shipping sweetens your experience.
If you know your margins, your Customer Lifetime Value (LTV), and your customer journey, the ‘Free’ premium is a must-do to win your customers over.
There’s nothing as compelling as Free Sh*t to increase a Conversion Rate on a website. #hardtruth
7 – Name Your Offer To Solve A Defined Problem
If you’re into marketing, business or entrepreneurship, you definitely would know of Tim Ferriss’s best seller The 4 Hour Work Week.
When you boil the book down to its essence, the book is all about outsourcing and scaling a lean and mean business.
If your business isn’t solving a specific problem for your customers (e.g., Getting more done in less time), don’t expect them to buy or let you send them emails. By being specific, your customers will know exactly why they’re landing on your website and – if all goes well – your conversion rate will skyrocket!
Tim’s book had a wonderfully clear promise, a promise his ideal customer would do anything to see fulfilled…
…and as you know, the rest is history.
I hope by the end of this blog post that you’re now thinking of all the ways you can optimise your products & services for new customer success and an increased conversion rate.
Ask yourself: What’s our promise?What problem are we solving for customers in the simplest, most direct way possible?
When you invest the time into understanding your customers’ desires, challenges, hopes and dreams, these things will become clear to you.
And once this happens, it’s up to you to delight your customer with an offer they simply cannot refuse.