Crafting Your Irresistible Offers
In Alex Hormozi's book $100M Offer he lays out a framework for crafting "offers so good that people will feel stupid saying no."
And it is a fantastic framework that we use here at NewHeidts.
At first glance of this book you may think it is only for service-based businesses. Definitely not. Ecommerce brands can use his Value Equation to craft offers that make you stand out from the crowd.
Make sure you download the Vertex Blueprint workbook so you can move through his framework to help you create these offers at all levels of your Offer Ladder.
Here is an overview of Alex's Value Equation to craft your offer(s):
Increase - What is their Dream Outcome?
Write out what your customer wants to ultimately experience.
Increase - What is their Perceived Likelihood of Achievement?
How can you show reviews, unboxing, how to use, before/after to increase this?
Decrease - What is the Timeframe to experience Dream Outcome?
Give a timeframe to which they can start to experience their dream outcome.
Decrease - What is their Effort and Sacrifice?
What payment options can you offer? How easy is your product to use and get to their dream outcome?
Scarcity / Urgency - How can you place scarcity & urgency into your offer?
Guarantees - What is a guarantee you can make?
Bonuses - What Bonuses can you add on?
There are various types of offers that you can use to attract customers and increase profits for your ecommerce business. Here are some examples to begin your process of crafting an irresistible offer:
Free or Low cost entry trial
Discounts and coupons
Free shipping and returns
Gift With Purchase
Now combine these and make a sexier offer using the Value Equation!
When crafting your offers, it's important to consider factors such as the seasonality of your products and the competition in your industry. Additionally, testing and measuring the success of your offers will help you determine which offers are the most effective.
Optimizing Your Offers
Once you've created your offer(s), there are several techniques you can use to optimize them for even greater success.
A major strategy we implement to all partners is an Upselling and cross-selling system. This involves offering customers related products or upgrades to their current purchase as they go through their buying process. More on this next week.
This can increase the average order value of each sale and boost profits for your ecommerce business immediately and continuously over time.
Personalization and segmentation techniques allow you to tailor your offers to specific customer groups based on factors such as their past purchases or browsing behavior.
Utilizing social proof, such as customer reviews and testimonials, can also increase the perceived value of your offers and encourage more new customers to make a purchase through your offer.
Get feedback on what customers like and dislike. Make the iterations in your offer.
Eventually you will have an irresistible offer that you know works and you can now use to GROW!