Not only that, a good product will not sell on its own. Having a good product is important. But it is not enough without an irresistible offer to differentiate your product from your competitors.
As we are selling online, there are not many secrets about the cost and price of the products. Everyone can sacrifice their profit margin and fight with the low-price strategy. In the end, it will depend on who is able to throw the lowest price to win the market. This is a very bad strategy and you are ruining the industry with the low-price strategy, making it hard to survive. Not only that, when having a price war, only the lowest price will win. There is no use to be the second-lowest price.
How To Increase The Price of the Product with Your Irresistible Offer
While the value of the product is fixed, you can bundle it with other items to increase the perceived value. With digitalization, you can offer a lot of great bundles that cost very low to create but have high perceived value.
But, how much value should I provide to make my offer sexy and irresistible?
Well, the goal is to provide 10x values from your selling price to make it a no-brainer deal for anyone to take it. For example, if you are selling a $100 item, you can offer them a bundling item that is worth up to $1,000 with your main item to differentiate your offer from your competitors. By this, your cost doesn’t increase but your revenue is increased with the bundling offer.
The bundling irresistible offer can come in different types like quantity break discounts, complimentary products, how-to guides, books, or reports related to the item. All these can craft a sweet deal for your customers. And, the best thing is, if you are creating a digital product to be bundled, it can be fulfilled automatically if your sales process is designed correctly.
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How to Craft An Irresistible Offer
Now, we will show you step by step how to create an irresistible offer around our main product.
Step 1: Write Down the Name of Your Product or Service
In this step, you need to write down the name of your product. Not the bundle or the package name, but the product name. The very basic name like phone cases, digital marketing courses, and landing page building services.
Start with your product and then price it.
Step 2: Write Down the Price
Now, write down the product name and price you want to sell it. For example,
Product name: Digital marketing course
Price: $999
This is what you plan to sell. A simple offer. But there is no differentiation. Anyone can create this offer and compete with you. Now you need to think about what else you can offer to make it compelling. Something no one can resist. Something that the person saw it will rush to get their credit card and buy it.
Step 3: Add Some Payment Terms
Now, how they should pay you the $999 for the product? For someone, $999 may be a huge amount for them to pay at once. So, we can break down the price into different payment methods.
Product name: Digital marketing course
Price: $999
Option 1: One-off payment of $999
Option 2: 3 monthly payments of $399
Alternative payment: subscription of $99 per month for 12 months
The basis of this is the one-off payment will be the cheapest. When you separate into smaller payments, ultimately you are paying more.
Here you can have the combination of option 1 and option 2 or option 1 and option 3. Depends on your price point. Although this gives different options for the buyers, in actuality, you are forcing them to make a one-off payment as it will be the cheapest. This is what we call the anchor price.
Step 4: Add a Discount
Discount is always the best way to convince someone to make a purchase. They feel like they are getting an advantage from the discount. This is what people want. They want to feel that they got the best deal and gain an advantage from the discount.
This is also why we always have a limited-time discount to make them take action immediately before it’s gone.
Product name: Digital marketing course
Price: $999
Option 1: One-off payment of $999
Option 2: 3 monthly payments of $399
Discount: On sale now 50% off for a limited time only
Step 5: Add an Irresistible Offer Bonus or a Premium
Now, after we have the discount, we want to stand out by giving some extra bonuses or free gifts. We need to understand this. Not all bonuses are created equal. Your bonuses need to be related to the main product so it makes sense for them to get your deal.
You don’t sell a makeup palette and give a keychain as a bonus. Instead, it will make more sense for you to give a makeup brush set or a mirror with the main product. Giving something useful to them will make them easier to accept it.
Product name: Digital marketing course
Price: $999
Option 1: One-off payment of $999
Option 2: 3 monthly payments of $399
Discount: On sale now 50% off for a limited time only
Bonuses: Exclusive swipe file for winning ads, free funnel templates
Step 6: Create an Irresistible Offer Bundle
A bundle is where you take several different products or services and package them together. This will increase the cart value and the purchase value. The total price for the bundle will be cheaper than if buying it separately. For example, when you are buying McDonald\’s, they actually don’t make money by selling the burger on its own. Instead, they will always ask whether you want to make it a set meal and then upsell to a large meal. This is how the bundle works.
A good bundle can increase your revenue and profit. As much as possible, always offer a bundle with your product or service. Here’s how we can sweeten our deal.
Product name: Digital marketing course
Price: $999
Option 1: One-off payment of $999
Option 2: 3 monthly payments of $399
Discount: On sale now 50% off for a limited time only
Bonuses: Exclusive swipe file for winning ads, free funnel templates
Bundle: Membership content access with a $99 per month subscription
Step 7: Reverse the Risk
In order to further persuade them to close the deals, you need to address their concern. Just like you are buying clothes, you get a 30 days refund guarantee. So as long as you are not satisfied with the clothes, you can bring them back in their original condition and get to refund.
This is how we can promise our clients if they are unhappy with the content or they think that it doesn’t deserve the money. They can anytime get a refund at. This is how we reverse the risk by having a money-back guarantee. But then, you need to somehow protect yourself to avoid those people who take advantage of this.
You need to make sure that they are really not satisfied when they cancel it. For example, you can say the refund policy is void if they had gone through 20% or more of the content. This is to ensure people don’t take advantage of you.
Product name: Digital marketing course
Price: $999
Option 1: One-off payment of $999
Option 2: 3 monthly payments of $399
Discount: On sale now 50% off for a limited time only
Bonuses: Exclusive swipe file for winning ads, free funnel templates
Bundle: Membership content access with a $99 per month subscription
Risk reversal: 30-day money-back guarantee/free trial
Remember this, you need to give a bold guarantee so people will take it. This works extremely well for mid and high price products/services as it gives people more trust in buying from you. As a business owner, you need to be confident in your product/service before someone can trust you. So, don’t be afraid to give a guarantee.
Step 8: Add Urgency
Most people have this problem of indecision in taking action. They know the deal is good. They can get much value from the deal. But why should they buy it now? They will always say, later when there is a chance. To give themselves an excuse to think twice and in most cases, they won’t come back.
This is why we want to give them a kick and pull the trigger. Typically we do these few things to push them.
1. Limited-time offer
Let them know it’s a limited-time offer. Show them our big countdown timer telling them once the timer reaches 0, this offer is gone and they will never get it back. This works well most of the time to get them to take action.
2. Limited Quantity
You see Amazon and other big eCommerce sites, they have this only XX left. This is also something to urge them to take immediate action so they don’t miss it. Do tell them also, the stock is limited. And it might take a long time for the next shipment or even this is the last offer.
Another trick that you can do for this is to have a regular sales page where you are selling it on a normal page without that exclusive offer. This is to show them when the offer ends, it ends.
Honesty is the best policy. Keep in mind, that you should never ever create “fake” urgency. When people start to question your honesty, it is very hard for you to get their trust back anymore.
Final Thoughts – The Secret of Crafting An Irresistible Offer
Your product is like your baby. It is the best from your point of view. But that might not be the story for your potential buyers. Remember this, your product is not your irresistible offer. You need to bundle it to sweeten the deal and let them feel they are getting more from your deal.
Try different creative when creating your irresistible offer, this is what the top entrepreneur does to stand out from your competitors. One way I learned about offer creation is through your first funnel challenge where Russell and his top offer creator, Steve Larsen spent a whole week teaching about offer creation.