The secret to a zero $ marketing machine
If you spent any cash on marketing so far, you would probably be familiar with cost-per-lead and cost-per-click terms. There is a quantifiable figure on how much you need to spend to get a client. How much does it cost to drive a prospect through your funnel and turn them into a client? We bet you would be thrilled to know that this figure can be zero $ - or even better, you can make a small ROI on every dollar you spend on marketing without considering your usual sales figures.
We discussed previously that value-based marketing is a good call to reach potential leads. Now you need to prepare a sales offer that turns leads into clients.
Most businesses go with one or maybe a few high ticket offers. But most people are not ready to buy a high ticket offer from you right now. But that doesn't mean that they are not prepared to buy. If you ignore these people, you will leave a great deal of money on the table.
Enter downselling. You have to create an offer that is low-priced but still high-value. This offer will convert most of the leads in your pipeline on day one, increase your customer base, and pretty much pay out their acquisition cost, making your whole marketing budget liquid. And the best part? Micro-offers like this can instant-qualify leads into sales-ready customers. Anyone who bought something from you is a potential customer who will buy something else.
I'm sure you are familiar with IKEA, the furniture store. Did you know that putting an affordably-priced restaurant plus a food court in their stores was and still is part of their marketing strategy? IKEA was one of the many furniture companies selling affordable furniture via its warehouse-style stores. Serving food was one of the prime distinction from their competitors. It reinforced their family-brand, plus it is easier to sell furniture to someone who's not hungry. Today, more than 1/4 of their visitors come only because of the food, which accounts for 5% of their revenue. Buying a couch is above $1000 - getting a meal for the family is below $100. It is the power of downselling.
Our practical tips on creating your low-priced downselling offer:
Even if it is low-priced, it has to have tremendous value. Remember, it might be cheap to eat at IKEA, but it is healthy and tasty and distinctive. Where else could you get Swedish meatballs with gravy? Your downselling offer shouldn't be a low-priced, low-value version of your full-priced offer.
Connected to the point above, never highlight the bargain value of your offer. Your offer's weight should be much higher than the price - it is the only way to generate buy-in from your customers.
Learn as much as you can about your customer through this downselling offer. Those who bought-in on the proposal are all potential buyers for further, higher-priced offers. The more you know about them, the more comfortable you can sell the high-ticked offers.
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