Mahalo/Thanks to Simon Hodgkinson & Jeremy Gislason for sharing their wisdom & experience.
Learn More About Conversion Bonuses Here.
Your website can have one million "eyeballs" checking it out, but if the visitors don't become customers, then those eyeballs are worth very little. You must pay attention to conversions in your businesses to survive.
In general, the basic ecommerce formula works like this:
Step One: Drive traffic to the website.
Step Two: Convert those eyeballs to leads.
Step Three: Convert leads to customers.
Step Four: Generate repeat purchases.
Bonus products are an essential variable in this formula. However, offering bonuses isn't just putting the words "But wait - there's more," in your offer. The key is to know what types of bonuses will have the strongest effect on your prospects.
1. The Eyeballs to Conversions Process. As a business owner, you have several tasks to make your business successful. First, you must drive traffic to your website. In addition, once you have website visitors, you must convert those visitors into clients or customers. While a lead does not necessarily equal a sale, it does equal a future potential sale. Once you have a prospect's name and email address, you're able to move into step two - converting them to customers and making sales.
Bonus products work very well as a tool to build this opt-in list and free giveaways in exchange for an email address are a common lead generating tool. What you offer and how you offer it largely depends on your target audience.
In cases where you're selling an expensive product, a substantial bonus product or a series of bonus products can help convince your prospects that they're making the right decision.
You can use bonuses to build your sales in a number of alternative methods. Here are just a few ideas to get your creative juices flowing:
One way to do this is to tier rewards so that the more the customer buys, the more bonuses the customer receives - for example, increasing membership status from silver to gold and gold to platinum.
Consider giving away bonuses to customers who help you build your opt-in list. For example, you could reward every email a friend gives leads toward a bonus.
Consider giving away bonuses to prospects and customers who are active and participate in your online community.
2. Why Do Bonuses Work?In general, bonuses are defined as products or services you give away to incite a purchase, a subscription, a referral, or even an opt-in. You're probably very familiar with bonus items, so let's take a look at why they're so effective. Bonuses tap into several psychological triggers, including:
Reciprocity. Reciprocity is the tendency we have as people to respond to something in kind. Bonuses are the epitome of positive reciprocity. Customers receive a free guide, a free video, a free e-book as an opt-in bonus now they're feeling grateful.
Commitment and Consistency. Psychologists tell us that we're more likely to say yes to something big if we've already said yes to something smaller. In short, it gets your prospects in the habit of saying 'yes'.
Liking. Who doesn't like someone who gives them something for free? People buy from companies they like, and from personalities they relate to.
Scarcity and Urgency. Use a limited bonus or give an extra bonus to customers who act quickly. It motivates people to purchase now rather than wait and possibly change their mind.
3. How to Create Bonuses for Your Target Market.Even though your business may involve a niche topic, your customers are probably diverse and have diverse personalities, interests, and technological capabilities. We all have our own motivations and behaviors influenced by our personality. Learning to meet the needs and wants of the characteristics can help you create bonuses that cover a range of personalities. Keep in mind that your customers will likely include many or all of the following:
Emotional Personalities - Many of these people make decisions based upon their feelings.
Thinking Personalities - These are the people who like to plan, schedule and solve situations.
Extroverted Personalities - These are the folks who tend to be open and comfortable in new environments.
Introverted Personalities - These want to take it slower and make personal connections.
Intuitive personalities - They have a natural ability to think outside the box.
Remember that each prospect has their personality. Give them options and consider creating one great bonus to be packaged in a number of different formats.
4. Creating Your Bonuses.This is where many people drop the ball - they throw together sloppy bonuses or simply by resell rights to something that's been distributed by a million other websites - in short, they stop taking their prospects into consideration.
Let's take a look at three primary ways you can create eye catching and valuable bonuses.
Resell Rights/PLR: The internet is full of companies and websites that mass-produce bonuses for you to give away on your own website. Although these can be beneficial, they can also be a slippery slope. You want to have bonuses unique to your niche and specific to your products or services.
Creating Your Own Product: While creating your own eBook, video tutorial or software program can be a bit of work, it can also be tremendously rewarding and you'll be sure you're creating the quality products your prospects and customers deserve. If you already have a stockpile of great content, you can repurpose it to create new and valuable bonus products. Creating multiple bonuses from one packet of information is a great way to accomplish that task.
Outsource The Job: Hire A Company Or Individual To Develop Your Bonuses. When outsourcing there are a few success tips: Determine in advance exactly what you want the freelancer to accomplish. Outline your project in advance - it will ensure communication is clear and the project is done the way you want.
Armed with this information, you can start planning and preparing the bonuses that will give you more paying customers.
Mahalo/Thanks again to Simon Hodgkinson & Jeremy Gislason for sharing their wisdom & experience.
Learn More About Conversion Bonuses Here.
