Connect with us

MARKETING

4 Types of Offers That Can Instantly Increase Revenue

Published

on

4 Types of Offers That Can Instantly Increase Revenue


I buy companies, and I start by identifying what offer is going to be ideal to increase cash flow and have the company pay for itself.

4 Types of Offers Every Company Should Have (at a minimum)

Four different offers at four different price points.

1) Free Community with Highly Desirable Free Content (Education)

2) Core Offer (Do It Yourself or DIY)

3) Upsell (Done With You or DWY)

4) Upsell (Done For You or DFY)

Example: Paintbrushes

Advertisement

1) Join our community of painters
2) Buy our brushes
3) Join a paid group painting class
4) Let us Paint for you.

We Identify Each of the Offers With the Same Survey

We Identify Each Of The Offers With The Same Survey

We Identify Each Of The Offers With The Same Survey. do this with a simple 4 part survey that we build in Google Forms.

The survey can either:

Be sent to everyone on your mailing list once a quarter,

Or

Be sent to everyone who uses your product or service.

Format We’ve Found That Yields the Best Results Via a Survey

  • Motivation
  • Reason
  • Time Commitment
  • Email
  • First and Last Name
  • Phone Number
  • Demographic Question
  • Benefits Question
  • Frustration Question
  • Conversation Invitation

Motivation

A reason to fill in the survey. We’ve found the best thing to offer is a free draw for a giveaway for a new product or program you’re about to release.

Example: “Fill in this form to take part in our $7,000 giveaway! We’re giving away 7 copies of our latest $1,000 training that helps you (GET_SPECIFIC_RESULT) that we called [NAME_OF_PRODUCT].”

Reason

This is where you explain the significance of the survey and how ultimately the results help them.

Example: “We want to help YOU! This survey is going to let us know what sticking points or areas of frustration you have with regards to [NICHE]. “

Advertisement

Time Commitment

Here you want to let them know that the survey won’t take long to complete.

Example: “The survey only has 7 short questions and should be finished within 2 minutes max.”

Email

This is where we ask them for their email address to continue communicating with them in the future.

Example: “We’d like to offer you future giveaways, offers and tips in addition to having the most up to date contact information to notify you if you have won. Please share with us the best way to email you for these things”

First & Last Name

This is just to keep track of individual responses

Example: “What is your first and last name so we know who we are contacting if you win?”

Phone Number

Here you’re going to get a secondary form of contact information that also has a higher response rate.

Example: “In case we can’t reach you via email what’s the best phone number to reach you at via SMS?”

Advertisement

Demographic Question

This question lets you know something about your audience. Either geographical, income, competition, or something that is useful relevant information. It’s important that you create this as a multiple choice question.

Examples:

“So we know which languages to include in our product development, Where do you live in the world? Please select one of the following:”

“So we create a product that matches your needs the best, which best represents your yearly salary? Please select one of the following:”

“So we know your experience within [NICHE] which of the following companies have you purchased products or programs from? Please select one of the following:”

Benefits Question

This is where you create a list of Needs/ Wants or Benefits you think people may want. You want at least 20 of these, and you’re going to ask them to select 3.

This will give you a clear indication of the needs and wants of your audience… and will give you the next 3 products or programs to develop. Be sure you word them carefully and create variants of the benefits including do-it-yourself options and done-for-you options. You cannot really have too many of these. This is the most important part of the survey.

Example:

Advertisement

“Which of the following do you most want us to provide for you? (please select 3)”
Do say: “I’d like to have more energy”
Don’t say: “Energy”
Do say: “I want to build my own race track
And say: “I want someone to build me a race track
Don’t say: “I want to do racing”

Frustration Question

Here you’re going to learn the frustration holding them back from getting the results they want.

You’re going to want to list at least 10 common frustrations. Include F.E.N.C.E.

Combined with the previous answer this gives you the classic headline format: “How to get A,B,C without the frustration of X”

Example: “What have you found to be most frustrating when trying to get the results in the previous question? Please select one:”

Conversation Invitation

This last question is an invitation to have a deeper discussion about their results… and of course another chance for a conversation to make a sale of the new product. As a beta tester.

Example: “Would you be willing to jump on a 5-minute call to discuss the answers in full?”

Conclusion

Once this survey is a natural automatic part of what you do… you will constantly have feedback on new products to develop.

Advertisement

We typically recommend creating a new survey with new options every 3 months to follow trends you see in the industry you’re in.

This is one of the SOP’s I bring into a company when I first join.



Source link

MARKETING

Build-A-Bear using data to make itself into an all-ages brand

Published

on

Build-A-Bear using data to make itself into an all-ages brand

Build-A-Bear is remaking itself for the 25th anniversary of its founding this year. This means using its experience and its data to appeal to older customers and create stronger online connections.

“The goal that was stated for us was to diversify our brand, evolve our retail portfolio and build stronger relationships with our consumers,” said Ed Poppe, Build-A-Bear’s vice president, loyalty and performance marketing for Build-A-Bear, in a presentation at The MarTech Conference.

That’s why they launched HeartBox, an e-commerce play which the company says will let it move into “the adult-to-adult gift-giving and gift box market which has been meaningfully expanding over the past few years.” This goes along with its new Bear Cave line of “adult” bears (in this case adult means they have alcohol in hand). The brand has also expanded through partnerships with film, entertainment and streaming TV properties like Harry Potter, Pokémon, The Matrix and the Marvel series WandaVision.

These efforts are designed to give more options to customers who buy online, and increase options for engagement. This has required integrating new teams and new sources of data.

Connecting customer data and teams

“Over half of businesses now say that they expect the majority of their revenue to come from digital channels,” said Loretta Shen, senior director, product marketing, marketing cloud intelligence for Salesforce. “To meet changing consumer behavior, marketers are adopting digital channels like video, social media and digital ads across search and paid media. But it’s not just adopting these channels, but how you use them, and in particular how you use them in tandem.”

Build-A-Bear adapted to customers’ increased digital use by adding new digital experiences while also reorganizing customer data to better understand what customers want.

“We have to understand our guests at Build-A-Bear,” said Bryce Ahrens, Build-A-Bear’s senior analyst, CRM, loyalty and performance marketing. “How do they engage with our email, our websites, our advertising and, of course, how do they engage and experience our in-store environment?”

Advertisement

They keep a large CRM database made up of loyalty program members, website customers, retail customers and sales prospects. Additionally, through access to the CRM, the organization is pulling together different teams: web development, analytics, marketing and also data privacy people.

These teams have to remain connected because data is coming through different systems. Build-A-Bear has a first-party data warehouse, a commerce cloud storefront, an order management system, marketing cloud, an email platform and different analytics solutions, not to mention ad platforms for campaigns.

“We need to be able to bring this information together, prioritize what we look at, and identify strategies to move quickly,” said Ahrens.

Read next: What you need to know to grow your e-commerce business

Count Your Candles

Data and digital experience come together in an ongoing Build-A-Bear effort called “Count Your Candles.”

The promotion is a special offer for customers to order a discounted bear (regularly priced at $14) that costs a dollar amount that matches their age.

The dedicated webpage for this promotion also allows customers and gift-givers to buy gift cards and become loyalty members. Additionally, there are a number of other ways that customers can celebrate birthdays, including in-store birthday parties and special birthday gift boxes that can be ordered and delivered.

These strategies came from marketers looking at the data and seeing what sparked their customers’ interests. In this case, it was birthdays.

Advertisement

“We’re lucky to have a team up here who wants to jump in and help drive our business forward,” said Poppe. “But it also brings us back to where it’s important to aggregate data, identify patterns, see your opportunities, and pick your path forward.”


Get the daily newsletter digital marketers rely on.


Optimizing digital experiences with marketing and commerce insights from Third Door Media on Vimeo.

Advertisement

About The Author

Chris Wood draws on over 15 years of reporting experience as a B2B editor and journalist. At DMN, he served as associate editor, offering original analysis on the evolving marketing tech landscape. He has interviewed leaders in tech and policy, from Canva CEO Melanie Perkins, to former Cisco CEO John Chambers, and Vivek Kundra, appointed by Barack Obama as the country’s first federal CIO. He is especially interested in how new technologies, including voice and blockchain, are disrupting the marketing world as we know it. In 2019, he moderated a panel on “innovation theater” at Fintech Inn, in Vilnius. In addition to his marketing-focused reporting in industry trades like Robotics Trends, Modern Brewery Age and AdNation News, Wood has also written for KIRKUS, and contributes fiction, criticism and poetry to several leading book blogs. He studied English at Fairfield University, and was born in Springfield, Massachusetts. He lives in New York.

Advertisement

Source link

Continue Reading

DON'T MISS ANY IMPORTANT NEWS!
Subscribe To our Newsletter
We promise not to spam you. Unsubscribe at any time.
Invalid email address

Trending

en_USEnglish