I was blown away by your response to last week’s email. My overall goal was to help you identify revenue roadblocks by using the Revenue Optimization Canvas and I’m glad to hear it landed so well.
Thanks again to everyone who provided feedback and I’m glad to know you found value in the content.
(Missed it? You can still read Boost Your Bottom Line with the Revenue Optimization Canvas and listen to the episode of the Launch Your Business podcast where I share additional examples )
But in the interest of transparency, I held back on adding more content last week because I was concerned it would be too long.
So this week I’m going to share two additional features that will help you craft an irresistible offer and increase your rates.
Reading time: 4 minutes
To optimize revenue, start by ensuring you have a strong offer for your audience. What are you literally providing them in exchange for their money?
We covered this at a high level last week and I discussed it during the episode Alex Hormozi's Blueprint for Entrepreneurial Success: The Irresistible Offer.
But I left out two critical components, and these can be the tipping point between you getting a yes or no for your next proposal.
- Leverage scarcity
- Include bonuses
Let’s dive into why they’re important and how you can apply them to your offer now.
If you want to increase the likelihood of your offer getting accepted (and accepted faster) leverage scarcity.
As Alex points out in his book “Fear of loss is stronger than desire for gain”.
So how can you leverage scarcity for your offer? This can include a limited number of people you can help per month, a specific number of items you can sell, or a deadline for when people must say yes.
Of course, this only works if they’re actually considering making a purchase, but it can be a powerful force in regard to moving people from consideration to commitment.
In regard to my LinkedIn training program I can only help two companies per month. Reason being, I’m providing training and feedback for up to 40 people and I still have four kids to raise on the side.
And you must book at least two weeks in advance. This helps me better organize my schedule and gives my clients time to complete the onboarding process.
These are authentic constraints and mentioning them increases the likelihood of me getting a yes, faster.
Determine how you can make your offer more scarce and add that to your offer.
Everyone loves a bonus. Just hearing the word can catch someone's attention and increase the perceived value of your offer along with their likelihood of purchases.
Alex points out how well this works during infomercials. The presenter makes an offer, states the price and then says “but wait, there’s more” before describing the bonuses.
This works very well and here’s why. Since the offer and price have been established, all the bonuses make the price sound like an even better deal.
So, pretend you’re watching one of those commercials and they’re selling an electric toothbrush for $40. If the presenter swoops in and says they’ll also give you a months supply of tooth whitening toothpaste, suddenly the deal seems much better.
A bonus can be anything including increased access to you, bonus videos or complimentary products.
For my LinkedIn training program I’m offering monthly office hours as a bonus. Any company that goes through my training can drop in on monthly office hours to ask questions and get feedback. They have access to this service for a year and can renew at the end.
This bonus is extremely powerful since they’re not just getting one training session, they can continue learning from me as they implement what they’ve learned.
And, it worked so well I’m now offering the same bonus to any individual who joins me for a VIP day.
Determine the bonuses you’ll include in your offer. Consider providing increased access to you, additional materials or bonus videos.
Applying what you’ve learned
These small tweaks can make a big difference in regard to how your offer is received and accepted. So carve out 60 minutes to make those changes over the next week.
Use this time to work on your business so the work you do in your business will be more impactful and fulfilling.
And, if you need help, consider booking a VIP day with me.
That's it for today.
I hope you found this valuable (please let me know) and if you did please consider sharing it with a friend. They can sign up here.
Have a great weekend!
Whenever you're ready, there are 3 ways I can help you:
1. Learn how to start a professional service business using the skills you already have (Available now)
2. Get quick answers to your most pressing questions (Booked out 1 week)
3. Work with me 1:1 to build your revenue and personal brand (Booked out 4 weeks)