The $100 MBA Show MBA907 Do Bonuses Increase Sales?
‘Tis the season — let’s talk giving!
Offering free bonuses is a common sales-boosting strategy, used by everyone from the smallest mom-and-pops to the biggest corporations. But do these giveaways work? If you’re starting or running your own business, it’s important to use every resource wisely.
You’ve got to carefully consider everything you offer to customers, or it’s money down the drain.
The key to effective bonuses is to remember what they really are: not gifts, but investments. The value of the investment relative to the value of the outcome has to be favorable, for both you and the customer. Give the wrong bonus, and the outcome is nothing but increased expenditures and lost credibility.
It’s all about the ROI.
Today, we’re discussing exactly what kinds of bonuses work, and what kinds don’t. We’ve used bonuses to promote our own products, from our webinar software service to The $100 MBA course. We’ve seen bonuses succeed, and we’ve seen them fall flat. In that time, we’ve learned a thing or two about precisely what makes a bonus effective.
Specifically, we’ve compiled 4 distinct characteristics that define a successful bonus offer. By ensuring these 4 keys are in place, you can craft an offer that will be worth every dime you “give” away, to yourself and your audience. You gain the trust that drives sales, and your customers get one step closer to the solutions they seek.
Bonuses are the gifts that keep on giving.
In a nutshell, a great bonus comes down to relevance, actionability, and value. The 4 principles we discuss today are the keys to establishing those things for your bonus offers. By aligning your offer with your own product and your own customers’ needs, you can pinpoint the offers that will truly generate sales.
You’ll also learn how to “sell” the bonus, and deliver it in a way that’s targeted towards results.
This is our last episode of 2017, an incredible whirlwind year that’s seen major twists and turns to our own business journey. It’s been a privilege to share those twists and turns, in our effort to make our experience valuable to you.
From the complete overhaul of WebinarNinja, to our decision to mine that overhaul for insights for our audience, to our experiment with our current weekly podcast format, we’ve learned a ton — and we hope you have too.
Starting on January 1, we return to our daily podcast format, with 5 episodes per week — including our ever-popular Q&A episodes, and our FREE RIDE FRIDAY subscription giveaways.
We can’t wait to tackle 2018 with you. Learn how to maximize your success with effective bonus offers, so you can make the new year all yours. Click Play!
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