In this episode, I’m diving into strategically using bonuses to increase conversions and create urgency in your messaging. A bonus can really boost the value of your offer, which drives action and increases sales, even when the current economy has made buyers more hesitant. 

 

I’m sharing:

 

  • The 2 main things I look for when an offer isn’t converting.
  • The purpose of bonuses and how to leverage them successfully.
  • How to strategically apply bonuses to incentivize fast action and overcome objections. 
  • The anatomy of an effective bonus and how to implement it for live launches OR evergreen funnels. 
  • Why bonuses are the perfect way to create urgency and how to present them authentically.

 

Tune in and learn how to get people off the fence and taking action so you can see higher conversions with a perfectly aligned bonus! 

 

Like the podcast? Leave us a review on Apple or Spotify.

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Ways I can support:

 

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Tired of inconsistent revenue & marketing strategies that leave you overwhelmed? Apply & book a call to see how we can help: http://helpmystrategy.com

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READ THE EPISODE TRANSCRIPT

Emily Hirsh: 

 

Hello and welcome back to the podcast. I can’t believe we are almost to the end of January. Time, as usual, just goes so fast. I am excited. I’ve had a good week; I’ve had a great start to the new year, which I’m very grateful for. It was also very intentional, and I feel like I just continue to uplevel and really kind of made certain habits and rituals and just time unplugged in space for more energy going into creativity and being present. Non-negotiable going into this year, and it’s really set my habits up to be in a really good place. I feel like overall a big theme for our team and for me is like how to bring more depth and intention into everything that we’re doing. Just refining and digging deeper and honing in on our processes, our strategy, our delivery, and it’s just cool to see that all pay off.

 

Today’s podcast episode is on bonuses, and I’m excited to do this one. It’s definitely needed, and it’s a conversation that I have a lot. It’s also something I find myself going to when talking about someone’s strategy and specifically talking about their offer and selling more of their offer. I think with the economy where it’s at and just the reality of buyer hesitancy being higher, I think that the more dialed in your offer and your offer positioning is, which can come from bonuses, the better. Your sales conversion is going to be, so I love using bonuses for myself in strategies I create and for clients because the reality is a bonus increases urgency, and with more urgency, people are going to buy. That is how humans are wired. Unless we are put in a situation where we need to make a decision and if we don’t do it now, there’s kind of a repercussion. Oftentimes we wait, we procrastinate, and we don’t make a decision, so a way that you can offset that in your strategy is with bonuses.

 

So when to use bonuses? I almost always recommend them and use them in a live launch. If you do something like an open and closed cart model, I mean, that does bring an urgency on its own, but I typically like to have some sort of incentive in a live launch. That’s like an initial same-day, 24-hour incentive. Like let’s say you do a webinar having a bonus or it can be a discount, but having something that expires that day or within 24 hours and then another one that’s like a 5 to 7 day period. So you then kind of have a reason to really push people to buy now. Now if your cart closes, that is in itself a way to kind of create urgency, so that could be an option. So live launches, always, always recommend using bonuses and at the least some sort of urgency. Same thing with evergreen funnels. So if you have someone consistently going into a funnel and going through an experience, then you want to have a reason why when they initially get presented with your offer that they should take action now.

 

This is a big mistake people make is they’ll create an evergreen funnel. Let’s say it’s a PDF download or it’s even a webinar. It’s something that people are going through all the time, they’re kind of entering in this experience and then naturally they’re going to be told about your offer for the first time. A small amount of people are going to actually take action and buy your offer the first time they hear about it. But if there’s not a reason for them to take action now, you’re going to get a lot fewer of them to actually take action. So a really simple strategy you can do is leveraging a bonus to make it a no-brainer to buy it now. Anytime I am presenting an offer in evergreen or in a live launch, I use a bonus or a discount or both. So honestly, like when to use bonuses, always, always have them. You also can use them if you need/want to increase sales in your business.

 

Maybe you want to run a promo or you want to just boost some sales, and you want to leverage your email list or you want to leverage your social media, and you’ve got this warm audience that you can leverage. Well, if you put out a limited-time bonus that for the next five days, if people buy or do XYZ, they will also get this, you’re going to naturally create an incentive for people to take action. So that’s when to use bonuses. If I see a situation where an offer is not converting or we want it to convert higher, there are 2 things that I really look at. I think I’m going to do a separate podcast episode about what to do when your offer isn’t converting, but I look at number 1, the messaging of the offer. What can we do to improve communicating the outcome, the promise, and connecting that to the ideal customer’s desire?

 

If you didn’t listen to my previous podcast episode, I actually talked a good amount about this and how I use this in developing strategies. So definitely listen to that if you haven’t, but number 2 is I always look at bonuses. If I have a client who’s like, “I really need to get sales,” then I’m like, “Okay, what can we do? How can we create a bonus that people cannot say no to?” That’s really the bottom line is like if you can create a bonus that is so good, someone’s like, “Why would I not say yes to that?” Like, that is such a good offer. You’re going to sell more of your offer, right? So that’s when to use bonuses and kind of why to use them. Now if you are e-commerce listening, I mean, you can also do this. I don’t think that e-commerce should do discounts all the time, but e-commerce also needs to have a reason to push people to make a decision. So discounts are definitely great for e-commerce.

 

You also can bundle products. I have had clients pair some like an extra gift that they get when they buy. I’ve also had clients do like a collaboration. So if you buy this, you also get this other product that’s actually a collaboration from another company who is willing to do that because it gives them free kind of visibility. So there are options to do if you are e-commerce that goes beyond discounts. Now how to choose what your bonus should be. So here’s kind of my main tips on choosing a bonus, and there is a very, very common big mistake that people make when they choose their bonuses. First of all, the best bonuses are going to help the potential customer overcome an objection, right? An objection is typically related to money or time and ultimately the thought of, “Will this work for me? Will I get results if I do this? Will I get the outcome that I want?” which comes down to, “Do I have the time to put into this? Am I good enough for this?” So those are typically the objections: money, time, confidence.

If we can overcome those with our bonuses, we’re going to make buying the offer more of a no-brainer. 

 

The second thing that a good bonus does is it’s associated with speed and ease, meaning you want your ideal customer to associate, if they buy your offer and they get this bonus, they are going to get to the desired outcome that they want faster and easier. Speed and ease. So when you look at your offer that you would normally have without a bonus and you ask yourself like, “Where are people going to get stuck?” It’s usually related right to time and how easy it is for them to get there. Then ask yourself how could I make it so simple and so easy for them to get to their end result as fast as possible? That is your bonus. That’s why I love bonuses in the form of an audit. One-on-one calls work, but you have to tie the outcome of the one-on-one call right.

Sometimes, in the case of service businesses like us, if we add in more like done-for-you, right? Because that’s speed and ease. I’m going to get to my result faster, and it’s going to be way easier for me because you’re going to do it for me. Templates, swipe files, behind-the-scenes like bonuses should be quick wins for people where a lot of people make a mistake is they go, “Okay, I’ll give a bonus. I’ll give this super valuable bonus of 5 of my other courses all bundled together that I created because that’s so valuable. I created all these courses. This would cost x amount of dollars, and I’ll just give it to them for free.” 

 

Here’s why that’s a terrible idea because is that associated with speed and ease? Is that associated with getting to their ideal outcome faster and easier? No, absolutely not. That’s like, “Oh my gosh, I have 5 more courses that I have to go through to be able to get to my outcome. Like that’s gonna take me forever. That is not going to be fast and it’s not going to be easy for me.” So, it’s really important that when you look at a bonus, you don’t create more overwhelm because you’re trying to give more. You want to look at a bonus as like a hack or a shortcut or extra support that’s valued very high. I personally love things like audits because it doesn’t require a call, and they’re pretty easy to deliver. So you could do a Loom video audit of something like let’s say you have an offer that they create something in the offer like they create a marketing strategy or they create a social media strategy or they create a health plan or whatever, you will audit it. You will send them a video with feedback because what that does is, as a potential buyer, it tells me, “Well, I can’t fail. I’m going to have the expert looking at what I’m doing and giving me feedback. So I’m going to get there faster. It’s going to be way easier. This is so valuable.”

 

I also love things like Voxer access is one. That’s an easy way to chat with people. Very high value. You can obviously do one-on-one calls. The reason I say make sure the one-on-one calls have an outcome is because people aren’t going to see the benefit of a one-on-one call. They’re going to see it as just a more time investment for them unless you tie it to like on this one-on-one call we are going to do XYZ. We’re going to build out this strategy. We’re going to build out your custom health plan. We’re going to plan this out or audit this, you know, audit your finances. I had a client where we had a bonus where she would audit their profit and loss statement. Super high value. So also you could do things like templates or swipe files. We’ve done those in the past because again, that’s associated with making something easier and faster to get to. So when you look at your offer, number 1 is making sure that you use and leverage urgency and bonuses.

 

These can be authentic. A lot of people have a negative connotation to urgency in their marketing because so many people have used fake urgency and then like, you know, there’s 2 spots left when there’s really more. And like you get this bonus, but everybody gets the bonus. I’m never saying do something to break the trust with your audience but create genuine urgency because hands down, I guarantee that it will result in more sales. Because people need a reason to make a decision faster or they will just not make the decision and so we can leverage bonuses to make it like, “Oh my gosh, that’s such a no-brainer.” You also can leverage bonuses to add value. We’ve done a similar bonus. In our company where we’ll do a limited time. If you sign up to work with us, you also get $2000 worth of funnel or copy credit, meaning you can apply $2000 of value into us writing emails, extra emails for you, writing funnel, building your funnel and tech.

 

That’s so valuable because if our program is $2000 for the first month and then $797 a month, I’m like, “Well, I’m basically getting the entire first month for free because I’m getting a $2000 credit. I’m also getting a team to write my emails that takes me forever and build my landing page.” Like, this is really high value. This is a no-brainer, and I’m going to get to my result faster and better because experts are doing it. So those types of bonuses will move people into action. So look at your offer. If you are live launching or you want to increase your sales conversion or maybe you’re looking at your business and you’re like, “I’ve got a warm audience and I could really use a cash infusion right now. Like, I could use creating a reason for people to buy from me because I really want to make some sales while coming up with a limited time bonus that will be for you know, 3, 5, 7 days. That’s a way to do that, and you can just leverage your warm audience, increase your sales, and it’s very profitable because you’ve already paid with your time and potentially money to actually build the audience and list you have that you get to capitalize on.

 

And that’s really a huge benefit of being consistent with your audience and lead generation growth is because then we can create these cash infusions, push people towards your offer. What it also does when you do that is people who have been hanging out. They’ve been on the fence. They haven’t bought. They’re like okay, this is my reason now. Like, I’m going to go and do this. So, and if you are e-commerce, again, you can come up with different ways to create this urgency that’s outside of discounts. Think about the same thing applies to you. Think about how do I help my ideal customer get to their end results? They want when they buy our product faster and easier. Maybe it’s a consultation call or something. Maybe it’s an extra training that tells them how to use the product in a cool way or maybe it is bundling the products. Like there’s definitely ways to do it if you focus on the 2 main objectives of getting to their end result faster and easier, speed and ease, and overcoming an objection that they might have. Those 2 things will equal great bonuses, great promotions, and then sprinkle these into your strategy in your live launches in your evergreen funnel in one-off promotions to your warm traffic, and I guarantee you like this is a 15-minute podcast, and I just made you more money because this works every single time

 

You’ll see me do it. We do it with clients. Like when something isn’t converting, I look at the bonuses. I look at the reason to buy. I look at increasing the urgency. I love urgency. It’s so good because it pushes people into action. And you know you have people who are like, ‘I should do this. I kind of want to do this.’ And they get distracted, or they’re like, ‘I don’t know. Maybe it’s not a priority. I’ll do it next week, right?’ So good marketing is what’s going to get people who are like, ‘I need to do this right now because this is so good. I can’t pass this down, right?’ All right? You guys, I hope you found this helpful. And I will say if you would like our team to come up with this for you, that is something that we do. Like in every client, it doesn’t matter how you onboard strategy call, we are looking at the urgency, the bonuses, how to make sure your sales conversion will be solid, and we’re helping come up with these things for you. And have come up with some pretty epic bonuses that have led to massive, massive increases in sales for clients. So if you’re like, ‘That would be so nice to have experts plan out my bonuses in my live launch and all the things,’ you can go to helpmystrategy.com. Otherwise, I will talk to you guys next time.