2 Examples of Upsells
As noted above, an upsell is a premium version of an offer. Here are examples of upsells that you might offer on your order form or elsewhere:
- Offer a “Deluxe” or “Platinum” membership with more perks, such as advanced materials and access to a private group.
- If you’re selling monthly training that arrives in .PDF form, then you might upsell “Deluxe” training with video modules.
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Next…
3 Elements of a Good OTO
As the name implies, a one-time offer is something your customers will only ever get to see once (on the order form). Here are the elements of a good OTO:
- The offer should be exclusive. This means the product isn’t available anywhere else, OR the offer (price/bonuses) have never been offered anywhere else.
- Be sure the offer is really attractive. If your OTO is based on offering a discount on a product, then make this discount irresistible. For example, 10% off isn’t going to get too many takers. Something around 25% off will get attention. Anything up from there – such as 50% off – will make your offer truly irresistible.
- Create an OTO that complements the membership site. A good OTO product makes it faster or easier for members to achieve their goals. For example, offering personal coaching as an OTO is a great offer, because people who get personal guidance will get better results.
Next…
3 Ways to Use Bonuses Strategically to Boost Profits
A good bonus can boost the perceived value of your membership site and increase conversions. Here are three ways to use your bonuses strategically:
- Offer a bonus that handles an objection. For example, if a common objection is that people don’t have time to complete the process you teach in the materials, then offer a bonus (such as a tool) that speeds up the process.
- Offer a delayed bonus. This bonus reduces refunds and boosts member retention. For example, you might offer an enticing bonus every two or three months.
- Offer an unadvertised bonus. This boost customer satisfaction, which in turn increases member retention.
Here’s the next set of ideas…
6 Surefire Promo Ideas to Generate Sales
Need a quick surge of sales? Check out these promos you can do for your membership site:
- Introductory launch week special with “charter membership” pricing.
- BOGO (buy one, get one). You can offer a buy one month, get one month free price.
- Free or low-cost trial offer, such as $1 for the first month.
- Flash sale, where you offer a really good deal for a very short amount of time, such as 24 hours.
- Coupon promos, where you (and your affiliates) distribute coupons good for discounted memberships.
- Bonus promos, where you offer more value (in the form of extra bonuses) for the same regular price.
Here’s another way to drum up new sales…
How to Encourage Members to Refer Friends
Some of the warmest traffic you’ll ever receive is when you have satisfied members referring their friends. And one of the best ways to encourage this is by starting a referral program, especially a two-way referral program. This means that both the member and referral get some sort of discount when the referral becomes a paying customer.
For example, you might offer the referral and the referring member 50% off a month of membership.
Getting Repeat Sales the Easy Way
Satisfying your members is the #1 thing you need to do in order to generate backend sales. Now here’s another way to boost those sales: develop a loyalty program.
For example, you might offer “points” for every month that your member stays a member, along with points for other offers they purchase from you. Members can then turn their points in for free or discounted products, including free months in your membership site as well as other valuable product.
E.G., “Buy six months in the membership site, and get your seventh month free!”
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Questions to Ask Before Raising Your Prices
Raising your prices boosts your per-transaction amount, and it may even boost your conversion rates (as prospects often associate higher prices with higher quality). But before you raise your prices, ask yourself these two questions:
- Can I justify a higher price? Look at the perceived value you’re offering. If people think they’re getting an amazing deal now, then it would be pretty easy to raise your prices without adding any extra value to the site.
- How will higher pricing affect my profits? As mentioned, in some cases you may end up with higher conversions. But that’s not always the case, and you need to be prepared for conversions to stay the same or even drop. Be sure to crunch a variety of numbers so you know how much you need to make on the front end and backend to meet your income goals.
Here’s the next profitable tip…
Keep Reading: Issues That Will Boost Your Membership Site Profits: Adjust To Your Member’s Needs
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