If you have a high-ticket product, then you can boost both the conversions and the amount of the overall transaction by offering a payment plan (and charging more for spreading out payments).
For example, if you have a $997 offer, you might offer three payments of $350 each. Those who choose the payment plan in this example would pay a total of $1050, so you make an extra $53 per sale.
Follow these steps and ideas:
- Provide a lot of ongoing value (such as by offering unadvertised bonuses). If people continue to get a lot of value while they’re making payments, then they’re less likely to cancel those payments and/or request a refund.
- Remind people of their upcoming payments so they’re not surprised. When you do this, be sure to mention all the benefits of the product to keep people excited.
- Reduce refunds and cancellations by creating a customer onboarding email sequence. This is a multipart sequence of at least five emails (preferably more) where you remind customers of the benefits of the product while also encouraging them to use the product. Your sequence can also provide tips and other helpful information not found inside the product.
The key is to get people using the product. Once they start using it, they’re not going to ask for a refund or cancel their payments.
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- Use automatic payment plans (such as PayPal’s rebilling feature) to collect payments. That way the whole process is hands-free for you.
- Spread payments out across months (rather than weeks). E.G., Three payments, with each one 30 days apart.
A small boost to your per-transaction amount can add up to big profits over time!
Keep Reading: How To Identify Your Brand’s Feeling
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