Pros and Cons of Offering Service Bonuses
If you’re considering offering a service as a bonus, then first check out these pros and cons…
Pros
Services often carry a high perceived value.
You can offer a customized service, which makes the offer very compelling.
Cons
Most services require you to trade time for dollars.
You can become overwhelmed trying to provide services on a popular product.
Tips:
- Offer services on high-ticket products only.
- Consider offering a limited number of services (which not only keeps you from becoming overwhelmed, but it also creates urgency and boosts conversions).
Next idea…
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Limited Time Bonus Offers
A fast-action bonus is a great way to boost conversions. This works particularly well during a product launch or during a live event, such as during a webinar to close the sale.
E.G., “Take advantage of this offer in the next hour and you’ll enjoy a $50 discount!”
Limited Quantity Bonus Offers
Another way to create urgency and boost conversions with your bonus is to offer a limited quantity.
E.G., “Be one of the first 100 people to take advantage of this offer, and you’ll get a landing-page creator app for FREE!”
Bonuses that Make Money
One advantage of offering trials as bonuses is that these bonuses give you the potential to make money in the near future.
For example, you might offer a six-month trial membership as a bonus. After the trial has expired, many members will pay out of their pocket to retain their membership.
The Instant Gratification Bonus
The idea here is to create a bonus that allows customers to get quick results. In turn, this strategy reduces refunds and creates satisfied customers.
For example, let’s suppose you’re selling a traffic-generation guide. You might offer a bonus package that includes a report and templates to help people quickly and easily set up a Facebook ad campaign. This bonus lets customer set up a campaign in minutes and start receiving traffic almost instantly.
How to Value Your Bonus
One mistake a lot of marketers make is to over-inflate the value of the bonus. Prospects can often see right through this scam, and they’ll come to not trust you.
So, here’s what you do instead: put a realistic value on your bonuses. Indeed, you may even decide to sell your bonuses to a limited number of people just to prove they are worth the value you’ve assigned.
E.G., “Others have paid $100 for this app, but it’s yours free if you act now!”
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The Product Launch Bonus
This strategy is all about getting prospects to move fast and purchase a product during the first few days of a product launch. In turn, this builds momentum, buzz and social proof, which further boosts sales.
E.G., “If you’re quick, you’ll get [name of bonus product] for free – but hurry, this special introductory offer ends [date and time]!”
Add Bonuses to Higher-Priced Options
If you have a membership site or other product where people can choose a “level” (such as bronze, silver or gold), then put your bonuses into your higher levels. This helps boost the perceived value of those levels and gets more people joining at the higher level.
For example, you might offer one simple bonus (such as a report) at the Bronze Level. For the Silver Level, you’d offer that report plus an app. At the Gold Level you’d offer the report, the app, access to a private group, and a toolkit. If you price it right, the Gold Level clearly becomes the best deal, and customers will flock to it.
Keep Reading: Put Incentives To Work For You
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