Step 2 of 5: The Irresistible Offer
Remember earlier when I talked about how the entire relationship changes once a lead gives you money?
Studies have shown that there is a subconscious change in a person’s mind once they hand over that initial investment. It doesn’t matter how much either, it can even be just a penny but EVERY sale after that initial penny will be easier and easier.
However, GETTING that lead to invest that penny in you will be the toughest battle of your hopefully lifelong partnership.
That is what the Irresistible Offer is all about, getting that initial investment from our lead and changing the relationship forever.
An Irresistible Offer in principle is fairly straightforward.
It should be something that you can deliver/perform quickly, easily and preferably 100% automated.
If possible, you should try to make your Irresistible Offer “piggyback” on the value of your freebie(s) so there is a natural progression through your funnel.
Your Irresistible Offer should be priced between $3 and $27 BUT have a perceived value of at least 3X you asking price.
If you are not UNCOMFORTABLE offering your Irresistible Offer for the price its listed at (aka you know its worth at least 3X what you are asking) then its too expensive (or not valuable enough!).
What’s the easiest way to create a Irresistible Offer?
The easiest way is simply to charge for something you are already doing for free.
Are you currently offering a free consultation? Free estimate?
Perfect! Simply charge $3, $5 or $7 for it.
Your gut reaction is to immediately say that it won’t work. Yes, you will loose a few people but that’s a good thing! Through testing, we’ve discovered that 9 times out of 10 anyone who would throw a fuss over that small of an amount would end up being bad clients/patients/customers anyway. If someone is really serious, they will be willing to invest $3 to $7. If they aren’t, they will just waste your time.
It also gives you more authority. Example: “My consultations and estimates are so valuable BY THEMSELVES that I have to charge for them. If you end up proceeding with my services/product, I’ll discount whatever you invest in my consult/estimate….”
If you don’t believe me, just test charging for your free consult/estimate for 30 days. Trust me, the only regret you will have is you didn’t try this 6 months ago.
What are some other examples of Irresistble offers? See the bottom right of the below image….
Now you can go more “extreme” here for a bigger impact. The only thing holding you back is your imagination.
Remember, the goal is NOT to make revenue at this stage of the funnel, our ONLY goal is to get at LEAST one penny to change hands. We want to change the subconscious relationship in the mind of the lead and turn them into a trusting buyer.
Once the “penny” is handed over, the dam has broken so to speak and future sales should come fast (if you follow the rest of the 5 Steps of course).
With that in mind, some companies pull out all the stops for the Irresistible Offer.
One painting company I had the pleasure of working with took my advice to heart and made their Irresistible offer “One Room Painted floor to ceiling for $7”.
When a company invests in me, I always give that new client different concepts for Irresistible Offers, from big to small. This “$7 for a room” was my most extreme concept I had for them at the time.
Most companies I work with are too scared to jump that high initially (which is too bad as you are about to see) so I was pleasantly surprised when they said let’s do it.
The offer exploded in their local community, and they had more home owners taking them up on it in the first month then they made sales the entire previous year!
Obviously they were losing money on this particular Irresistible Offer, so the huge question remained, would they get enough new FULL HOUSE jobs to make up for it?
Of the home owners who took them up on the $7 Irresistible Offer for one room, more then 60% went on to hire this company for a full house interior paint upgrade.
This company 4X’d their annual revenue from the previous year……in 30 days!
More importantly, the “free estimate” which they were doing before only converted at around 5%. The $7 irresistible offer converted at 60%.
Now this is the point where my lawyers always yell at me demanding I say “results are not typical, etc” which is true BUT this is just one case study of the amazing results that can happen when you go “all in” on your Irresistible Offer.
You have done all of this work to get to this point, don’t cheat yourself by stopping short of a awesome Irresistible Offer.
But let’s go ahead and assume your lead has now become a buyer thanks to your incredibly Irresistible offer.
The next step in the 5 Step Process is….