So how long have you been shopping online? No matter what your actual time frame is.
When it comes to successfully marketing your products or service. Be it on or offline.
There’s a proven marketing strategy that practically all successful marketers constantly utilize.
Because at the end of the day. Consistently doing so inexpensively increases their bottom line. Sometimes dramatically for literal pennies on the dollar.
And it will definitely do the same for your business or service. (And no it doesn’t matter if you’re an aspiring solopreneur or you’re already an established business
with a booming reputation. (And worldwide brand.)
With extremely loyal customers and employees. And you’ve got a massive traditional advertising budget to boot.
Have you noticed when you and I first arrive at their online checkout page?
Somewhere on the page, you’ll typically see a box with a dashed border. And sometimes the background color is white with red text. Or it’s white with green text.
And usually, there’s also an arrow gently moving back and forth.
And we’re informed simply by checking the box. You can purchase an additional digital product or service at an advantageous discount.
This simple process is often referred to as an “order bump”. And it’s a proven insider strategy for inexpensively increasing your overall gross front-end profits.
Sometimes It’s Just A Matter Of Increasing The Average Amount Each Customer Spends! (Not Constantly Trying To Generate More First Time Customers!)
And just like when Mcdonald’s trained cashiers (all over the world mind you.) Ask their daily customers, “would you like fries with that?” A certain percentage of them answer yes, correct?
And McDonald’s and every other extremely savvy marketer which utilizes this proven strategy. They just added to their daily gross profits without having to spend an additional nickel on outrageously expensive traditional advertising.
Once this box gets checked you and I are typically redirected to an entirely new market-tested sales page.
Where once again. We’re offered the opportunity to purchase an additional product or service at some type of enticing discount.
And for those of us who take advantage of this particular offer. This particular marketing strategy is often referred to as either an ‘upsell” or a “bump.” And no matter what you actually call it.
If you’re not systematically using it. You’re definitely leaving a ton of money on the table. On or offline. Whenever you or one of your major JV (Joint Venture) partners snail mails or delivers a product to your customers.
You should always include some type of extremely time-sensitive, market-tested “bounce back” offer.
Which ethically bribes your customers to make an additional purchase of either a product or service you offer. Or a product or service you promote as either an affiliate or JV partner.
You’ll definitely be pleasantly surprised at how much additional revenue these incredibly simple strategies will consistently add to your bottom line. For literal pennies on the dollar.
(And truth be told, at some point a percentage of your best customers were probably going to make these additional purchases anyway. Especially if they’re receiving some type of incentive-based discount.)
You’re just compelling them to do so now with you as opposed to later with a major competitor of yours.
And if for whatever reason(s) you and I decide not to take them up on their “OTO” (One Time Offer. They’ll usually have a link that says “No Thanks.” (After clicking it.)
At which point you may receive one last chance to purchase a scaled-down offer of some kind.
Maybe some or all of the extremely time-sensitive bonuses worth X are no longer part of the extremely time-sensitive “upsell” offer.
And the price is also slightly or dramatically reduced. And if you still decide to decline the offer.
Then you’re taken to the page where you finally get to access your purchase(s.)
All of these additional add-on sales increase the marketer’s (ACV) “Average Cart Value.”
And whether you’re talking on or offline revenue. This entire process is often referred to as“The Total Lifetime Customer Value” metric of each of your customers or clients.
And practically every type of successful dental or law practice or CPA or CFP firm, chiropractors or you name it. (Especially mail-order companies.)
Their entire practice is literally built around understanding and benefiting long term from this one incredibly powerful and potentially profitable concept.
Three Ways Your Business Or Can Or Will Ultimately Benefit Simply By Understanding The Total Lifetime Value Of Your Customers Or Clients!
1.) First: Once you have a realistic idea of what a customer or client is actually worth over time to your business or service. Now you know what or how much you actually afford to spend in order to acquire a first-time customer.
And once or after you have a reliable back-end sales process in place. It probably makes sense to just break even on the initial front end or your sales funnel. Knowing you can definitely make up for it with your add on sales or bumps
On the back end.
2.) Second: Knowing your company’s “ Total Lifetime Customer” value numbers also means you can afford to be more strategic and generous. By offering either your top affiliates or JV partners a larger commission percentage on the front end initial sale. And thus attract the more successful ones to aggressively promote for you instead of your major competitors.
3.) Third: You can also afford to be even more generous with your front-end bonuses. Because the more ethical bribes, you can shower on your first-time customers.
(Especially if they’re digital products or services.) The easier it will be to acquire first-time customers.
It’s definitely in your best interest to get a practical understanding of this little-known, rarely utilized marketing concept. Don’t you agree?
Wanna learn the closely guarded secrets to successfully growing your business or service for literal pennies on the dollar. In the next 90 days or less? If so grab Mark Newsome’s free nine-page special report @ youcanmarketonlinenow.com
This is a guest post from Mark Newsome if you would like to be considered for a guest post please contact me.