Do you have a plethora of physical products and/or digital products to offer? Are you making a lot of sales? Maybe you’re just starting out and you’re on the verge of launching your first product or service. No matter where you are in your entrepreneurial journey, your business could always use a boost; sales and bonuses are an incredible place to start.
In order to really boost your profits and level up your business, there’s two different techniques at your disposal. The first technique is to run a sale, the second is to provide a bonus when someone purchases something from you. You can and should take advantage of both of these techniques regularly.
Technique #1: Running Sales
The first technique is sales. You can run monthly or periodic sales on either your entire inventory, specified sets of products or on individual products. This is better for product-based businesses, because you generally don’t want to discount your time, which is what a service-based business would sell, usually.
Running sales gives your audience the opportunity to grab the goods they’ve been eyeballing from you at a lower price. Since there’s a time limit on sales, people tend to act quickly because they don’t want to miss out. This creates a sense of urgency, forcing people into action rather than “waiting until the time is right”–they don’t know if and when they’ll see a deal like this again.
What does this mean for you? A whole slew of people making purchases within a short time period. Whenever you’re hard up for money, want to give back to your personal community you’ve created, or when you want to fund the creation of a new product or endeavor, just run a flash sale for a couple days.
Technique #2: Provide Limited-Time Bonuses
The other technique is to add limited-time bonuses. Say if they buy your signature course, they’ll also receive–for a limited time–one of your less expensive, smaller products. Or they’ll be upgraded to platinum level support for 6 months. Or a T-shirt, or entrance to a free 14-Day Challenge, or anything else your beautiful mind can dream up.
You want to offer something that is worthwhile to the purchaser, but not too costly or time-consuming to give away on your end (think products rather than services).
You can combine these two techniques for a huge impact (running a 30% off sale and giving out bonuses with purchase, for example) or use them individually. Experiment and see what works for you and what your current situation requires. Play around with it and see what you can come up with.
NOTE: Everyone has a different mailing list and audience, so what works for one person might not work for another. This is why experimenting to see what your own audience responds to is key.
TODAY’S QUEST
If you’re a budding entrepreneur and you’re just starting out, today you should work on the very first thing you will offer as a way to earn an income. It can be a course, a digital product, a service, a physical product, whatever. I want you to work as hard as you can on making sure that product or service is ready to be sold. Just sit down, right now, and focus on nothing but this initial product or service for at least two hours. That means NO multi-tasking. Just turn on some music, tune out the world, and get to work.
If you’re already an established entrepreneur with a variety of products and services, I want you to think of one of your products or one of your smaller, less time-consuming services that could be offered as a free bonus if someone makes a purchase.
If you don’t have any, I want you to plan the creation of a new bonus that you can give away. Let’s start this journey