$100M Offers Audiobook Part 6

0:01Hey guys, welcome to$100 million offers the audiobook special edition with the game podcast. Today we're going over two chapters bonuses and guarantees. Bonuses are the thing that you give on top of the thing you're already selling to get more people to want to buy it at the same price. And this is the best thing to do that I've ever had. When someone says, hey, can I have a discount instead of offering a discount, add more value. And that's where bonuses come in. Guarantees are the single greatest way to overcome the number one obstacle in sales, which is risk. And so if you You have an intelligently structured original guarantee.

0:32You can unbelievably increase your sales. It's staggering when you do it right. And I know for many of you, these next two chapters may be the ones that really take you over the edge and really change things for you. So I hope you enjoy.

0:48Chapter 13, Enhancing the Offer Bonuses. It's all gravy, baby. Play on an old English saying. I have to give special thanks to Jason Flatland for my renewed appreciation for bonuses. They are so powerful that they earned an entire chapter. In this chapter, I'm going to cover what to offer, how to pick them, how to value them, how to present them, and how to price them. The main point I want you to take away from this is that a single offer is less valuable than the same offer broken into its component parts and stacked as bonuses, a.k.a. the entirety of the offer we came up with at the end of the last section.

1:23This section is about how to present those pieces in what order. For example, I may in fact do lots of things with my service, but until I enumerate them, they are unknown. This is why every infomercial of all time continues with, but wait, there's more. They would not use these techniques unless they were effective, as every second of airtime costs money and must be justified with ROI. why. You'll also notice that if you watch those old infomercials, they would sell one knife for $38.95 and then include 37 other knives, sharpeners, pans, and guarantees to beat the prospect into submission. They establish the price and then they expand upon it until you feel like it's such a good deal it would be stupid to pass it up.

2:00The reason this works is that we are increasing the prospect's price to value discrepancy by increasing the value delivered instead of cutting the price. we anchor the price we tell them to the core offer. Then with each increasingly valuable bonus, that discrepancy grows wider and wider until it's too big to bear and we snap the rubber band in their mind that is holding their wallet in their pocket. We are now going to present that stack of deliverables that we assembled earlier in a way that makes them irresistible. Pro tip, add bonuses instead of discounting whenever possible on core offers.

2:32Whenever trying to close a deal, never discount the main offer. It teaches your customers that your prices are negotiable, which is terrible. Adding bonuses to increase value to close the deal is far superior to cutting prices. It puts you in a position of strength and goodwill rather than weakness. Presenting bonuses 101 versus group selling. There are key differences between pitching to a group versus a single person. Group selling is beyond the scope of this book, but I want to at least address when a bonus would be brought up in a 101 selling scenario. When selling 101, you ask for the sale first before offering the bonuses.

3:04If they say yes, then after they have signed up, you let them know the additional bonuses they're going to get. This creates a wow experience and reinforces their decision to buy. On the other hand, if the person does not buy after the first ask, then you present a bonus that matches their perceived obstacle, then ask again. Don't feel weird about asking again. You simply agree with the prospect, add the bonus, and then ask if this consolation was fair enough. People have a hard time rejecting reciprocity, so adding a bonus to accommodate, then another, then another, and people will feel almost obligated to buy from you.

3:35If you recall from our Trim and Stack chapter, each of those deliverables is now being weaponized and presented at the perfect time. We're going to provide all these bonuses to them anyways, but it increases the perception of our offer's value by laying these bonuses one at a time. Bonus Bullets That being said, there are a few key things to remember when offering bonuses. 1. Always offer them. You can use the bulleted bundle we came up with at the end of section 3. 2. Give them a special name that has a benefit in the title. 3. Tell them A. How it relates to their issue B. What it is C. How you discovered it or what you had to do to create it D.

4:11How it will specifically improve their lives or make their experience faster, easier, or less effort and sacrifice. Just looking at the value equation. 4. Provide some proof. This can be a stat, a past client, or a personal experience to prove that this thing is valuable. 5. Paint a vivid mental image of what their life will be like assuming they have already used it and are experiencing the benefits. 6. Always ascribe a price tag to them and justify it. 7. Tools and checklists are better than additional trainings, as the effort and time are lower with the former so the value is higher. The value equation still reigns supreme.

4:498. They should each address a specific concern or obstacle in the prospect's mind about why they can't or won't be successful. The bonus should prove their belief incorrect. 9. This can also be what they would logically realize they would need next. You want to solve their next problem before they even encounter it. 10. The value of the bonuses should eclipse the value of the core offer. Psychologically, as you continue to add offers, it continues to expand the price-to-value discrepancy. It also subconsciously communicates that the core offer must be valuable because if these are the bonuses, the main thing has to be more valuable than the bonuses, right?

5:26No, but you can use the psychological bias to make your offer seem wildly compelling. 11. You can further enhance the value of your bonuses by adding scarcity and urgency to the bonuses themselves, which takes this technique and puts it on steroids. A. Bonuses with scarcity. Version 1. Only people who sign up for my XYZ program will have access to my bonus 1, 2, 3 that are never for sale or available anywhere else other than through this program. Version 2. I have three tickets left to my$5 ,000 virtual event. if you buy this program, you can get one of those last three tickets as a bonus. B. Bonuses with urgency.

6:02Version 1. If you buy today, I will add in XYZ bonus that normally costs$1 ,000 for free. And I'll do that because I want to reward action takers. C. With hope, you can see the subtle differences. The first two examples aren't constrained by time. They state that if you buy the program, you will get the things you normally would not be able to. The bonus with urgency is about them buying today, and if they do not buy today, they will lose the bonuses. Minor difference, but worth noting. Advanced level bonuses. Other people's products and services. You can get other businesses to give you their services and products as a part of your bonuses in exchange for exposure to your clients for free.

6:39This is free marketing for them and high value products for you at no cost. Businesses will do this because you're going to give their business exposure for free to the highest quality prospects, your customers. As long as they are not direct competitors, you can get some brownie points, secure some future referral IOUs, and make your offer more valuable at the same time. If you secure enough of these relationships, you can literally justify your entire price in the savings and additional true-to-price bonuses. For example, if I owned a pain clinic, I might get a massage therapist to give me 1-2 free massages to incorporate into my offer.

7:13On top of that, I might get 1. a chiropractor to give me two free adjustments, valued at$100, a low inflammation food company to give me discounts for their products,$50 savings, discounts for braces and orthotics, $150 of savings, a local health club down the street to give me a personal training session for free and a free month membership to their pool,$100 value, discounts on all pharmaceutical drugs from the local pharmacist,$100 per month in savings, repeat the above for multiple service providers. So perhaps I get 10 chiropractors to give me a free adjustment. Now I have 10 adjustments in my bundle, etc.

7:46Now if my offer were$400, then the value of these free bonuses alone is worth more than the$400. As if that weren't already awesome enough, if you really want to be a Jedi, negotiate a group discount and a commission for yourself. This is exactly what we did with our supplement company. Our gym owner clients who use our sister company, Prestige Labs, sponsored athletes get 30 % discount on all our products. And on top of that, the sponsored athlete gets 40 % of all sales netted after the applied discount. So it's a win-win for everyone. Their clients get it for 30 % less than our main site. They get paid for giving away exclusive discounts.

8:19And we get customers in exchange for a commission paid. Everyone wins. If you're following along, each of these bonuses can become revenue streams for you indirectly by getting clients to say yes more easily. And directly because you can negotiate that each of these businesses can pay you for the people you send their way. So let's say we negotiated the following affiliate commission for making an introduction to these businesses. The chiropractor gives you $100 per person who comes into their office. The food company gives you free food. Orthotics company gives you$100 per person referred. The health club gives you a free membership or$50 per month who signs up.

8:51Pharmacy gives you$100 per person. Now let's look at how much money we made. Our$400 offer now has the possibility to make us an extra$350 of pure profit. That's the beauty of these relationships. The other businesses will pay you and you don't have to do anything but refer customers to them that you already have spent the money to acquire. And if you really want to get crazy, come up with a Grand Slam offer with these partners, businesses, by using the same concepts in this book so that each of the bonuses themselves become even more valuable than a simple commoditized service. Free gift number eight, bonus on bonuses.

9:23There are a million and one ways to use bonuses in your offers. You can get people to act faster. You can price anchor and product anchor, little known. You can get more people to say yes than you otherwise would. And And if you want a live deep dive with me, you can go to acquisition.com forward slash training slash offers and select bonus creation to watch a short video tutorial. I also have a free bonus checklist that I use when creating offers. So you can swipe it and use it for your business on the house. Summary. We want to employ bonuses because they expand the price to value discrepancy and get people to purchase who otherwise wouldn't.

9:54They massively increase the prospect's perception of the value of our offer. So here's what to do. One, create checklists, tools, swipe files, scripts, templates, and anything else that would take lots of time and effort to create on one's own, but is easy to use once created. Anything that you can invest in one time that clearly costs time or money to create, but can be given away endless time, is a perfect fit for bonuses. Two, beyond that, make a habit to record every workshop, every webinar, every event, every interview, and use them as additional bonuses, as needed to crush a perceived obstacle.

10:26Three, proactively negotiate group discounts and a referral commission with adjacent businesses that solve needs your customer will have as a result of beginning this process with you. What's the next natural thing they might want? Go to those businesses, get a deal for them they could never get for themselves because you are negotiating with the purchasing power of all your customers at once. Very powerful. Author note, the longer you are in business, the more of these bonus assets you will have at your disposal. All of these things are valuable. Put them in a vault and keep it in your back pocket to sprinkle into an offer to get the deal closed.

10:57Information products work very well here because they have high perceived value, low cost, and zero operational effort besides an additional login. Tickets to virtual experience or events work too. Same goes for a higher level of service that has a fixed cost like giving someone a VIP service for a month, which also, by the way, doubles as a way of upselling them into that level of service to keep them on it. More on that in book two. What should be a bonus versus part of the core offer if I'm the one fulfilling it? Short answer, wow factor. In other words, something you wouldn't want someone to miss.

11:27Many times you have so much cool stuff that you'll be providing your customers, which is a good thing, that valuable nuggets can get lost in the mix. You want to take the most distinct ones that can almost stand on their own and pull those out to highlight them. This is especially true for things that are short in length but high in quality or value. Checklists or infographics can condense a lot of information into a small space. Someone might not feel justified paying lots of money for a product launch map, for example, but as a bonus will be perceived as very valuable. Next up, we have our core offer.

11:56We are presenting it in a way to increase scarcity and urgency, to increase the likelihood that they want it even more. We stack the bonuses of our offer to make the price to value discrepancy out of this world and break our prospects' minds. Next on our magical journey, we'll be addressing the big elephant in the room, risk. We will completely obliterate it using a combination of guarantees so they have no reason not to buy. Hey guys, real quick, if you've been enjoying the$100 million dollar offers series on the podcast. If you could share it with a friend or leave a review, either one would mean a lot to me.

12:29And it would also make you an amazing human being. I took a year of my life to put into this. And that was just in the actual writing process. It took me years to put this information in a simple, succinct manner so that people could understand it. And so it would just mean a lot to me. That's it. It's just an ask. It would mean a lot to me if you shared it. So that's all I got. Enjoy the rest. Chapter 14, Enhancing the Offer. Guarantees. You're going to like the way you look. I guarantee it. Men's Warehouse ad that ran forever. Guarantees worth their weight in gold. The single greatest objection for any product or service being sold is, drumroll, risk.

13:09Risk that it doesn't do what it's supposed to do for them. Therefore, reversing risk is an immediate way to make any offer more attractive. You will want to spend a disproportionate amount of time figuring out how you want to reverse it. That being said, how much more attractive can a guarantee make an offer? Jason Flatland, who I referenced earlier, once stated that he had seen the conversion on an offer 2-4x simply by changing the quality of the guarantee. It's that important. From an overarching perspective, there are four types of guarantees. Unconditional, conditional, anti-guarantee, and implied guarantees.

13:41You must always hit your guarantee hard, even if you don't have one. Say it boldly and give the reason why. But won't people take advantage of a crazy guarantee? Sometimes, but not usually. That being said, you must understand the math. If you close 130 % as many people and your refund percentage doubles from 5 % to 10%, you've still made 1.23x the money, or 23 % more, and that all goes to the bottom line. Example, 100 sales with 5 refunds, which is 5%, equals 95 net sales. The guarantee offer might get 130 sales, 13 refunds, which would be 10%, and net 117 sales. So 117 over 95 is 1.23x, or a 23 % increase.

14:26Don't be emotional, just do the math. For a guarantee to not be worth it, the increase in sales would have to be 100 % offset by people who refund. So an absolute increase in sales of 5 % would need to be offset by an absolute increase in refunds of 5%. But that would be a doubling of refunds, which is unlikely. So for the most part, the stronger the guarantee, the higher the net increase in total purchases, even if the refund rate increases alongside it. Warning. While guarantees can be effective sellers, people who buy because of guarantees can become very shitty customers. A person who only buys because of a guarantee is a person who may not be willing to put in the work necessary to see success with your product or service.

15:03In a world where you want to reverse risk and get customers the best outcome, tying your guarantee to the things they need to do to be successful can help all parties. Pro tip. High cost services warning. If you have a tremendous amount of cost associated with your product or service, you will likely want to employ a conditional guarantee or anti-guarantee, as you'll have to eat the cost of the refund and the cost of fulfilling. Types of Guarantees If you don't achieve X in Y time, we will. What makes a guarantee have power is a conditional statement. If you do not get X result in Y period of time, we will Z.

15:38To give a guarantee teeth, you have to decide what you'll do if they don't get the result. Without the or what portion of the guarantee, it sounds weak and diluted. Note, this is what most marketers do. Bad example, we will get you 20 clients guaranteed. Better example, you will get 20 clients in your first 30 days or we will give your money back plus your advertising dollars you spent with us. This is a simple but strong guarantee. Here are the four types of guarantees. I'll go over them in theory and we'll apply them. 1. Unconditional guarantees. As I stated earlier, there are unconditional, conditional, and anti-guarantees.

16:13Unconditional are the strongest guarantees. They're basically a trial where they pay first and see if they like it. This gets a lot more people to buy, but you will have some people refund, especially as consumer culture continues to shift towards entitlement and zero accountability. 2. Conditional Guarantees Conditional guarantees include terms and conditions to the guarantee. These are the ones that you can get very creative on. In general, you want these to be, quote, better than money back guarantees. because if they're going to make an investment, you want to match their investment psychologically with an equal or higher perceived commitment.

16:46These also can have a very powerful effect on getting clients. If you know the key action someone must take in order to be successful, make those part of the conditional guarantee. In a perfect world, 100 % of your customers would qualify for a conditional guarantee, but will have achieved their result and therefore would not want to take it. That is an ideal we can all aspire towards. And just FYI, if given the option of getting a refund or getting the outcome they were promised, the vast majority of people will take the outcome. That's why they bought it in the first place. Three, anti-guarantees.

17:18Anti-guarantees are when you explicitly state all sales are final. You will want to own this position. You must come up with a creative quote reason why the sales are final. Typically, you'll want to show a massive exposure or vulnerability on your part that a consumer could immediately understand and think, yes, that makes sense. These types of guarantees are especially important with items that are consumable or massively diminished in value once given. 4. Implied Guarantees Implied guarantees are any offer that is a performance-based offer. This comes in many different forms. Rev share, profit share, triggers, ratchets, monetary bonuses, etc.

17:53are all examples. The end-all concept is the same. If I don't perform, I don't get paid. Unique to this particular structure is it also confers the upside of, if I do a great job, I will be very well compensated. These only work in situations where you have transparency for measuring the outcome and trust or control that you will get compensated when you perform. Stacking guarantees. An experienced salesman understands that, like bonuses, you can actually stack guarantees. For example, you could give an unconditional 30-day no-questions-asked guarantee, then on top of that, give a conditional triple-your-money-back 90-day guarantee.

18:28That would be an example of stacking unconditional with a conditional guarantee. You can also stack two conditional guarantees around different or sequential outcomes. For example, you'll make$10 ,000 by 60 days,$30 ,000 by 90 days, as long as you do thing 1, 2, and 3. This future paces the prospect into an outcome they now believe is far more likely, since you will be deliberately spelling it out in a conditional guarantee with a timeline for achievement. Doing this shows the prospect you are serious about getting the results and convinced they will achieve what they want. This shifts the burden of risk back from them onto us, a very powerful strategy.

18:59Let's go through some different guarantee examples. These are some of my favorites. Guarantee. If you don't achieve X and Y time, we will insert offer. Unconditional, no questions asked, guarantee. What the client gets. A, a full refund. B, 50 % refund. C, refund of ad spend or any ancillary cost. D, you pay for a competitor's program. E, you return their money plus any additional money on top of it, like an extra$1 ,000. My take. This is about as simple as it gets. It's also very risky. You put yourself in a situation where if someone does not achieve the results, whether because of your fault or not, you will still be held accountable.

19:34Obviously, this is a strong but unoriginal guarantee. You can add conditions, but the more conditions you add, the faster this guarantee loses teeth. Wording. I heard Jason Fladlin, who I referenced earlier, pitch his unconditional guarantee on a webinar, and I thought it was unbelievable. These are 100 % his words and not my own. I take no credit for this, but have included it for completeness. I'm not asking you to decide yes or no today. I'm asking you to make a fully informed decision. That is all. The only way you can make a fully informed decision is on the inside, not the outside. So you get on the inside and see if everything we say on this webinar is true and valuable to you.

20:08Then, if it is, that's when you decide to keep it. If it's not for you, no hard feelings. You will then, after signing up at XYZ URL, be able to make a fully informed decision that this isn't for you. But you can't make the decision right now for the same reason you don't buy a house without first looking at the inside of it. And know this, whether it's 29 minutes or 29 days from now, if you ain't happy, I ain't happy. For any reason whatsoever, if you want your money back, you can get it because I only want to keep your money if you're happy. All you have to do is go to support.xyz.com and tell us, give me your money and you got it.

20:39And in short order, our response times to any support requests average 61 minutes over a 24-7 time period. You can only make such a guarantee when you're confident that what you have is the real deal. And I'm fairly confident when you sign up at URL, you're going to get exactly what you need to benefit, right? Insert dream outcome. Pretty crazy guarantee. Pro tip, name your guarantee something cool. If you're going to give a guarantee, spice it up. Instead of using satisfaction or some other vanilla word, describe it more strongly. Generic example, bad. 30-day money back satisfaction guarantee.

21:11Creative imagery example one. Good, in 30 days, if you wouldn't jump into shark infested waters to get our product back, we will return every dollar you paid. Creative imagery example number two. Great, you'll get our infamous club a baby seal guarantee. After 30 days of using our services, if you wouldn't club a baby seal to stay on as a customer, you don't have to pay a penny. Unconditional, satisfaction-based refund guarantee. Expand it on from above. What the client gets. If at any time they're not satisfied with the level of service they're receiving from you, they can request a refund at any time for the program.

21:40My take. Believe it or not, this was my guarantee when I sold weight loss programs. Besides being an irresistible offer, I guaranteed satisfaction. I used the strength of my guarantee to close a lot of deals. Do you think I'd still be in business if I gave a crazy guarantee like that and wasn't good at what I did. Now, I'm not guaranteeing you're going to hit this goal in six weeks after all, because I can't eat the food for you. But I am guaranteeing that you will get$500 of the value and the service from us to support you. If you don't feel like we gave you that level of service, I'll write you a check the day you tell me we suck.