Running promotions can be a great way to attract additional businesses. We here at Convrrt understand that there are many different methods out there to use, let us help you understand one time offers, and how to get the most out of them.
When something is exclusive, scarce, or in high demand, it becomes more desirable.
Whether they are white-papers, free trials, memberships, sales promotions, or downloads, these irresistible elements can overcome a lead’s typical friction, doubt, or concern.
When we first launched Convrrt, we used the one time offer approach to generate pre sales. The one time offer that was available gave you access to our app for a full year at a heavily discounted price. This helped create a sense of urgency and lead to us having over 100 paid subscriptions within 30 days.
You may be familiar with how McDonald’s has managed to successfully use one-time offers to market its “McRib Sandwich”. This sandwich has achieved a cult following over the years. People eagerly await the time when the item will be offered on the menu again.
How did they manage that, when let’s face it, the McRib is possibly the most unhealthy thing that you can find? Anticipation.
In this blog, we will be discussing the idea of one-time offers, and how you can use them to generate excitement and interest for your product.
One of the important aspects noted in creating one time offers, is creating a sense of urgency that will prompt customers to take action and make a purchase. If they wait too long, they will miss out on their chance. This effect can be created by a strong call to action.
Here are five key factors to increase conversion rates on your one time offer page to help you along the way.
1.) Create urgency
How many times have you hear the the terms, “act now” and “while supplies last”? Supply and demand states that if you can’t get the product all the time, it raises the value, and naturally creates a call to action. One simple way to create urgency is by using a countdown timer on your page. This will show that the offer has an expiration, and if they don’t act now they will miss out. You can also show a counter of how many subscriptions you are accepting, such as “375 / 500 sold!”, or “only 125 seats left!”. This shows that you have a limiting the number of purchases, and they need to act now to be a part of that group.
2.) The Bandwagon Effect
As humans, we have a natural tendency to copy one another, even without realizing it. We like to be a part of tribes and social communities. When we see a friend or family member do one thing, we tend to follow suit. One great way to make an offer more valuable is to show that other people are participating in an offer. Your claim not only needs to be true, but believable. One great technique to craft marketing messages is to be specific and targeted. The offer will be more irresistible if it’s aligned to the beliefs, wants, needs and emotions of your target audience.
3.) Price anchoring
A product is never cheap or expensive, it’s all relative. People love to compare when valuing products, having an anchor price allows them to do just that. For example, when you are buying a TV you may see a 50’ TV priced at $1000 but a 48’ TV for $600. In this case you will think that the 48’ TV is a steal because you are saving $400 and it’s only 2’ smaller. This is exactly what the retailers want you to think by price anchoring the 50’ TV to be $1000. You can easily apply this to your pricing strategy. You can have 1 price plan that has unlimited features for $100/mo and a second price plan that offers less for $40/mo. The user will sign up feeling like they just saved major bucks.
4.) Marketing OTO offers
A subscriber list is one of the best ways to announce an OTO campaign. If you don’t already have a subscriber list, it is a good idea to build one before you bring out your OTO program. However, building a solid subscriber list for your newsletter or website takes time. If you don’t have the time to get a subscriber list, but you still want to offer your OTO, you could make the announcement about your program through various marketing outlets such as social media and channeling partners.
5.) One-time doesn’t have to be just a product
Auto marketers know this better than anyone. They are frequently advertising 0% APR on new cars, or discounts on trade-ins. Retailers have their “back to school” sales and President’s Day sales. J.C. Penney learned the hard way that a constant discount doesn’t generate nearly as much excitement as a “buy before it’s over” sale. Marketers should remember they don’t necessarily need to have a new product to offer limited-time discounts, new packaging can also create the desired result.
The one time offer strategy can be used to attract repeat customers, as well as bring new ones in the door. It can be used for products that have already shown to be successful, and also to test out new ones to see how they fare with current customers. This type of offer is versatile, but as you develop it, you will want to ensure your campaign marketing takes a unique angle that will attract attention to the promotion and get the product noticed.