MBA1391 Great Bonus Ideas For Your Offer

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Now whether it's on a live webinar, whether it's for a promotion, a limited time thing, Black Friday's coming up, Cyber Monday. You may need to add a special little bonus that goes with your product or service. So in today's episode we're going to talk about what are some good cost effective bonuses that that can really help your business as well as your users? What are some ideas that have worked for us in the past and what are some that are just not as effective as they sound? We're gonna get through all that as well as how to source these bonuses, how to set that all up so that you're able to supply them to your customers. So let's get into it. Let's get down to business. Bonuses, bonuses, bonuses. We all love a good bonus A little special gift for taking action. So when we're on the other end, as a business giving out these bonuses, we wanna make sure we're giving out the right bon will incentivize them to buy, but also to see value in the bonus itself. So I want to first start with some bad ideas for bonuses. These are ideas that I actually tried myself and found out doesn't really work. More of the same. This is a mistake. If you're selling an informational product like a course, for example, and then you say, hey, I'm going to give you a bonus of a second course. So they're buying a course, but the bonus is also another course. This, in theory, sounds like a good idea. They're getting more content and maybe even that second bonus course is valuable and you sell it separately. But from a buyer's point of view, they're just getting more of the same. And we found that this bonus really doesn't convert well and it doesn't really compel people to buy. The best bonuses are the ones that help them implement the main product. So, for example, if you have a course on how to start with watercolor painting, a bonus of a painting brush is a great bonus because they can use that brush as they're going through the course. They can actually use it to do the exercises to implement what they bought. It's also good to change it up where you have a digital product like a course, and then they get something physical in the mail. There's just something intrinsically valuable about something that you can hold. So even if your bonus is not going to help them implement the product properly or better or easily, even a physical thing like a company T shirt or cap or stickers has perceived value. We've actually given out a free webinar Ninja T shirt as a bonus. And this converts really well because people just love something physical they can wear or hold. Everybody loves getting a gift in the mail. But a little tip about swag and giving out swag as a bonus, make sure it's high quality. You want to make sure, as the company, they actually wear that T shirt, they actually sport that hat. And if it's cheap and something that they wouldn't feel proud to wear, then it's defeating the purpose. You want them to be able to wear it proudly and advertise for you. Basically share your message with others. I've been given a lot of free T shirts in my time. Going to conferences, getting swag as a part of a bonus, all things like that. And I would say about 30% of the T shirts that I got, I've worn out, I've worn to the gym, I've worn to hang out with my friends at the pub, whatever it is, right? And the reason why the 30% made it is because the quality was good and I was proud of the design. The other ones I may have worn as a pajama or as I was gardening or maybe even just tossed it in, you know, the charity bin. So make sure it's quality. So again, differentiate between digital and physical. And these are really good ways to differentiate your bonuses. So again, if your product is physical, like somebody's buying something from your e commerce store, for example, let's say they're buying a mug, a designer mug that you sell. So a great bonus would be something soft, something digital, like a recipe book, an ebook of great coffees and hot chocolates and chai lattes. You can create and use your mug for bonuses. Also have to have some roi. Okay, you meaning that you gotta make sure that you're not spending too much on the bonus so it's not costing your company too much to deliver the sale. You also have to have a system to deliver the bonus. Now if your bonus is electronic or it's a course or it's an ebook, this is a lot easier to fulfill. You can even automate it with an email sequence to send to buyers that buy at a certain time or on a certain webinar, things like that. So if it's electronic, it's super easy. But make sure you have a procedure in place to deliver these bonuses and, and let your actual buyers know hey, when they're gonna get their bonus, when you announce this bonus offer. Now if it's a physical product, they have to have some sort of procedure. One of the procedures that we do is we have an actual Google form that we create with asking for name and email address and phone number and mailing address. And we send them that form after they buy and we can automate that email and say, hey, we need you to fill out this form so we can fulfill your request. Bonus offer, bonus order. And in the form you can clarify, hey, this is may take a week or two to get to you, just to give yourself time for processing. And it's good to like under promise and then over deliver. So how do you actually fulfill this stuff? What if you're, you know, giving away a T shirt or a mug or a hat? How do you actually get this done and created and sent out? There's a lot of options out there. There's custom ink. There's printful. The one that we have found that works well for this purpose for bonuses is Teespring. Teespring allows you as a company to create customized T shirts and swag and hats and things like that and ship them out to your audience. Ship them out to whoever is requesting it. So you have all these addresses now through the Google form and you can just plug those that information in. Of course in the form we also ask for like size for T shirt, things like that and it sends it directly to them. It's actually pretty cost effective, especially if you're shipping out of the U.S. or you're shipping to the U.S. you can, you know, get T shirts sent out for 12, $15 and if your offer is, you know, has a value of $500 a year, that's a pretty good return on investment. Bonuses are a great way also, especially if they're physical to allow the sale to stick. People feel obligated to accompany and feel more value with their purchase when they have something physical in their hand. So make sure you get that bonus to them, especially during that window of your trial or your money back guarantee. Now ideally you have somebody on staff, an ea, a virtual assistant that can help you fulfill these orders. Take the information from the Google forms and plug them into Teespring. This will save you a whole bunch of time. Another great bonus idea is tickets to a live event. If you have a larger ticket item, this is a great bonus. So say for example Your product is $2,000 and above including a bonus of like 2 tickets to your next live event or meetup. It doesn't have to be this huge, you know, five day event. It could be a one day event, a one day meetup, a one day workshop and you can literally just do it in your local town and people will be happy to fly over there if they get free tickets. Again, people love access to you. Many people are buying because of you. You've built that trust, that rapport. So two tickets to a live event is fantastic even if they can't use it or they can't make it because of the D. You can even tell them they can gift it to somebody, which is a fantastic gift. I do want to mention another bonus idea that is a bad idea. Steer clear from making any of your bonuses costing you time, like booking a time on your calendar, a call, a coaching. The only exception to this is maybe a group coaching call where you are on there and everybody who got the bonus is on that call. This is going to leverage Your time, it's just, you know, maybe 30 minutes and it's worth it. But if you're giving out your time willy nilly as a bonus, you're gonna run out of time. And time is your biggest asset. So unless these are high paying clients, a high paying product or service where they're, you know, they're dropping a few thousand dollars and the Bonus is a 15 minute consulting call, okay, fine. But if your product is $100, $200 and you're giving bonuses left and right for, you know, 15 minute, 30 minute calls, you're gonna stop focusing on your business and your growth and your team and start fulfilling bonuses with your time. So try your best not to go down that path. Lastly, bonuses need to be time bound, they need to be special, they need to be exclusive. So I only give out bonuses when those who buy on my live webinar. So when they buy on a live webinar, I'll give out a bonus. If they buy during the webinar, as soon as the webinar is over, that's it. You know, if they buy after that, they buy day after. You know, they get the great product and the service at a great price. But that bonus, that T shirt, that extra special thing they, that's for those who take action immediately. And you gotta stick to that in order for it to have value.

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Bonuses are a great way to answer the question why buy now? I always give this example. You know, every Wednesday in the US there's a store called Macy's. A department store is very famous and they have a one day sale every Wednesday. Why do they have a one day sale? Well, it's answering that question, why buy now? Get into the store and buy something now. Not tomorrow, not the day after now. Instead of discounting your product with a sale Bonuses are a great way for you to keep your profits up, keep your profit margins up and give them something extra special. Something to help them implement, something that makes them feel good. Something that allow the sale to stick. Thank you so much for listening to the hundred dollar NBA show. If you love what you hear, leave us an iTunes rating and review. We read every single review and it allows you to enter our weekly random draw we call Free Ride Friday. Every Friday we choose randomly from one of our reviews. We give them a shout out on Friday and they win a free ride to one of our programs. We're giving away Easy course or online course on how to build your own we're giving away Easy course. It's our course on how to build your own online course in 30 days. It retails for $500 over at EasyCourse Co, but you can win it for free by just leaving us an iTunes rating or review. Listen in on Friday and you can win a free ride. Before I go, I want to leave you with this. I find that bonuses are kind of like little experiments. You have to experiment a little bit to see what works best for each offer that you give. Some will surprise you. Wow, this bonus really works. And some you think it will work well, but in reality when you actually offer it, it doesn't really do well. So it takes some experimentation. And it's worth the experimentation because when you do find bonuses that do work, you can double down, triple down and use them every single time. Thank you so much for listening and I'll check you in tomorrow's episode. I'll see you then. Take care. Of.

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