Business Growth Strategy Series: Your Core Offer
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You want a successful business. Discover what the most successful businesses in the world do differently and then replicate it for amazing results.
This is step #05 of our proven 8 step ‘Business Growth Series’ to grow your business through your website by 200% to 1000%+.
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full list of Business Growth Strategies:
Table Of Contents
- Business Growth Strategy Overview
- Your Core Offer & The Secret Sauce Of A Successful Business
- Business Boost #01: The Re-Marketing Addon Yet Again
- Business Boost #02: The Lead Nurturing Addon
- Business Boost #03: The Urgency Addon
- What The Most Successful Businesses In The World Do
- Why Is There Such A Discrepancy & Why Isn’t Everyone Doing This?
- What’s Next?
Your Core Offer & The Secret Sauce Of A Successful Business
You probably already have a core offer. It’s your flagship. Most businesses get nowhere by making Core Offers to cold prospects.
Yet, this is what most businesses do!
Remember I talked about a 2% conversion of traffic into inquiries from a website? Well that’s a very low conversion rate!
If you introduce a ‘Lead Magnet’ and ‘2nd Trust Offer’ you’ll see an explosion in sales.
Remember at this point you’ve already had 2 successful transactions with the buyer.
- The lead magnet where they gave you their contact details.
- The ‘2nd Trust Offer’ where they made a purchase.
This is why it’s so important to OVER DELIVER with both your lead magnet and your ‘2nd Trust Offer’. You want customers to be blown away and impressed with you. They want to feel that you’ve gone above and beyond for them.
In some cases the core offer will make you profitable. We’ve already shown you how to increase your results by over 1000% , but there’s even more money you’re leaving on the table.
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Business Boost #01: The Re-Marketing Addon Yet Again
The Secret Sauce!
Visitors are on your website for a very limited period of time compared to the time they are online.
Facebook is a big consumer of users time online!
So what this means, is that we need to use this time to reach your customers with your core offer.
This is why we use the Re-targeting Addon to reach ALL those visitors who purchased the ‘2nd Trust Offer’.
Remember that we said that this re-marketing is effective because it offers several benefits:
- Increases brand awareness and recognition with the constant exposure to brand ads.
- Drives repeat traffic to your site.
- Signups aren’t always made during the first visit. Of the visitors who didn’t signup on the initial visit 60% of visitors (Source: DMNews) who visit a site again will take action.
So what we’re seeing here is a compounded effect. We’ve been building trust through our ‘Lead Magnet’ as well as our ‘2nd Trust Offer’ but still there are some people who haven’t taken action on our core offer.
So for these people we know that they spend a lot of time on social media and the web and we structure a specific and dedicated re-targeting campaign that brings them back to the core offer.
Let’s Look At An Example
Notice how they bringing people back to their ‘Core Offer’ with an incentive. They’re only showing this advert to people who didn’t purchase their ‘Core Offer’ initially and needed a little convincing.
Or notice how this company is improving it’s sales by targeting customers who didn’t finish their purchase of the ‘Core Product’.
The customer has already visited the site, looked at the products, selected some and added them to the cart, and then got distracted. This ad is incredibly effective at getting them to complete the purchase!
Let’s just look at the stats why this ad is so effective.
- About 75% of shoppers who abandoned shopping carts say they plan to return to the retailer’s website or store to make a purchase.
- 8% actually do
- That leaves 67% of cart abandoners as ready re-marketing targets.
Now you know why this tactic is pivotal in skyrocketing your sales!
Making Sure Your Ads Are Specific
I’ve covered this before but your ads need to be specific. There’s a powerful tool called ‘Dynamic Re-targeting’ which allows you to show ‘Dynamic’ ads depending on what the user has done on your website.
For example, if you looked at the watch section here, you’d then see this advert:
or if you viewed these pairs of shoes
They know you’ve viewed those exact pairs, so they’re reminding you of them in their re-targetting campaign. They have hundreds of models, but they’ve made it so specific that they’re showing their customers the ones that they showed interest in! Now that’s specific and effective!
Deliver Your Core Offer and Reap the Rewards (Core Offer)
Discover What the Most Successful Companies in the World Do. This is where is all comes together, you’ve built and grown a relationship and they’re ready to trust you.
Make Your Core Offer Unbeatable For A Successful Business
They have a small discount to try and push all those who didn’t purchase their ‘Core Offer’ to do so. This ad could do with a MUCH better ad copy, and this is probably the reason for the low engagement. I wanted to show you what you can do with ads. While ‘Thirsty Thursday’ sounds catchy, it really doesn’t do anything for making me want the ‘After‘ state, and so this ad is just another average ad that looks good but will have low interaction. Still, they’re doing more than most companies, and actually re-targeting, but they could see a MASSIVE improvement if they just followed our system.
Are you receiving all of the social media marketing benefits? If your goal is to do so – make sure you check our detailed article.
So if you’re conversion rate was 50% from your ‘2nd Trust Offer’ to your core offer, by targeting those leads that didn’t convert with ads, over a period of 60 or more days, you’ll build up a very strong brand familiarity, and you should see a higher than 50% conversion rate on these leads into your core offer.
Now that’s incredibly powerful!
You’re probably thinking this is so amazing, but you can even increase it’s effectiveness further!
Business Boost #02: The Lead Nurturing Addon
For Boosting Your Core Sales!
You guessed it! You’ve got their contact information and all the way along you’ve been sending them amazing content. You’ve been providing tremendous value and showing them that you are the expert.
You’ve been increasing your engagement with them through their inbox, and you’ve been keeping in touch.
Remember that I said:
(Source: Gigaom Research)
That just meant that they found your company at the wrong time. With this ‘Lead Nurturing Addon’ you’ve kept in touch and when they are ready to make the ‘Buy’ decision, you’ve been there all the way and you’re at the forefront of their minds.
Let’s go back to the hot dog vendor example. Imagine that you’re in an office and you’ve bought from him before and know his quality (like you did with the ‘2nd Trust Offer’), and you’ve just had breakfast you’re on your way to a meeting and walk past him. You’re not hungry at all and the last thing you want is more food so you actually don’t take note of him. Although you’re a qualified lead, you’re not ready to buy, like 50% of your marketing leads!
Now without the ‘Lead Nurturing Addon’, you’ve been busy all day, and when lunch time comes you might think ‘What should I have for lunch’ and start looking for ideas. You could go to McDonald’s, or any other food provider.
If the hot dog vendor used the ‘Lead Nurturing Addon’ to promote his core offer, he might send you a personalized email around lunch time with a great offer.
Maybe something like “Hey Mike, it’s lunch time and you’re probably getting hungry. Why not stop in for a hot dog before 2pm and I’ll include a free coke with your meal. Regards the Hot Dog vendor”
You can imagine how effective that would be, especially if he included some mouth watering images!
While your business might have a longer cycle required before inquiry and purchase you get why it’s so effective!
What you do here is send personal, specific emails to those people who purchased your ‘2nd Trust Offer’ but haven’t purchased your core offer. Offer them a reason to buy your core product/service. Remember taht you’re still better than any competitor since this isn’t your money spinner. It’s just about cementing the relationship with this customer!
Business Boost #03: The Urgency Addon
Catalyst For Boosting Core Sales!
I’ve explained the importance of creating ‘Urgency’ earlier on the system. I’ve looked at how you do it and the why. So by now you should understand the incredible power of this app.
So the only question remains, how is it applied in this step of the process.
How Is It Applied?
It’s very similar to before just this time the focus is on the ‘Core Offer’.
We apply this ‘Urgency’ addon in 3 places:
- Website communication of your ‘Core Offer’
- Remarketing Addon communication of your ‘Core Offer’
- Lead Nurturing Addon communication of your ‘Core Offer’
When you’re introducing your ‘Core Offer’ to new customers for the first time you need to create a sense of urgency. One way of doing this is to offer a small discount if they act within a certain time period.
Offering a discount isn’t a bad thing, since your major method to earn money comes in the next step, you can afford to offer your ‘Core Offer’ at a slightly lower rate to gain a competitive advantage. One way of doing this is to offer either a ‘Scarcity’ discount (the first 10 new customers will get this discount) or an ‘Urgency’ discount (if you act within 24 hours you’ll get this discount).
The you communicate this ‘Urgency’ or ‘Scarcity’ through the 2 addons as well as your core offer.
Advanced Tip: Sometimes you might struggle to get people to take action on your ‘Core Offer’ and the best way to do this is to create urgency. What you can do is begin by offering your new customers a ‘10% Discount’ if they act within 48 hours. This should get most of new customers (from your ‘2nd Trust Offer) to take action, but sometimes some of them don’t.
What you can then do, is specifically target those that DID NOT take action and offer them a slightly bigger discount for 24 hours. ONLY those who didn’t take your first discount offer will get this second discount offer and this can be very powerful at increasing your conversion rate.
Your ad copy to could have something like “I see you missed your limited time offer to grab X, but since we really want you as a customer we’ve decided that if you act within 24 hours, you can get Y discount.
Don’t miss this opportunity as it will be gone forever after this.” I’d suggest testing variations on this to get the optimal results!
Combining this ‘Urgency/Scarcity’ catalyst with the two other addons on your ‘Core Offer’ will generate amazing results.
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What The Most Successful Businesses In The World Do
Many business owners drive traffic at offers that don’t pay for themselves on day 1. There is no such thing as traffic problems, only offer problems. So if you can get a ‘2nd Trust Offer’ with a “Core Offer’ behind it that covers the cost of the traffic or even better it makes profit on day one then effectively you don’t have a marketing budget and can continue to scale without limits.
Many entrepreneurs have marketing funnels that cover most of the cost of the traffic on day one, but not all. This can be fine also if you have a back-end to your business such as a big ticket offer that works as a ‘slack adjuster’ and brings in big dollar transactions for a smaller number of clients.
It might stun you to find out that many of the most successful businesses in the world make no profit until they reach the next two stages, Profit Maximizers and Return Path.
Here’s where things get very interesting…
What You Should Be Doing If You Want A Successful Business…
If you want to become unstoppable you should take EVERYTHING that you make in your core offer and re-invest it to acquire more customers.
This is how you become unstoppable.
This is how you become successful.
This is how you retire young.
because you’re earning more per customer and converting better.
So in total, you’ve now got:
Lead Magnet Re-Marketing Addon
TotalLead Magnet Leads
2nd Trust Offer
91 New Clients
260 New Clients
2nd Trust Offer Re-Marketing Addon
57 New Clients
117 New Clients
148 New Clients.
377 New Clients.
This means that your competitors can spend anywhere up to $200 for 1 000 visitors and they’d break even.
For the same amount using our system you have many new clients compared to their 2.
Remember that acquiring a new client is expensive.
So How Many Core Offer Customers?
This is still not where you make your money but you can offer your core offer at a slight dicsount compared to your competitors.
So in our example we said that we’d use $100, but why not offer it for $75? You’re still going to be making more profit in the next
section so this slight discount only re-inforces that you’re offering great value!
We’d love to tell you exactly how many ‘Core Offers’ you could sell but it’s just too variable to use any meaningful stats!
It really does depend on your offering and the value you add. Even with a 25% discount 45 clients is better than 2!
It’s here that you start truly getting ahead. It’s not easy and it’s not cheap.
You haven’t made any profit yet but keep reading.
Why Is There Such A Discrepancy & Why Isn’t Everyone Doing This?
People are lazy. You’re competitors are lazy.
People are too busy running from one thing to the next. They don’t have the time to master and implement these systems.
I can guarantee you that most of you will read this and think ‘that’s amazing’ but very few of you will actually take the time to implement it. What a shame.
So you can say that the cost of this laziness or ‘busyness’ is the difference between getting $200 or getting $5000+ from the same traffic.
People who’ve worked hard at implementing this system deserve to be rewarded.
Your competitors are making a Core Offer and trying to make a living from it. You don’t need to make a penny from your Core Offer and still be wildly successful.
You see in my example above, I assumed you’re earning $100 from your core offer like your competitors, but actually you don’t need to earn anything here. You could take this $5000+ from your existing traffic and re-invest and get an EVEN BETTER ROI!
We’ve Made It Easy!
We’ve summarised the steps in a handy reference guide.
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It’s always important to learn what the best companies are doing and apply it to your business.
In the next article in the business growth strategy series, I’d like to look at a case study that will really get you ahead.
Need a little help implementing some of the ‘Success Roadmap’ steps in your business? No problem, take a look at our >> Strategy Session<< app and we’ll help.
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