If you are looking to take your product or business to the next level, beyond traditional sales and simple supply-and-demand, you’re going to want to look at new ways to entice your audience and get them to close on purchases that they’d normally spend a lot of time thinking about.
Offers, Bonuses, Guarantees
The peace of mind, knowing you got the best deal, is something we all want. Getting the best deal for both parties can be quite the feat. The way that businesses can make this become more of a reality is to offer bonuses and guarantees to their deals.
Take, for example, the recent contract signing of NFL quarterback Colin Kaepernick. His recent negotiation with the team included the most expensive contract in the league’s history, with a record $126 million value and the added bonus of $61 million dollars in guarantees.
At first glance, this may seem like the player got the deal of a lifetime and ended up the only winner here, but this contract is an example of what this concept can accomplish for the business, as well. They not only got their star player, but the contract is actually more favorable for them, financially, in that it includes the bulk of the money in bonuses and clauses to insure they get the full value of their product.
Creating a successful sale’s pitch
Now that you can see the benefit and importance of bonuses in your offer and creating guarantees, you should know the right way of executing is what really closes the deal.
Sometimes people want the bonus more than what you’re selling. The football example sort of applies here in that the player got the record-high signing bonus. Same goes for selling a product in the retail world. If your bonuses are some cheap add-on, it may end-up actually lowering the value of your product, rather than adding to it.
Try to also make sure that your bonus is relevant to what you’re selling and don’t pile on the rewards, that just comes off being desperate to make the sale. Don’t be afraid to copy what your competitors are giving away either, or heck, one-up them at their own game.
When you stay up late at night and watch those infomercials, you will notice the mountain of guarantees. Now, for them, it’s because they know that most people who buy stuff in the middle of the night, probably won’t capitalize on those guarantees because they weren’t making smart decisions in the first place.
With that said, these product offer’s guarantees are instilling confidence in the buyer to trust your product. Give the buyer a Risk-free, money-back guarantee and they will have less hang-ups on whether they should buy your product if they really like it. The longer the guarantee, the less likely they are to ask for the refund, as well. If you have a ton of confidence in your product’s niche, this is the way to go, otherwise you might be overwhelmed by “buyer’s remorse”.