While using the Product Launch Formula process to launch (or re-launch) your product or service can give you an unfair advantage, it’s not always understood how much adding strategically designed bonuses to your core offer can increase the desirability of your offer.
Not only can great bonuses increase your sales, they can also reduce refunds and retain customers. Of course you can’t just throw any old thing into the mix and expect magical results. But if you create bonuses that people in your market will see as desirable, you can supercharge your product launch results
Here are 5 ways you can use bonuses to grow your sales and profits…
1. Increase Conversions on Your Launch Offer
The most basic way to use bonuses is to offer them for free as part of your product launch offer. This helps boost conversions by giving your customers even more incentive to buy from you. This works particularly well when you offer a bonus that helps your customers optimise or enhance the usefulness of your main offer.
For example, if the core offer is a copywriting course, then you might offer a set of sales page templates as a bonus.
2. To Gain And Retain Members
If you are launching a membership site or some kind of program involving continuity (a SAAS for example) another great way to use bonuses is to retain members and keep them coming back again and again. Here are the keys to this method:
- Space out multiple bonuses over a period of time. For example, if you have a fixed-term membership that lasts for 12 months, you might give members the first bonus immediately, followed by a new bonus every two or three months. You can also give your best bonus as a “graduation bonus” for those who stay with you through the entire training.
- Be sure your bonuses are highly attractive. This strategy only works if your bonuses are valuable and something that your members really want. That means you have to do some market research so you have a better understanding of what your audience wants. So for example, if your market is already purchasing a certain type of product, then giving them a product similar to what people are buying, or even a better version, would be a great bonus.
3. To Increase ‘Stick’ And Reduce Refunds
There are two ways to increase the ‘stick rate’ of your offer and reduce refunds with bonuses:
- Offer a surprise bonus. Give buyers an unannounced bonus on the download page or in a followup email. This can help you to exceed your customers’ expectations, which leads to higher customer satisfaction and lower refund rages.
- Offer a delayed bonus. The idea here is to announce the bonus, but let customers know the bonus will be sent to them after a certain time period (which should be after the refund period has expired).
Here’s another way to use bonuses to grow your business…
4. Motivate Your Affiliates To Promote Your Product Launch
Want to see a quick boost to your sales? Then offer your affiliates an awesome bonus for good performance. In most cases, using cash as a bonus will get you the best results. Most of the big launches have huge cash prizes for the top couple of affiliates, and nice prizes for the rest of the top 10.
Here are three popular ways to use this method:
- Create an affiliate contest and offer a cash bonus to the top five or ten affiliates. You might also create a random drawing where everyone who makes at least two sales during the contest period is eligible to win.
- Create an lead generation contest and offer a smaller cash bonus to the top five people. Your goal with this strategy is to encourage your affiliates to work overtime helping you grow your email list. As you know, a product launch is one of the best ways to quickly grow your list. Incentivising your affiliates to help you with this can have a massive ROI when you consider the future sales you’ll make to the prospects referred to you.
- Offer a bonus every month for any affiliate who crosses a specific sales threshold. For example, if an affiliate makes at least 25 sales, they’ll either get a flat cash bonus or an increase in their commission rate.
5. Add Value to Your Future Affiliate Offers
One of the biggest assets you’ll end up with from using the Product Launch Formula process to do a JV Launch is the email list you build from all the traffic your affiliate partners send you.
And once you’ve finished your launch, you can then return the favor by promoting suitable products and services as one of their launch affiliates. Of course when you participate in launches, you have competition from dozens if not hundreds of other people who’re all promoting the same offer.
The way you can set yourself apart is by offering an in-demand, valuable bonus to anyone who purchases the affiliate product you are promoting through your link. Not only does this boost conversions on the frontend, it also gives you a chance to make sales on the backend via offers you embed inside the bonus.
In other words, embed links to your other products and services (or affiliate offers) inside the product you are giving away as a bonus, and when people purchase something from a link in your bonus, you get paid.
So there you have it. 5 simple ways you can use bonuses to grow your sales during your product launch. Your homework for this lesson is to write down all the ways in which bonuses could benefit YOUR business.
For example, if you have a sales page, then you’ll want to add bonuses to boost conversions.
If you have an affiliate program, then you should work out what sort of bonuses you could use to motivate affiliates.
The key is to make sure your bonus is valuable, highly related to the main offer, and something that your prospects really want. If your bonuses meet these qualifications, then you are very likely to see increased sales and profits.