Are you leaving money on the table by not including a one time offer in your sales funnel? Regardless of whether you are already selling online or are contemplating the creation of your own product in order to do so, you should be thinking about how to increase your online revenue through the use of one time offers. Getting the initial opt-in or sale is the most difficult part of your job as an online marketer, but once your prospect has jumped that hurdle you don’t want them to simply walk away. Keep the momentum going with a well-planned and enticing one time offer!
Your back end is where you will make most of your money, so it is important that you learn how to master the power of upsells and one time offers. In fact, done correctly, utilizing this part of your sales funnel could double or triple your profits, all without having to acquire additional customers. This is especially true if your front end is a free offer. In that case, all of your profit will be made in your back end.
What Is A One Time Offer?
A one time offer, or OTO, is an offer that is made to the customer at the time of purchase. It is asking your customer to purchase an upgrade to their original purchase or to make an add-on purchase of a secondary product that compliments or enhances the initial product. To clarify, let’s take a look at one of the most commonly used examples in this scenario – McDonald’s.
When you place your order, a well trained McDonald’s associate will offer you either an upgrade or an add-on item. Let’s say you order a hamburger, large fries, and a medium soda. The cashier would then ask you, “Would you rather have a large soda? It’s only 50 cents more?”. That would be an upsell.
What a deal! Now your order is a hamburger, large fries, and a large soda (for only 50 cents more!). That is when the McDonald’s Employee of the Month looks at you with a huge smile and asks, “Would you like some hot apple pie today? They’re on sale! Buy 1 Get 1 Free!” That would be an add-on.
As you can imagine, McDonald’s and other businesses around the world, both online and off, make a huge profit on upsells and add-ons! So can you! This is the purpose of a one time offer.
How To Create A Profitable One Time Offer
First of all, in order to create a profitable one time offer, you should be considering what your customer needs. Your one time offer should benefit your customer. It should be closely related to the main offer and be of excellent quality. Don’t slap together a bunch of outdated PLR reports and offer them to your customer as an invaluable offer that they can’t live without. Eventually, your customers will realize what you’re doing and any trust they’ve put in you will be lost. You can offer an upgrade to your front end or a different, complementary product as your OTO, but whatever you choose to offer, make sure it is of equal or better quality as your main product.
Be sure that your OTO is really only offered one time. That is what makes it a one time offer – your customer only has one chance to get it. This creates a sense of urgency and when the offer you are presenting is valuable to your customer, they don’t want to miss out. So, they make the purchase.
Another thing to consider is your price point. Your OTO’s price should not be drastically different from your main offer. Choose a price that is in the vicinity of your initial offer. A freebie seeker who opts in for a free report or webinar is more likely to spend $9.99 than they are $999. Additionally, create an OTO price point that is a steep discount from its regular pricing. If your one time offer is a product you normally sell for $149, slash the price drastically when using it in this way.
Pro Tip: Write your ‘click here to decline’’ text in a way that is negative. Instead of saying “No thanks, take me to my download.” you could say, “No, I don’t want to increase my leads from 50/month to 1000/month. I’d rather grow my list slowly.”
Ask them again. Use a pop-up that asks the question “Are You Sure?” when your customer clicks the link to decline your OTO. This pop-up could also have a short video reiterating the benefits of your one time offer. Note: Don’t go pop-up crazy! Asking one time is fine. More than once becomes annoying.
4 Tips To Improve Your OTO Conversion Rate
- Make your offer irresistible. Remember that your one time offer should be of equal or better quality than your main product. It should complement your initial offer and make your customer’s use of it better, easier, faster, or more profitable. It should have a high perceived value and be offered at a discount. And, it should only be offered one time.
- Don’t confuse people. While you do want your OTO page to be similar to your sales page, don’t make it identical. Too many similarities may confuse your customer and have them thinking they’ve already seen this page and decline immediately. If you used a standard text sales page, switch it up and use a video sales letter for your one time offer.
- Use Testimonials. Testimonials from previous customers who have used your product and seen positive results are a great way to gain trust and credibility.
- Mark it down drastically. A customer who is presented with a product that is normally priced $100 more than what they can obtain it for right now is more likely to decide to purchase it than if they know they can get it again later for the same price.
One time offers can significantly increase your online revenue when they are presented in such a way that makes them irresistible to your customers. Use the tips in this post to create enticing OTOs for your products and boost your profits in 2018!
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