The Market Your Message Show
The Market Your Message Show
Ch 16. The Power of Offer Stacking
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Supersize Your Sales with Offer Stacking
In this episode of 'Market Your Message Show,' host Jonathan Milligan delves into Chapter 16 of his book 'Validate Your Offer,' focusing on the power of offer stacking. Jonathan breaks down the concept of cross-selling and how a range of products at different price points can significantly boost sales and revenue. He discusses the psychological principles behind offer stacking, how to craft the perfect combination from entry-level to high-end offerings, and the importance of recurring revenue products. Jonathan also provides actionable steps for creating an effective offer stack, integrating it into a seamless customer journey, and introduces the idea of a recurring revenue offer to ensure long-term business profitability.
00:00 Welcome to the Market Show
00:11 Introduction to 'Validate Your Offer'
00:30 Special Offer for Podcast Listeners
01:12 Chapter 16: The Power of Offer Stacking
01:43 Understanding Offer Stacking
05:14 Crafting Your Offer Stack
09:04 Today's Exercise: Choose an Offer Stack
11:52 Key Takeaways
Hello and welcome to the market. Your message show. I'm your host, Jonathan Milligan. And we are going through the third book in the series. Validate your offer. This is an important book because a lot of people will start their business online. And then they're trying to figure out how do I create something that people will want and how do I do it without wasting time? And that's what this third book in my book series is all about. Now as a thank you for being a loyal podcast listener, I am making the audio book available one chapter at a time every single week. And as you're listening to this, we are currently going through that. Validate your offer. Now, if you ever want the audio book or you want the book or the workbook, you can go to platform growth, books.com again, it's platform, growth books.com, and you could order one of those. And of course, listen, as you go through the book or use the workbook to implement what you hear. In each episode. So with that being said, let's jump right in to today's chapter.
Speaker 54:Chapter 16, the power of offer stacking. Would you like fries with that? You've probably heard this famous phrase countless times at McDonald's, but did you know, it's actually a brilliant marketing strategy called cross selling cross selling is about offering related products. They compliment what your customer is already buying and McDonald's has absolutely nailed it. Think about it. You've already committed to that juicy burger. So why not add some crispy fries to complete the meal? It just makes sense. And that's exactly what offer stacking is all about. By providing a range of products at different price points that build on each other, you can massively boost your sales and revenue. Just as fries elevate a humble burger, offer stacking lifts your business. It gives customers an irresistible value ladder to climb. In this chapter, we'll dive deep into the psychology behind why offer stacking works so well. You'll learn how to craft the perfect combo of entry level, core, and high end offerings that'll have your customers hungry for more. Plus, we'll explore the power of recurring revenue products to keep them coming back like loyal McDonald's regulars. So buckle up and get ready to supersize your sales with the magic of offer stacking.
Speaker 55:The power of offer stacking. You've poured your heart and soul into creating an incredible offer. Your course or coaching program is packed with value and you know, it can transform lives. But here's the thing. If you're only putting out one offer, you're leaving a ton of money on the table. It's a common mistake that so many coaches and course creators make. They think that one killer offer is enough to maximize sales and revenue. But the truth is, a chunk of your audience will always be hungry for more. They're ready and willing to invest even further in their success, if you give them the chance. Picture this. You've just wrapped up an amazing paid workshop, and your attendees are buzzing with excitement. They're fired up and ready to take action. But then what? If you lack a next step offer, you're missing a golden chance. It can deepen that relationship and help them get even better results. Imagine saying something like, You now have the knowledge to crush it with this strategy. But how would you like to actually implement it together, with my guidance every step of the way? I'm inviting a small group of dedicated folks to join me for a transformative 4 week group coaching experience. Who's in? Boom. You've just opened the door to a whole new level of impact and income. And the best part? You're not starting from scratch. You're adding to the foundation you've laid. You're giving your best customers a chance to reach new heights. But here's the key. It's not just about having any old upsell. It's about crafting a range of offers that meet your customers where they are and guide them toward their ultimate goals. It's about stacking your offerings like a ladder with each rung leading to the next level of transformation. Think about it this way. Some people might be total newbies, just dipping their toes into your world. They might not be ready to dive headfirst into your high end mastermind or one on one coaching, but they'd be thrilled to snag a bite sized course or workshop that gives them a taste of what's possible. On the flip side, you've got your diehard fans who are all in. They've devoured everything you've put out there and they're hungry for more. They're ready to invest serious time and money into achieving massive results. And if you don't have a premium offer that meets them at that level, you're doing them and yourself a disservice. The beauty of offer stacking is that it allows you to serve your entire audience. No matter where they are in their journey, you are not just serving one market. You are making a custom path to success for all who resonate with your message. So don't settle for a one hit wonder, create a symphony of offers that build upon each other and watch as your impact and your income soar to new heights.
How to create your offer stack.
Speaker 56:All right, let's dive into the nitty gritty of how to actually implement offer stacking in your business. It's not as complicated as you might think, but it does require a bit of strategic planning. Step one, start with your core offer. This is the foundation of your offer stack. The meaty main course that everything else is built around for most coaches and course creators. This is one of the four validation offers we talked about earlier. They are a low content book, a one day virtual workshop, a mini course, or a four week group coaching program. Think of this core offer as a sneak peek into your genius. It's a chance for potential customers to get a taste of what you're all about without having to commit to a huge investment right off the bat. And here's a fun fact. In 2012, a study in the Journal of Consumer Research found that by offering a low priced option, businesses could boost sales at all price points. Crazy, right? The takeaway? Don't underestimate the power of an entry level offer. It's the perfect way to attract new customers and prime them for your higher price products down the line. Step two, develop a next step upsell offer. Now that you've got your core offer in place, it's time to kick things up a notch. Here, you'll create a high octane premium offering. It promises mind blowing results for your top customers. We're talking about offerings like a four week bootcamp. A more in depth mini course or an intensive one day workshop. These kinds of offerings will have your customers salivating at the chance to work with you on a deeper level. Take Gary Halbert, for example, when this legendary copywriter launched his newsletter, he didn't just stop there. He offered a premium 3, 000 personal coaching upsell that became a major cash cow for his business. The lesson? Don't be scared to go big with your premium offerings. Your most dedicated customers will jump at the chance to invest heavily in something that promises extraordinary results. Step 3. Integrate your offers into a seamless customer journey. Here's where the magic really happens. It's not enough to just have a bunch of awesome offers floating around. You've got to make sure they fit together like a perfect puzzle. Picture your offer stack like a set of Russian nesting dolls. Each offer should build on the last one. They should guide your customer to their ultimate transformation smoothly and naturally. Take some time to map out exactly how your offerings connect with each other. How does your entry level product lead into your core offer? How does your core offer set the stage for your premium upsell? It's all about crafting a cohesive journey that feels effortless for your customer. When you nail this step, you're not just maximizing your revenue. You're making an unforgettable customer experience that'll keep folks coming back. Bonus. Introduce a recurring revenue offer. Want to know the secret sauce to a wildly profitable business? Two words recurring revenue by making a subscription product like a membership site or group coaching program You give yourself the gift of steady income month after month As membership site expert Stu McLaren puts it, recurring revenue is the holy grail for entrepreneurs. It provides the stability and predictability to really scale. A recurring offer adds the stability needed to your bottom line. It also lets you serve your customers better over time. It's a win win. So there you have it, the step by step breakdown of how to implement offer stacking in your business. It might take a bit of elbow grease to get all the pieces in place, but trust me, It's so worth it. With the right offer stack, you'll be able to serve your customers at the highest level while also exploding your revenue like never before.
Speaker 57:Today's exercise, choose an offer stack. All right, it's time to roll up your sleeves and put this offer stacking into action. I know it might feel a little overwhelming at first, but trust me, once you get the hang of it, it's like riding a bike, a really profitable customer delighting bike. So here's your mission. Should you choose to accept it? Take the next 10 to 15 minutes to brainstorm some ideas for an offer stack that you can attach to your core validation offer. Now I know what you might be thinking. But Jonathan, I'm already putting so much effort into my main offer.
How am I supposed to come up with even more stuff?
Speaker 57:Well, fear not my friend. I've got a few ideas to get those creative juices flowing. Let's say your core validation offer is a virtual workshop. You've poured your heart and soul into creating an incredible live training that delivers massive value. Awesome. But what if you could take that experience even further? Enter the four week bootcamp upsell. Imagine giving your students the chance to dive deeper. They can do so with weekly live calls, personalized feedback, and a tight knit community of like minded folks. It's like the ultimate VIP experience, or maybe your core offer is a low content book. A bite sized intro to your amazing expertise. Why not follow that up with a more comprehensive mini course that builds on those foundational concepts. You could package it up with some video lessons, worksheets, and a private Facebook group for added support. Talk about taking things to the next level. And if you're running a four week group coaching program as your main offer, Why not let your students continue the magic with some ongoing one on one coaching? You could offer a discounted rate for a three month package or even create a premium tier with unlimited email access and monthly strategy calls. The possibilities are endless. The key here is to think about how these different offers can work together to create an incredible customer journey. You don't just slap together random products. You craft a seamless experience. It guides your people to their ultimate change. So take a few minutes to jot down some ideas. Don't worry about getting it perfect. Just let your imagination run wild. Picture your dream customer and think about what kind of offer stack would absolutely blow their mind. What kind of results could you help them achieve? What kind of support would make them feel like the most valued customer in the world? Remember, the beauty of offer stacking is that it allows you to serve your people at the highest level while also creating a seriously lucrative business. It's a win, win, win all around. So go ahead, grab a notebook, open up a fresh document and start brainstorming. I can't wait to see what you come up with. Key takeaways. Offer stacking lets you serve customers at every stage of their journey and price sensitivity. It covers entry level to high end. A percentage of your audience will buy more from you. If you make it available to them, integrating your stack into a clear Ascension path is key. It helps you maximize sales and deliver a great customer experience.