Feb '24 • General discussion
The Ultimate Bonus Strategy: How to Solve Your Customer Acquisition Problem with No Budget and No Hassle
How to Acquire Customers with No Upfront Cost and Acquisition
Customer acquisition is one of the most important aspects of any business. Without customers, you have no revenue, no profit, and no growth. However, acquiring customers can also be one of the most challenging and expensive tasks for any business. You may have to spend a lot of money on advertising, marketing, sales, and other strategies to attract and convert prospects into buyers.
But what if I told you that there is a way to acquire customers with no upfront cost and acquisition? A way to create a good offer and select a good market and product to sell? A way to make the offer so good that they will not want to say no? And a way to do all this with some tricks and tips that nobody tells you?
Sounds too good to be true, right? Well, it’s not. In this post, I will show you how you can achieve all this and more with a simple but powerful technique: bonuses.
What are bonuses and why do they work?
Bonuses are extra incentives that you offer to your prospects in addition to your main product or service. They can be anything that adds value to your offer, such as:
- Free trials or samples
- Discounts or coupons
- Free shipping or delivery
- Free consultations or coaching
- Free access to additional products or services
- Free ebooks, reports, videos, or other content
- Free membership or subscription
- Free gifts or prizes
- Free tickets or invitations
- Free certificates or badges
Bonuses work because they appeal to human psychology. They trigger several cognitive biases that influence our decision-making, such as:
- Reciprocity: We feel obliged to return a favour or a gift that someone gives us. When you offer a bonus, you are giving something for free or at a low cost, and your prospects will feel more inclined to buy from you in return.
- Scarcity: We value things more when they are rare or limited. When you offer a bonus, you can create a sense of urgency and exclusivity by limiting the availability or duration of the bonus. This will make your prospects act faster and avoid missing out on the opportunity.
- Social proof: We tend to follow the actions and opinions of others, especially when we are uncertain or unsure. When you offer a bonus, you can leverage the power of testimonials, reviews, ratings, endorsements, or referrals from other customers or influencers who have used or benefited from the bonus. This will increase your credibility and trustworthiness, and make your prospects more confident to buy from you.
- Value perception: We compare the perceived value of different options and choose the one that offers the most value for the money. When you offer a bonus, you are increasing the perceived value of your offer by adding more benefits and features to your main product or service. This will make your offer more attractive and appealing, and make your prospects more willing to pay for it.
How to create a good offer and select a good market and product to sell?
Before you can offer any bonuses, you need to have a good offer in the first place. A good offer is one that solves a problem, fulfills a need, or satisfies a desire for your target market. A good offer is also one that is unique, differentiated, and superior to your competitors’ offers.
To create a good offer, you need to do some research and analysis on your market and product. Here are some steps that you can follow:
- Identify your target market: Who are your ideal customers? What are their demographics, psychographics, behaviors, and preferences? What are their pain points, challenges, goals, and aspirations? Where do they hang out, what do they read, watch, or listen to, and who do they trust or follow?
- Identify your product: What are you selling? What are the features, benefits, and advantages of your product? How does your product solve the problem, fulfill the need, or satisfy the desire of your target market? How does your product differ from your competitors’ products? What are the unique selling propositions (USPs) of your product?
- Identify your offer: How are you presenting your product to your target market? What are the price, terms, and conditions of your product? How are you delivering your product to your customers? How are you supporting your customers after the sale? What are the guarantees, warranties, or refunds that you offer? Once you have identified your target market, product, and offer, you need to validate them. You need to test and measure the demand, interest, and feedback from your potential customers. You can do this by using various methods, such as:
- Surveys or polls: You can ask your target market to answer some questions or rate some options about your offer. You can use online tools like Google Forms, SurveyMonkey, or Typeform to create and distribute your surveys or polls.
- Landing pages or websites: You can create a simple web page or site that showcases your offer and asks your target market to sign up, subscribe, or buy your product. You can use online tools like WordPress, Wix, or Squarespace to create and host your landing pages or websites.
- Email marketing or newsletters: You can send emails or newsletters to your target market that introduce your offer and invite them to take action. You can use online tools like Mailchimp, Aweber, or ConvertKit to create and send your emails or newsletters.
- Social media or online communities: You can post or share your offer on social media platforms or online communities where your target market is active and engaged. You can use online tools like Facebook, Instagram, Twitter, LinkedIn, Reddit, or Quora to reach and interact with your target market.
- Ads or campaigns: You can run ads or campaigns on various channels or platforms that target your target market based on their keywords, interests, behaviors, or locations. You can use online tools like Google Ads, Facebook Ads, YouTube Ads, or TikTok Ads to create and run your ads or campaigns.
By using these methods, you can collect data and feedback from your target market, such as:
- Traffic: How many people visit your landing page, website, social media post, or ad?
- Conversion: How many people sign up, subscribe, or buy your product?
- Engagement: How many people like, comment, share, or rate your offer?
- Retention: How many people stay, renew, or repeat their purchase?
- Referral: How many people recommend, endorse, or refer your offer to others?
- Satisfaction: How many people are happy, satisfied, or delighted with your offer?
Based on the data and feedback, you can evaluate and improve your offer. You can make changes or adjustments to your target market, product, or offer based on what works and what doesn’t. You can also use the data and feedback to identify the best bonuses that you can offer to your target market.
How to acquire customers with bonuses?
Now that you have a good offer and a validated market and product, you can start offering bonuses to your prospects. Bonuses can help you acquire customers in various ways, such as:
- Increase conversions: You can offer bonuses to your prospects who are on the fence or hesitant to buy your product. By adding more value and incentives to your offer, you can persuade them to take action and buy your product.
- Increase referrals: You can offer bonuses to your customers who are happy or satisfied with your product. By rewarding them for spreading the word and bringing more customers to you, you can increase your word-of-mouth and viral marketing.
- Increase retention: You can offer bonuses to your customers who are loyal or repeat buyers of your product. By showing them your appreciation and gratitude, you can increase your customer loyalty and lifetime value.
- Increase upsells or cross-sells: You can offer bonuses to your customers who are interested or willing to buy more or different products from you. By introducing them to other products that complement or enhance their original purchase, you can increase your average order value and revenue.
To offer bonuses effectively, you need to follow some best practices, such as:
- Align your bonuses with your offer: Your bonuses should be relevant and related to your main product or service. They should not be random or unrelated, as that would confuse or distract your prospects or customers. For example, if you are selling a fitness program, you can offer a bonus of a nutrition guide, a workout tracker, or a personal coaching session. But you should not offer a bonus of a movie ticket, a coffee mug, or a pet toy.
- Align your bonuses with your market: Your bonuses should be valuable and desirable to your target market. They should not be cheap or useless, as that would insult or offend your prospects or customers. For example, if you are selling a software tool, you can offer a bonus of a free trial, a discount, or a free upgrade. But you should not offer a bonus of a pen, a sticker, or a keychain.
- Limit your bonuses: Your bonuses should be scarce and exclusive. They should not be abundant or available to everyone, as that would reduce their value and appeal. For example, you can limit your bonuses by time (only for the first 24 hours, only until the end of the month, etc.), by quantity (only for the first 100 customers, only for the next 10 orders, etc.), or by condition (only for referrals, only for reviews, etc.).
- Highlight your bonuses: Your bonuses should be visible and noticeable to your prospects or customers. They should not be hidden or buried, as that would make them miss or ignore them. For example, you can highlight your bonuses by using bold, italic, or coloured fonts, by using bullet points or numbers, by using images or icons, or by using testimonials or social proof.
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The Ultimate Bonus Strategy: How to Solve Your Customer Acquisition Problem with No Budget and No Hassle
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