Local Market Monopoly Episode 31
How to Create An Irresistible Offer
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Clarence Fisher: Hey, welcome back to local market monopoly. I'm Clarence Fisher, your host, and it's almost Christmas. Do you know what's been happening probably for the last, definitely this month, maybe the last six weeks? There have been some incredible, incredible offers listed. And that's what we're going to go into today is how to create an irresistible offer. I've got a story behind it, and I'd like to tell you, hold on, we'll be right back.
Intro: You're listening to Local Market Monopoly with Clarence Fisher, uncovering the tools, tactics, and strategies the most successful small businesses use in their local market and own the block.
Clarence Fisher: Welcome back. Let's talk about this, the story that kind of spurred this cause I was on Facebook the other day, and one of my marketing buddies tagged me and said, Hey, he tagged me with a bunch of other marketers. And then also, I don't know who else was on there. I don't know the people, but he was like, Hey, how do you create irresistible offers? And I was late to it. Lately, I've been trying to someone else's is running ads. I'm just doing the strategy kind of part of it. So I've been trying to stay off Facebook as much as possible to lead better and not have that time suck. But I was a little late to the, and I say all that to say I was a little bit late to the conversation, okay? And by the time I got there, there were all these answers, and it surprised me that so many people were really putting a lot of weight on the product, need an irresistible offer.
Clarence Fisher: You all you need is an excellent product. You should have like the best product in the market and, you know, put your energy into developing a great product. And I'm sorry, I'm going to, I'm going to step out and say that that's wrong. I mean, having a great product is a given nowadays. I mean, you can't get away from that. I mean, by having a mediocre product, you're not selling anything. So that's a given, but to have an irresistible offer goes way beyond just having a product. So here's the difference. If you have, I'm telling you, this is the difference. If I sell you a truck, let's say I sell you a Ford F-150, and I say, Hey, this dealer right here has a Ford F-150 Hey, you can come to buy this, and you say, okay. Yeah, I wanna. I want an F-150. I'm in Oklahoma.
Clarence Fisher: So I'm using F-150 all right. Then this dealer says, Hey, not only are you going to get the F-150 same price, you get the F-150, but we're also going to fill it full of gas. You know what, take it home for a week and drive it. And you know what, if you decide to buy it, we're going to maintain that bad boy for you for 12 months, same price, same product. Who are you going to buy the truck from? Absolutely the person with the offer. And we've been running into this because it's the Christmas season. So you have seen irresistible offers left and right. I'll tell you in our own, in my own space, Christmas brings up this whole other thing. I remember years and years ago, my wife and I would go really big on Christmas, right? For the kids and cousins and anybody who showed up and said they were related to us.
Clarence Fisher: And then after several years, this is when we very first got together. And after seven years, seven several, not seven, you know, it just kind of struck us like, Hey, we're like not getting out or Christmas until like, we're not recovering from Christmas. So like March financially, it just didn't make any sense. So since then, we've put in this, this budget thing where, every month we kind of, we decide on where the overall budget is going to be. Then you probably do this too. Every month, a little bit goes into that so that we don't have to worry about it, but to say, Hey, there's still only so much. If you've got a budget, here only so much that you can spend. And when it comes right after Black Friday, everybody has these offers. So again, it comes down to, who's going to get this money, right?
Clarence Fisher: It's going to go quickly, and not everybody can have it, and we're not probably going to get everything we want. So it doubles back to who has the best offer, not who has the best product. It's just, ah, ah, do you know how many people waste their time, putting all their energy into making a product better? And they act things that their audience probably doesn't even want, but to them, they're making it better. Right? Can go just down a soap opera. I'm not a soapbox. I'm not let me get off of that. Let me get back to the offer because we want you to start selling some stuff. And this is what we've been, what we've been seeing. And so to create, make something irresistible. You want to communicate the value of the products. Clearly, anyone in your target market, who's considering making that purchase, believes that the value far exceeds the cost.
Clarence Fisher: Okay? The value must far exceed the cost. So the most effective irresistible offers are going to put together several strategies. So number one, the offer is, Hey, here's the offer? This is the thing. This is what it's going to do for you. Okay? This is, you can say, this is how it's going to do it. This is what you need to do. And then what you want to do is create what's called an offer stack. And this is in the example that I gave you the truck versus the truck, plus gas plus maintenance, plus a free trial. Basically, you know, you take the truck. If it's a house, you know, you've got the house, you could buy the house list price, or you can buy the house. And we're going to knock this much off the price. And we're going to throw in a home warranty, and you can keep the sauna that's outside.
Clarence Fisher: And that's kind of what they tried to do with our house. And you can buy down some points. We had everything except for the hot tub. I was a little upset. They took the hot tub. So here are a few strategies for creating your irresistible offer. Okay? You could say like, here's the offer. This is what it's going to do for you. This is how it's going to do it. Here's what you gotta do. Here's what I need you to do next is go ahead and buy this thing. But check this out. When you buy this, you're also going to get it; we've seen this whole time. You're also going to get; you could bundle the services, right? You could create an irresistible bundle, but let's say, what is this one offer? Add one to three bonuses. Okay. And when you're looking at the bonuses, think about this.
Clarence Fisher: Whenever someone buys your product or your service, they have solved the problem they have. Okay. But at the same time, they have created new problems. For instance, let's go back to the truck. Now you bought a truck. Another problem now that you have to solve is maintenance. So adding maintenance for a certain amount of time, 90 days or whatever, is great. You're going to see value in that. You need gas, or I tell you what, let's give you gas for 30 days or so many tanks. Right? Do you see what I'm saying? So they buy your service but think about the other problems that now exist and solve those in your bonuses, in your ad-on. You know, another way to do this is if you don't want to use them in your bonuses, you could use, you could do as upsales, but what we're talking about an irresistible offer.
Clarence Fisher: So know that you could pull those out and use those as upsells. Cause people will purchase those as well. But let's say we're going to include them in the offer. So it's the offer plus, you get this bonus, which helps you do this faster. Plus, we're going to add this, which allows you to, and we're going to add this so you can, okay? And now, if we're going to make it even more irresistible, we could say, we only have, you know, where I'm going. We only have 20 of these new F-150s on the lot, which. I don't know when we're going to get more, but this is what we have right now. So you can add scarcity, but only if real, you hear the, you hear the example all the time of you. Can't really put, I guess, if you're going to retire a digital product, you can put scarcity on that.
Clarence Fisher: But you're, you know, you're not like we're, we're only going to print 20, 200 of these digital eBooks. That doesn't make sense. Right. So make sure your scarcity is real. And then you can also add urgency. If you have just a limited amount of trucks, so you got 10, you got 20 trucks that do kind of add some urgency anyway. But when I say urgency, I mean, there's a time limit on it. You see this all the time with black Friday, for sure. We just had Black Friday, Cyber Monday sale, any holiday St. Patrick's day sale, Labor Day sale. These are all time-bound. Okay? So you stack all of that to create an irresistible offer. Think about it. I mean, you know, if something,
Clarence Fisher: If somebody adds all of that versus
Clarence Fisher: The salesperson that is saying, Hey, buy this product, it is so excellent. I mean, it could be the best product in the world that you spent. You had 59 rocket scientists working on this product, but there's no offer to it. There's really no reason to, I mean, people will buy it, but more people are going to buy it. If you create an offer to it. Another way that you can increase and make it even more irresistible is a may. I gave you some value, adds to the offer, right? But you could also give them, what's called risk reversal, take as much risk as possible off of their shoulders. And that's kind of when I said, hey, take it home. And as a matter of fact, buy it. And if you don't like it, if you who was it, which car place did that, it was like.
Clarence Fisher: Buy this car; you saw it during the pandemic about March when everything was going to hell in a handbasket. But this was also done before, like in the eighties or something when there was double-digit or whatever inflation, but car dealers started saying, buy the car, take it home, drive it, keep it. If you lose your job, bring it back, drop it off. And we will release you from whatever lease or loan or whatever you have free and clear. Wow. That's risk reversal because you don't want to buy the car. If you know that the economy's tanking and you may lose your job, but you need a new car. But if they're saying, Hey, get the car. If you lose your job and don't have any money, bring them back. Okay. You can add a money-back guarantee.
Clarence Fisher: If your product lends itself to that or a warranty, you can add payment plans. Maybe you have serve payment plans or are blowing up right now, especially on high, high ticket items. Adding a payment plan helps make it irresistible. You know, there there's no discount. Everybody can do a discount, but I'm giving you things that you can do to make it irresistible without even discounted. So what do we cover? We covered a bunch of stuff. You got exclusivity; you got urgency. You've got a discount. If you want to, really everybody should be working on their back end as well. So you make that front end offer more irresistible. Uh, and sometimes it can even be a lost leader. You know, some people, some of us have competitors that are going negative on it, on our front end the irresistible offer, just because they know their backend so well that they're going to make a profit on the back end.
Clarence Fisher: Think about that. You can go with early bird discounts, and you know what we need to do. We need to do an episode about selling that first product as a lost cause that could be huge. That could be huge. So we're going to wrap up today, but when you're thinking about your offers, what I want you to do, here's the assignment, look at your offer. Imagine this your customer, client, and your patient only has a certain amount of money. I saw this in the Motown movie too, about Berry Gordy. Uh, I don't know if it's true or not, but he had smokey Robinson in the Supreme, and everybody, whenever anyone on the label would record a new song, he would get them all in the studio. Could you imagine being there smokey Robinson over there, like the temptations, everybody is there, and he would play the song and he would, at the end of the song, he would look at all of these superstars. And I think at this time it was, and it was Smokey's song playing the tears of the clown.
Clarence Fisher: I don't know if that was it, but the question that he would ask after you're listening to that song is you only have enough money to buy a sandwich. So you can buy your lunch today, or you can buy this record, which do you do? And that was how they judged the hits. Would you rather eat, or would you rather buy this record? And if most of everybody in the room would rather buy this record than eat, they put it out. You got to have an era just, wow. I know you would argue with me and say, Hey, Clarence, that means that the product was awesome. Again. I told you the product is going to have to be awesome no matter what. So that makes it to the next stage. Now, if I take you to the record store and the record store starts bundling stuff as record labels, do you know?
Clarence Fisher: I spent 10 years in radio. So, you know, I could take you down that rabbit hole, but just taking and take the lesson. Don't start picking the, see it, raise your hand, like digging into it. Do you understand what I'm saying? Take the product, add an offer to it, and make sure it is irresistible. If you have a question about your offer, you can go to Clarencefisher.com/ask a S K and leave a brief message voice message about your offer. And we will give you some critique on it. How about that? Or if you can also go to Clarencefisher.com/innercircle, you can check out our Inner Circle, where if it's a good fit, we can work on your offers. We can work on your strategy. We can work on your ads, your websites, all that good stuff. Okay. So I really appreciate you spending time with me today. Look at your products. Look at your services right now. Put on, take off the Rose-colored glasses, put on the glasses of your ideal customer, client, or patient, and ask yourself, is this offer juicy enough? So good that they can't do without it, if not make it irresistible. All right. So until next week, get whatever motivation you need to mark it. Make a difference and own the block.
: : We appreciate you listening to Local Market Monopoly. Be sure to rate, review, and subscribe to the show and visit ClarenceFisher.com for more resources that will help you dominate your local market and own the block.
About This Episode
Sometimes you find yourself with a great product that just isn't selling. And when that happens, you have to wonder: “Why aren't people buying?” You KNOW it's a great product (or service). Your marketing is on-point, and you have a proven sales funnel. So what's the problem here? Well, sometimes when a product isn't selling, the problem isn't with the product… but with the OFFER.
In this episode, you'll learn how to craft a compelling offer that can't be refused. Listen now!
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