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How To Create An Irresistible Offers

This is the Summary of The Bestselling Book $100Million Offers by Alex Harmozi.

Offers are an integral part of your business. To catch a fish you need proper bait, that is Offer.

If your ads do not convert well(clicks and optins) and you or your sales team has trouble scaling(takes too long to ramp up reps), then adjusting your offers is usually the issue. The offer is going to be the #1 driver of the success of any campaign.

It will allow you to sell in a vacuum, a “category of one” and force customers to make a value-based decision instead of a price-based decision. When customers look at the marketplace when they are trying to solve a problem they are going to look at the different offers that exist and if you can position your offer in such a way that they are not going to compare your price because you made your offer so unique.

According to Alex Harmozi, the author of $100Million offers. These are the important points in making irresistible offers.

  • Niche
  • Price – Value
  • Offer content
  • Bonus
  • Guarantee
  • Scarcity
  • Name of the offer

1)Picking The Right Market/Niche:

If your offer is not converting means you are in the wrong market.

These are the Four variables when picking a market

  • Pain – customers have to be in absolute pain. It should be something they absolutely desperately need.
  • Purchasing power – do these people that I am looking to sell to do they have money?
  • Easy to target – Are they easy to target. Can you find and reach your target market easily if not it will be difficult to make sales?
  • Growing – Is the market you are targeting is growing every year?. Do not focus on the dying market.

Health, Wealth, and Relationships are the 3 main markets because those are the main 3 important needs for every human being on the planet.

So you want to help a unique avatar, solve a specific problem, in a unique way that reverses their biggest objection.

Here is an example of a niche:

  • Niche Level 1: Time management tips Ebook for the general market. You can sell it for $19
  • Niche Level 2: Time management for sales professionals and you are selling it for $99 then it will more interesting.
  • Niche Level 3: Time management for outbound b2b sales and you sell it for $499 then it will become more unique and specific.
  • Niche Level 4: Time management for outbound b2b power tools and gardening sales reps and you sell it for $1997. If you are a sales rep means you will think that this course is literally made for you.

So we went from $19 price to $1997 price and we literally 100x the price of the product we have simply niching down. And also from a selling perspective it also significantly easier because the messaging in your copy and your advertising all that stuff is going to be specific to that avatar

You can articulate their situation and their problems and if you can say what they are suffering from better than they can then they will automatically believe that you are the expert and your product is going to solve their problem.

2)Pick Your Pricing & Maximize Value:

Your offer may not be converting because you are charging the wrong price.

Whenever you have services or products or anything whatsoever people inherently buy because they believe that what they are getting in value is superior to the price. That is how people make purchasing decisions.

As long as the value is greater than the price then they are happy. People will not buy from you the moment the value dips below the price they are paying. In order to get repeat business you can not just be above-average you need to be exceptional, you need to be remarkable you need to be so good that people talk about you.

There are two ways to improve this price to value discrepancy. One is you can lower your price which is a one-way ticket to failure and the other way to increase your value. So in the first direction, you can go as low as 0 but in the second direction, you can scale higher so the goal is that they buy a tremendous amount of value at a discount.

This is what most people do when they try to decide on pricing

  • Look at the market price
  • See what everyone else offers
  • Take the average
  • Go slightly below to remain “competitive”
  • Provide what their competitors offer with a “little more”
  • End up at a value proposition of “more for less”.

But your right strategy is you have to charge your prospects high prices and deliver high value.

Why should you charge more – Because price in and of itself is a communication of value.

The University of Hertfordshire did a study on wine tasting. They presented the tasters with 3 types of wine – low price wine,medium-priced wine, and high priced wine.

Subjects tested the 3 types of wine and they rated low price one as ok and medium-priced one is medium in taste and high priced wine is very good.

But in reality, all the wine in 3 bottles is the same they just put the different price tags on the same bottles.

Why would not do this same strategy in your business to raise the prices to increase the value of your services. You did not do it because you probably were afraid of what would happen

The goal is to be so much more expensive then a consumer must pause and think “this can not be the same category of solution as everyone else” thereby making you a category of one. If you have something where a client must perform some options in order to be successful, then it would follow, the more invested they are.

The more invested they will be which in turn, will create better students and better outcomes.

Be more expensive than everyone else (by enough that it causes consumer to pause).

High Price = Higher Value

Higher prices get people better results (and are therefore ethical)

After you increase the price, This is how you increase your value to justify the price.

If your prospect could achieve the amazing dream outcome with 100% likelihood and it happened instantly they did not have to do anything. This is the ultimate valuable thing.

Dream outcome = is the end result meaningful to them?

Perceived likelihood of achievement: do they think they are actually going to succeed? If they buy from you. The more success you create for your client the more future value you create.

The important point here is that we are increasing the perceived likelihood of achievement. You could get 100% of your client’s results but if they don’t know that then they are not going to perceive the value so make sure you communicate the likelihood of their success.

Time delay: how long will it take them to see the final result? Progress? People value their time more than anything so fast beats free so even if there are free players in your marketplace you can beat free by simply being faster.

Effort and sacrifice: what additional costs and conveniences must they incur to achieve the result?

Finally, this is the Maximizing the Value Using Value Equation

  • Maximize Dream Outcome (solve problem worth solving)
  • Maximize Perceived Likelihood of Success (testimonials& proven case studies)
  • Minimize Time to Success (How can we make this faster? How can we show progress?)
  • Minimize Effort & Sacrifice (How can we make this easier? More Seamless? Convenient?)

3)Create Your Core Offer

Steps to create the Core offer

First Identify the dream outcome that prospects want. It has to be like this

Xx specific outcome in a yy time period without biggest pain or fear

Next, List out all perceived problems. Write down what are things preventing them from not achieving that outcome

List out Every Possible Problem they can Encounter

  • Every intricate step
  • Everything that happens before and after achieving their goals
  • What next problem will they face
  • How can we make it worth it?
  • How can we make it easier?
  • How can we make it faster?
  • How can we make it enjoyable, sustainable, and something they believe they can do?

List out every possible solution to the problems. By solving all these problems in your offer you can position yourself better than anyone else in the marketplace.

Like How to YAY without BOO even if you GREATEST OBSTACLE

By doing this you understand the prospect’s problems better than anyone else they will feel understood and as a result increase their conviction the likely that they think you will be able to solve their problem

In Summary, Turn all of the prospect’s problems into solutions in your offer

Once write down the problem think about how can you deliver the solutions

1) Group Ratio

  • 1-1
  • Small Group
  • One to Many

2) Level of Effort On Their Part ❏

  • Do It Yourself (DIY)
  • Done-With-You (DWY)
  • Done-For-You (DFY)

3) Support Levels & Types

  • SMS
  • Chat
  • Email
  • Expert vs Normal
  • Phone
  • Zoom

4) Consumption Types

  • Live/Virtual
  • Recorded
  • In Person
  • Written
  • Audi
  • Video

5) Speed & Convenience

24/

9-5 M-F

How fast will you reply to questions? Are there levels?

6) 10x to 1/10th test

  • What would I deliver if my product cost 10x its current amount
  • What would I deliver if my product cost 1/10th its current cost and had to provide more value than I currently am at my current price?

Trim & Stack: Prioritize the solutions based on value & cost. You should have multiple pieces you are stacking together to make the offer more compelling.

“The Meat & Potatoes” of the Offer Core Offer Component #1____________________________________________ Core Offer Component #2____________________________________________ Core Offer Component #3____________________________________________ Core Offer Component #4____________________________________________ Core Offer Component #5____________________________________________

Pick only the things in high value cut out everything of low value

High Value: meaningful, fast, easy, and believe they can do it and enjoy it

Low value: not meaningful, slow, hard/complex, not interesting and dont believe they’ll like it

High cost: requires people to scale

Low cost: can scale without people but with up front effort instead

Remove all items that are NOT high value

Keep only a handful of High-cost high value, and everything else should be high-value low cost

4) Add Bonuses

Instead of giving discounts to people to act today is you can give one-time bonuses so this way you don’t have to discount your price but you can still get people to act with urgency.

Bonus with scarcity: only people who sign up for the XYZ program will have the access to my bonus 1,2,3 that are never for sale or available anywhere else other than through the program.

Bonuses with urgency: if you buy today, I will add on XYZ bonuses that normally cost $1k for free and I will do that because I want to reward action taker.

Bonus creation checklist

  • Always offer them
  • Give them a special name that has a benefit in the title
  • Tell them 1- how it related to their issue 2-what it is 3- what it will do for them 4- how it will specifically improve their lives or make their experience faster, easier, less effort, or sacrifice
  • Provide some proof(stat, past client, or personal experience)to prove that thing is a valuable
  • Paint a vivid mental image of what their life will be like assuming they have already used it and are experiencing the benefits
  • Always add a price tag to them
  • Tools and checklists are better than additional training(as the effort and time are lower with the former, so the value is higher the value equation still rights supreme)
  • They should each address specific concern or obstacle in the prospect mind about why they can’t or won’t be successful
  • This can also be what they would logically realize they will need next. you want to solve their next problem before they even encounter it

5)Guarantee Creation:

Sometimes prospects do not buy the product because they are afraid that it may not work for them.

Understand the math behind a guarantee such as this – it is a calculated risk

Ex: Normal Offer – 100 sales 5 refunds = 95 net sales

Guarantee offer – 130 sales, 13 refunds(10%) = 117 sales

It is a 23% increase in sales by adding a guarantee

Some examples of guarantees:

  • Unconditional guarantees – No Questions Asked
  • Conditional guarantees – guarantee with some conditions
  • Performance/ value-based guarantee
  • First Outcome Guarantee

6)Scarcity & Urgency

Your offer may not be actually making money because the prospect not buying fast enough.

Adding Urgency – by x date related to time.

  • Cohort Based (the next group starts next week)
  • Rolling Seasonal Urgency (the end of our spring promo is around the corner)
  • Pricing/Bonus Based Urgency (these bonuses are going away)
  • Exploding Opportunity (you can wait, but the opportunity gets smaller every second)

Adding Scarcity – x left

  • Only accepting X Clients (single number cap for business)
  • Only accepting X clients per week (cap on per week basis)
  • Only accepting X clients per “class”

Apply the supply and demand principle – To increase the demand, decrease the supply.

7)M-A-G-I-C Headline/Naming Formula

Use MAGIC Formula to create a unique offer name to differentiate yourself from others.

Sometimes Your offer may not be actually making money because prospects do not know it is for them, or what problem you are solving for them

  • M – Make a magnetic reason
  • A – Announce the avatar
  • G- give them a goal
  • I – indicate a time interval
  • C – complete with container word

Not everything you do needs to be named this way – but it’s especially useful when naming programs and promotions for advertising.

This is how you create an irresistible offer.

Here is the playlist in case if you want to watch videos and learn:

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