eCommerce Lifestyle
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Make An Offer

Make An Offer

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Anton shares a promotion strategy that is GUARANTEED to increase your revenue.

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Transcript

Hello, everybody, Anton Kraly here and welcome back to the eCommerce Lifestyle Podcast. This is our biweekly show designed to help e-commerce store owners to increase their revenue, automate their operations and become the authority in their niche. Today's episode is definitely going to help everybody out there listening to increase their revenue, of course, if you decide to do what I'm about to share with you. So the last two episodes of the podcast, I've been talking a lot about fourth quarter. Coming up, we have October, November, December, the busiest shopping season by far for e-commerce. And in those episodes, I was sharing different things like why we prepare now, what we start to do to prepare, also talking about the dates that we're running promotions this Q4. But what I wanted to do in this episode is just share one promotion strategy that you can use and talk about why I really think every e-commerce store owner should mix this into their bag of promotions.

Now, before I share this strategy, I do want to say, if you have a store and you're looking for consistent ways every single month to increase your revenue, check out my program called Get Money Now. It is a in-depth training program that shares all of our different promotions strategies, how we run them via email, how we sync them up with our ads. Just everything you need to know about running successful promos. Again, that program is called Get Money Now, and I'm going to link to that in this podcast description.

Okay. With that being said, the strategy I'm sharing with you today is not one. I came up with myself. It's one that I actually copied from eBay, probably almost 10 years ago now, which is crazy. And it is what it sounds like, make an offer. It allows customers to make offers on the products that you sell. So I'll talk about how to do this and how it technically works in a minute.

But first I just want to share why it actually works. So, first of all, it's different. Okay, lots of stores run promotions where you can save 5% or 10% or get free shipping. Those are all awesome. Those all work. But if you think back, how many times have you got an email or seen an ad from a retailer you follow, saying you can make offers on our products? I'd assume probably never. And if you have, most likely it's been from eBay or one of my stores. So just the uniqueness of this makes it stand out. And I should also say this isn't something you want to have on your store year round. Like all the other promotions that we run, you want to have this thing running a few days within the month that you're having this promotion. So let's just say you want to do it in November. Then maybe for the week leading up to Black Friday through Black Friday, you have make an offer available on your store.

Now, something else that really allows this to work well is the shoppers, the people that are engaging with you and making offers. They're buying in before they actually buy. So before they make that offer and submit what they would want to pay, in their head, they're thinking, oh yeah, I do actually want to buy this. And if I can get it at this price, then I'll buy it. So you have these leads coming in that are extremely hot, that are extremely qualified. They're qualifying themselves. Now of course, you'll get some terrible offers. That's fine. They're making an offer. It doesn't mean you accept it just like how eBay works.

So there's a few different things you can do once these offers come in to actually close them. One of them is just accept it because sometimes you'll get offers that are almost full price. Sometimes you'll get offers that are for multiple units of an item and they want 10% off. Okay. Deal. So sometimes it's just an easy decision. But a lot of times there might be an offer where you're like, well, my margin's not really good enough there. So what can you do? Well, what we do is sometimes go, and it depends, it's literally situation by situation, depending on the product and your margin on that product, depending on where it's shipping to in relation to the warehouse it's shipping from. You'll know, based on your business, how much shipping will cost on average and based on if the product might come with bonuses.

And what you can do is either say, you know what? We can't accept that offer. The best we could possibly do is this price. And we're going to throw in this bonus for you, where maybe you throw in a bonus gift, like I teach in the Dropship Blueprint that is a low cost to you, but a high perceived value to the customer that would get them to pull the trigger and place the order. Or maybe you can give them the price that they want, but you'll have to maybe take away the bonus and say that's really lower than we want to go. We can accept it, but you're not going to be able to receive this bonus product with that offer. And just let them know. And if they want it, they'll take it. If they don't, they don't.

Something else you can do that we've done that works really well is offer a comparable product as a replacement. Let's just say you sell leather sofas and somebody makes an offer on a really premium one that's normally $1,500 on your store. And they say, I want to pay $1,000 for it. Well, no, you're not going to accept that. So maybe you want a counter with 1,300, or maybe you want to say, you know what? For $1,000, we have this awesome sofa. It's normally 1,100. It's very similar to the one that you were looking at, but we can give you 100 off. You can get this one for 1,000 bucks right now if you want it. So simple things like this, these conversations lead to a lot of extra sales whenever you run one of these, make an offer promotions. And again, I would highly encourage you to do so.

But how do you do it? How do you even set this up to begin with? Well, in the Shopify app store, if you use Shopify, they actually have apps that allow you to add this functionality to your store. You could do that, but you could also just send out email broadcasts and that's typically what I recommend to start. So get your full email list, all your email subscribers, exclude recent customers, send out an email letting people know that they can make offers on your products and they can submit the offers by emailing in. Now, this is something that you can learn more about again, in my Get Money Now Program. We're also offering a done for you Q4 email marketing service for Dropship Lifestyle members. If you're listening to this episode, the day it comes out, you'll hear more about that in just a few hours. So keep an eye on your inbox.

But I would highly encourage, again, everybody to do this. Don't have it every day on your store, every day of the year. The months that you want to run and make an offer promo, schedule this in, announce it via your email list, don't just send one email either, have a followup sequence. And I promise you, if you do this, you will have more revenue, you will have more profit and you will probably have the best month in your business. So as always guys, I hope you got value from this episode. If you did, be sure to give it a like if you're watching on YouTube. If you're listening on Apple Podcasts, be sure to subscribe and leave a review. Really appreciate those. And with that being said, I'll be back on Thursday for the next episode of the eCommerce Lifestyle Podcast. See you everybody.

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