Do you want to automatically increase your revenue? Then apply One Time Offer in your business strategy. Keep reading to find out what it is and how to use it.
What Is One Time Offer
One Time Offer is a marketing tool that is used to sell products or services when a potential customer has already made a purchase or registered on a website, and this works for any platform, be it BetAmo or Amazon.
The essence of the instrument is that after the customer makes the first purchase or registers on the site, they are offered to buy another product or service at a reduced price. This offer is valid only once and is only available for a limited time, for example, from 10 minutes to 24 hours.
What a One Time Offer Is for
A One Time Offer helps to increase sales and raise the average check. One Time Offer also helps retain customers and increase brand loyalty. If a customer receives good offers and is happy with the quality of services or products, they are likely to come back to you again.
Signs of an Effective One Time Offer
For a one time offer to work effectively, the following factors should be considered:
- The offer must be attractive to the customer. It could be a discount, free shipping, or a gift. It’s perfect for the consumer to be convinced that it’s an ultra-lucrative offer.
- Time Limit. If the customer sees that the offer is only available for a few minutes, it may prompt a quicker decision.
- The offer should be tied to the initial purchase or registration. For example, if a customer bought a book, they can get a discount on a second book in the same series.
- This offer must be visible. The customer should see the offer immediately after making the initial purchase or registration.
The Rules of a Good One Time Offer
For an OTO to work, it must appear at the right time, provide a tangible benefit and be available for a limited amount of time — let’s go through them.
Appearing at the Right Time
One time offer is an unusual offer: the user should only find out about it when they perform a certain action. For example, register for a webinar, add a product to the cart, or complete a quiz on the site. The buyer needs to know that this offer is not for everyone.
Offering a Super Benefit
In gratitude for the request, we offer the customer to buy the product or service right now, and for speed and determination, we give an additional discount. With this offer, users receive services whose value is higher than the advertised price.
It’s Given Once
The buyer should understand that the offer is given only once and is valid for a limited amount of time — ten minutes or one day. The limitation is necessary so that the buyer doesn’t postpone the transaction.
Quick to Buy
One time offer should be clear — offer the user a studied product and tell him what exactly to do: pay, subscribe to a newsletter, repost an article, or download an app. The client shouldn’t have to look for a button and think about what to do next.
Types of One Time Offers
In Internet marketing, there are many strategies for applying One Time Offers that companies use to increase sales and revenue. Let’s take a look at them further.
Cross Sell
Cross Sell involves offering customers-related products or services. It’s a one-time offer right after they have completed their initial purchase.
For example, if a customer buys a pair of sneakers from a sporting goods store, they may be given a one-time offer for a fitness tracker or shoe care products.
Upsell
If you have chosen an Upsell strategy, you must offer the customer a product more expensive than the one they are buying. For example, offering an upgraded or premium version of a product. Let’s say if a customer buys a basic version of software, you can offer them an upgraded version with additional features.
Upsell allows you to emphasize the new useful features of the product and the benefits that come with the premium version of your product.
Bundle
A Bundle is an offer to buy two or more products together. It usually includes a discount or special offer that makes it more attractive to customers than buying individual products.
For example, if you sell skin care products, you can bundle a cleanser with a moisturizer and offer to buy them at a discounted price. Or the banal “buy a pair of socks for the price of one pair.”
Flash Sale
Flash sale is a marketing strategy that can include the sale of rare or expensive products or services at a very low price. The primary condition is that it’s time-limited.
Tour operators may offer hot tours with significant discounts for a limited number of seats, on specific dates, or to a single destination.
Also, flash sales can be discounted tickets to celebrity concerts, sporting events, and theater performances.
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