As Don Vito Corleone, played by Marlon Brando, famously said in The Godfather: “I’ll make them an offer they can’t refuse.” Corleone may not exactly have been a marketer but with that attitude, you could argue he would have made a great one.
Still, the point remains: Making great marketing offers are a crucial part of the campaign execution that it often gets overlooked in favour of flashy imagery and cunning copy.
But how do you create an exciting offer that motivates customers? Here are 5 marketing tips you need to know to help you get started:
Remember the 40/40/20 rule
In her Entrepreneur article, Gail Goodman reminds us that, “the success of a campaign (in this case, e-mail communication) is based 40 percent on targeting the right audience, 40 percent on the offer you make, and 20 percent on your creative execution.”
Pick the right type of offer
The type of audience you’re marketing to will determine the type of offer you present to your customers. If you are offering a product or service that people can purchase immediately online, give an immediate discount accompanied by an appropriate call to action. For example: “Buy two, get one free when you order right now!”
Marketing an event requires that your offer focuses on attendance or participation. In these cases, you can still offer discounts like BOGO (buy one, get one free or half price) but you may also want to consider ‘early bird’ offers or goodies (free t-shirt for the first 100 people who attend).
Things get more complicated when you are trying to market a complex product or service that requires a consultation. In these cases, Goodman recommends that “you make what is known as a ‘soft offer,’ with the goal of engaging your receivers, building their trust, and moving them closer to an eventual sale.” A soft offer can include a consultation, white paper, free sample or evaluation.
Evaluate your offer
There are three crucial components of a good offer you should keep in mind:
- A high perceived value – Remember that value does not always equal cost. Your professional insight (presented as a consultation or white paper) might be very valuable but cost you very little.
- Easy to understand – The purpose of making an offer is to grab the consumer’s attention and kickstart them into action. If they can’t understand the offer they aren’t going to be motivated by it.
- Relevancy – The offer needs to be both relevant to the target audience’s needs and to your business. Without relevance to both the offer is pointless – the audience will ignore it and your business won’t derive any value from it. Find the pain points of your targeted personas so that your offer is relevant to them!
Your offer must match all three criteria.
Promote your offer
Remember Goodman’s 40-40-20 rule? Once you have a good offer you need to ensure that it is backed by the right targeting (this is a symbiotic process, as the targeting should also inform your offer to ensure it is relevant). It’s also important to have the right creative execution.
Part of executing your offer includes setting goals based on how many people you expect to reach, how many leads you want to generate, and how effective past promotions have been. Goals should always be ambitious but attainable.
The most important part of any piece of marketing is always the analysis. Analyzing your successes and failures will allow you to improve on future campaigns. When it comes to offers make note of what works and what doesn’t. Refer to your goals: did you meet them, fall short, or exceed them? What went right and what went wrong and why? Once you’ve got these insights, turn them into actions by modifying how you plan, promote and execute future campaigns.
Contact DRMG to help your business create exciting marketing offers, perfectly targeted to the right audience in your area.