Providing Added Value: The Secret “Trick” to Customer Acquisition
Converting a browser to a buyer isn’t an easy task. With virtually unlimited competition and customers always on the lookout for a better deal, how can you convince prospects to buy from you?
One effective way is to provide added value. Offer your website visitors more than they expect—if they act now.
Infomercials are great at this. They start with a live audience coached to ooh and aah at the right time. They expound the benefits of the product with nonstop patter while demonstrating the blender or vacuum or what-have-you, and they ask the audience leading questions.
At some point, the host asks, “How much would you expect to pay? $200? $150? $100? Not even close. Today, we’re offering this amazing miracle thing for only $49.95! But WAIT, that’s not all! If you buy right now, we’ll throw in [insert 4 or 5 other pretty neat things].” By now, the audience has reached a frenzy and hapless viewers at home (who were already interested enough to watch) are practically foaming at the mouth, afraid this great deal will run out before they get in on it.
What Infomercials Can Teach Us About Online Buying
Infomercial sales and shopping channels only work for certain types of products. You won’t see big-ticket luxury items or B2B software being hawked by carnival barkers between midnight reruns of The View. Wrong audience.
That doesn’t mean you can’t use the same methods in a different way—even on your B2B website. Try this:
Incentivize on-the-fence prospects by restructuring your tiered offers to include added value.
For example, take a look at these New York Times subscription offers. You can get all-access digital for $8.75/week OR the print edition delivered to your home PLUS all-access digital for $8.90/week for the first 12 weeks.
Are people really getting additional value by adding digital access to the print version? Prospective NYT customers surely think so.
Think about it: If you’re considering returning to the nostalgic feel of newspaper (or the privacy screen newspaper provides to shield you from other commuters), you’re thinking, “Well I might as well pay an extra 15 cents because I get SO much more.”—even though you’ve actually been moved into the higher-priced tier long-term, as the price will increase after 12 weeks.
What matters here is that the customer feels they're getting more for their money.
But you don’t have to be sneaky about it. The point is, that little extra incentive goes a long way. Providing added value entices your prospects. Try offering up extra onsite privileges, access to webinars if you sign up, special deals in advance, and other perks (like “if you act now”). This approach can drive sales on any kind of goods or services website—even B2B.
The Value of Extra Value
Adding incentives at the start of the Growth Cycle Marketing process helps turn a curious visitor into a motivated customer. A study by Shopify revealed that 67 of 100 potential customers abandon their shopping carts without purchase, and 56% of them gave unexpected costs as the reason. Other reasons cited included “found a better deal elsewhere,” “just browsing,” and “overall price too expensive.”
Imagine what would happen if, instead of unexpected costs, consumers were met with a better value than expected. Would your business benefit from selling to people who might have walked away due to pricing issues? You bet. (…and who knew that guy on television selling overpriced blenders at the top of his lungs could show you the way?)
Get buyers excited by demonstrating the benefits of your product, then close the deal by throwing in added value. Your customers will love you for it.
For more ideas on how to convert and nurture customer relationships, download our free Growth Cycle Marketing guide.