I buy companies, and I start by identifying what offer is going to be ideal to increase cash flow and have the company pay for itself.
4 Types of Offers Every Company Should Have (at a minimum)
Four different offers at four different price points.
1) Free Community with Highly Desirable Free Content (Education)
2) Core Offer (Do It Yourself or DIY)
3) Upsell (Done With You or DWY)
4) Upsell (Done For You or DFY)
Example: Paintbrushes
1) Join our community of painters
2) Buy our brushes
3) Join a paid group painting class
4) Let us Paint for you.
We Identify Each of the Offers With the Same Survey
We Identify Each Of The Offers With The Same Survey. do this with a simple 4 part survey that we build in Google Forms.
The survey can either:
Be sent to everyone on your mailing list once a quarter,
Or
Be sent to everyone who uses your product or service.
Format We’ve Found That Yields the Best Results Via a Survey
- Motivation
- Reason
- Time Commitment
- First and Last Name
- Phone Number
- Demographic Question
- Benefits Question
- Frustration Question
- Conversation Invitation
Motivation
A reason to fill in the survey. We’ve found the best thing to offer is a free draw for a giveaway for a new product or program you’re about to release.
Example: “Fill in this form to take part in our $7,000 giveaway! We’re giving away 7 copies of our latest $1,000 training that helps you (GET_SPECIFIC_RESULT) that we called [NAME_OF_PRODUCT].”
Reason
This is where you explain the significance of the survey and how ultimately the results help them.
Example: “We want to help YOU! This survey is going to let us know what sticking points or areas of frustration you have with regards to [NICHE]. “
Time Commitment
Here you want to let them know that the survey won’t take long to complete.
Example: “The survey only has 7 short questions and should be finished within 2 minutes max.”
This is where we ask them for their email address to continue communicating with them in the future.
Example: “We’d like to offer you future giveaways, offers and tips in addition to having the most up to date contact information to notify you if you have won. Please share with us the best way to email you for these things”
First & Last Name
This is just to keep track of individual responses
Example: “What is your first and last name so we know who we are contacting if you win?”
Phone Number
Here you’re going to get a secondary form of contact information that also has a higher response rate.
Example: “In case we can’t reach you via email what’s the best phone number to reach you at via SMS?”
Demographic Question
This question lets you know something about your audience. Either geographical, income, competition, or something that is useful relevant information. It’s important that you create this as a multiple choice question.
Examples:
“So we know which languages to include in our product development, Where do you live in the world? Please select one of the following:”
“So we create a product that matches your needs the best, which best represents your yearly salary? Please select one of the following:”
“So we know your experience within [NICHE] which of the following companies have you purchased products or programs from? Please select one of the following:”
Benefits Question
This is where you create a list of Needs/ Wants or Benefits you think people may want. You want at least 20 of these, and you’re going to ask them to select 3.
This will give you a clear indication of the needs and wants of your audience… and will give you the next 3 products or programs to develop. Be sure you word them carefully and create variants of the benefits including do-it-yourself options and done-for-you options. You cannot really have too many of these. This is the most important part of the survey.
Example:
“Which of the following do you most want us to provide for you? (please select 3)”
Do say: “I’d like to have more energy”
Don’t say: “Energy”
Do say: “I want to build my own race track
And say: “I want someone to build me a race track
Don’t say: “I want to do racing”
Frustration Question
Here you’re going to learn the frustration holding them back from getting the results they want.
You’re going to want to list at least 10 common frustrations. Include F.E.N.C.E.
Combined with the previous answer this gives you the classic headline format: “How to get A,B,C without the frustration of X”
Example: “What have you found to be most frustrating when trying to get the results in the previous question? Please select one:”
Conversation Invitation
This last question is an invitation to have a deeper discussion about their results… and of course another chance for a conversation to make a sale of the new product. As a beta tester.
Example: “Would you be willing to jump on a 5-minute call to discuss the answers in full?”
Conclusion
Once this survey is a natural automatic part of what you do… you will constantly have feedback on new products to develop.
We typically recommend creating a new survey with new options every 3 months to follow trends you see in the industry you’re in.
This is one of the SOP’s I bring into a company when I first join.
