Jan. 28, 2021

Episode 13: What everyone gets wrong about Bonus Stacks

Episode 13: What everyone gets wrong about Bonus Stacks

Adding a laundry list of bonuses to your offer is not helping your ideal client say yes. In fact, your endless bonuses are probably turning more people away than attracting them. On today’s episode, I am sharing how create a bonus stack that actually solves a problem for your ideal client, and leads to more conversions.


Adding a laundry list of bonuses to your offer is not helping your ideal client say yes.

In  fact, your endless bonuses are probably turning more people away than attracting them.

On today’s episode, I am sharing how create a bonus stack that actually solves a problem for your ideal client, and leads to more conversions.


BY THE TIME YOU FINISH LISTENING, YOU’LL DISCOVER:

  • The biggest mistake you’re likely making with your bonuses
  • Why less is more in your bonuses
  • The 3 purposes your bonuses should serve
  • How to create even more desire and demand with your bonuses

The doors to my program, The Offer Fix, are opening soon! Make sure to get on the waitlist to be the first to join! Go to www.jessoconnell.com/waitlist to register!

Check out the shownotes so you can get access to bonus materials and related blogs and videos!! www.thelaunchfixpodcast.com/wrong-bonus-stack/

When you finish listening, I'd love to hear what you think! Take a screenshot of you listening on your device, share it to your Instagram stories and tag me, @jess.oconnell_ ! Or join us in the Facebook group to share your takeaways! 

Or slide into my DMs, I’d love to hear what your biggest takeaways are! 


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Transcript

Are you overloading your offers full of bonuses because some bro marketer told you that that would give you more perceived value. On today's episode, I am going to completely bust that and tell you the three things that you need in your offer in order to get it to convert, and how it less bonuses is one of them. Stay tuned. I'm Jess. After launching dozens of courses and generating multiple six figures in Revenue Online, I have learned the right and wrong way to launch an online course. And in the last two years, I have helped my friends and clients generate more revenue with less stress using my aligned Launch Formula.

On this podcast, I'm sharing with you my simple strategies and systems so you can make more money online and make a bigger impact on the world. Keep listening for the launch fix podcast. Hello, hello, and welcome back to the launch fix podcast. My name is Jess and I am your host. This is Episode 13, where we are going deeper into that offer audit workshop. And today I'm talking all about your package. This is the wrapping paper around your offer. And there are three key things in your package that will have a lot of impact on your offer, if done strategically. So if you have ever filled a bonus stack, or how to guarantee or have FAQs, you definitely want to listen to today's episode, so that you can learn how to do those things strategically so that they actually help your offer and help remove objections for your ideal client. So let's roll the footage. I am so excited to get started and to chat with you guys today about today's topic. Awesome. Looks like we are live fabulous. I am so excited about the changes that you guys have made even just these last couple days with the feedback and really sharing the bigger things about your offer.

So I'm really excited to share today, because we're really going into, again more of the meat and potatoes of your offer. So in case this is your first day joining us Hello, my name is Jess, I am the host of the launch fix podcast and the creator of the Alliance Launch Formula. And I help online coaches and course creators scale their launches and grow their audience without all of the drama and burnout and overwhelm. So I'm really excited to chat with you guys today, all about bonuses and the hackage side of your offer. So in case you missed it yesterday, we talked all about your program, and how your program could be the weak link in your offer. So if you missed it, make sure to go back and watch because we really talked about the different kinds of programs that people have, and how to really maximize leveraging that program in your offer. So the third key ingredient of a high converting offer is your package. And your package is everything around your program in your offer.

So one of the biggest mistakes that I see people making with their package is stuffing it full of bonuses just for the sake of perceived value. And maybe you have done this, and that's totally okay. That's probably why you're here. But this is such an old school bro marketing technique that is super outdated, and tends to actually work against you, your ideal client is really, really smart, they know that you are not selling yet that workbook for $500. So don't say that that's what the perceived value is right, they know that you're jacking that up to make it look like your offer is worth more than the price that you're offering it at. And instead of using bonuses in this slimy way to say this is worth $20,000 worth of value for just $29 like old school techniques tell you to do, I want to talk about how to use bonuses in a way that actually helps your offer and the other parts of your package that can really create desire and demand for your offer. So like I said, bloated bonus stacks just tend to overwhelm people too.

They see all of these other bonuses, and they think oh my gosh, this is gonna take so much more time and energy to get the results that I want. And at the end of the day, those things do not make it easier for them to purchase. If somebody is looking at all of the things that they have to do or that they think they have to do because you threw it in there to get the results that they want. It's going to create a barrier of entry for them, it's not actually going to help them see more value. So your package, like I said is the wrapping around your program. So imagine that your offer is a gift your package is the wrapping paper. The purpose of it Though not necessarily the purpose of wrapping paper is to answer and remove objections. And this is something that a lot of people don't realize, or they don't take that into account when they are building their offer. They throw bonuses in because somebody said that they have to, or they bought a program that had bonuses. So they assume that they should have bonuses too. But they don't fully understand the strategy and the intention behind a really effective package. Right. And so that's what we're going to talk about today.

So the purpose of your package is to address and remove common objections. It's to tell them like, I know that you're thinking that what if this doesn't work for you? Or what if the program doesn't work? Or what if? All of these things, right? What if I don't know how to start, you're going to answer those with your package, when you strategically, your package can get people off the fence. And honestly, that is the whole intention of your launch. And somebody may have told you that the intention of your launch was to get people to buy. And I think that's wrong, I think the intention of your launch, is to get people off the fence, your clients come into your offer on the fence, right? Once they decide that they are interested in what you have to say they are on a fence and your job with your launch is not to get people to buy, it's to get them to get off the fence.

Because if you do not give them enough information and enough value and enough of a reason to get off the fence either way, then they're just going to stay on the fence, it is so much better to get a no than it is to leave people on the fence. You want people to get through your launch and say yes, that program is not for me, I'm out. Or Yes, that program is for me I'm in leaving people on the fence is where you're going to ultimately lose them. Because you really want them to make an informed decision either way, by the end of it. And your package will help them do that. So while your program delivers the results that people want, your package gets them out of their own way about investing in it. And without a package, you're really missing out on this big piece of your offer. If you're just throwing together like your program, and that's your whole offer, you're missing out on such an opportunity to not only enhance your program, but to also remove those objections and help people get off of the fence. And that's what I'm going to talk to you guys about today.

So when you have the strategic package, your offer will create desire and demand for itself. And it will remove objections your ideal client might have, which then makes it easier for them to purchase. Right? We know that you can drive down the road as long as there's nothing in the way. But the objections that people have are these big boulders in the road. And while they want to get onto the other side of the road, they can't get through because of these big boulders. And so when you remove the boulders, which are their objections for purchasing your program, it clears the pathway, right? They want it they can go right because you have removed their potential objections. And that's the whole intention behind your package. So this when you have it will lead to less objections, more conversions, and clients who actually get better results, because they are already mentally primed for your program, they already know that they are going to get results because you've removed those obstacles to getting in, you might be asking what the heck is in the package. And that's what I'm getting into just as I say your package comes down to three main things.

And you may have seen these things before. And you didn't realize the strategic significance of them. But that's what I'm going to talk about today. So the first thing that your package should have is bonuses. This is something that most people know that they should have with their offer, but maybe don't understand why. What is the purpose of bonus? Shouldn't I just put it all in the program? How am I leveraging these bonuses to get people to purchase the program? And so your bonuses should serve one of three intentions. It should either answer an objection directly, save them time, or deepen their learning. And when you go into your bonuses with these three intentions, you'll create bonuses that actually help your offer rather than just bloat up the value perceived value to make somebody feel like they have to buy something. So for example, if an objection is that they don't have a program yet. So for example, in this launch, if your objection is well I don't have a program. So this doesn't make sense to me.

A great bonus would be how to create a program so that when you purchase the offer fix, you learn how to create a program and then how to structure the offer around that. Another great bonus would be templates or cheat sheets that save people time and energy. And this is a really big one. A lot of people don't have Most people, in fact, don't have the knowledge and understanding that you do have the subject that you're creating your program around. And so if you can offer them a leg up a step done for them, something that will cut time or cut effort away from them, that is going to be an incredibly valuable bonus, it's like giving them their time back. So if you can come up with templates, or done for you, pieces, or cheat sheets, or things that are going to further their learning in less time, and like cut the learning curve for them. These are incredibly valuable bonuses, and something I definitely recommend.

And the third kind is to deepen their learning on a specific topic. So while your program probably solves a bigger issue, what areas can you dig deeper into to even further their understanding of it. And a really great example of this is one of my dear friends has a program, all about creating a profitable podcast, it's called the effortless podcasting formula. And I actually purchased that program from her last fall. And her name is Courtney Elmer, if you're a podcaster. With this program, she teaches you like how to start a podcast, how to create content for it, how to monetize it, etc, how to launch it. But one of the areas that she had a bonus for was she brought me in for a training on how to use like how to create content for your podcast, that creates demand for your methodology. And so I did a training all about the content creation piece of podcasting, and how to strategize it so that it actually serves your business. So while that was auxilary, to her program, which was kind of like an overarching theme of podcasting, and creating and launching a profitable podcast, my training was really a valuable bonus for people because it drilled even deeper into a specific area.

So looking at your offer, thinking, what are some areas that I could get even more specific into, or have even more training on in a really specific area. Another great example of this is in a lot of my programs that have to do with launching, I have a bonus all about Facebook ads. It's a mini course that teaches you how to create and launch your first Facebook ad. And so while like, I don't teach Facebook ads in the course, it is something that is additional value that deepens your understanding and gets you even better results, kind of like my training did for Courtney's program. Hopefully that makes sense. So with your bonuses, you want to keep it to no more than three or four, I've seen some people whose bonus stacks get completely out of control. And it's like, here's the program and 32 bonuses worth a million dollars. And really, that's only going to serve to overwhelm your ideal client not to encourage them to get off the fence. Or I mean, maybe it'll get them off the fence but not in the direction that you want them to. So you should not be adding more time commitment, or something that does not add more value. So when you think about your bonuses thinking that it like asking yourself, does it serve one of these three purposes?

And literally, like, as you're going through it, ask does this answer an objection? save them time? Or deepen their understanding? And if no, ask yourself, why am I including this as a bonus, if it doesn't serve those purposes, and you don't know why you're including it, scrap it, less bonuses are better. You do not need to bloat your offer with all of these things to make people think that they're valuable. So that's the first thing that your package should have his bonuses. The second thing is a guarantee. Now Now, don't panic, your guarantee is all about removing risk for your ideal client. So the first thing with bonuses was all about answering objections, deepening understanding and saving them time, your guarantee is all about removing risk for them. So when there's no guarantee, like people cannot get their money back, under any circumstances, your client is taking on all of the risk, they are putting their money forward and hoping that your program is valuable and that for that they find the value in it. And they have to take that upon faith.

Now I've done this too. And there is I suppose value to this, especially in certain kinds of offers. But the risk is on your ideal client. And so you're going to have more people who end up getting on the no side of the fence, because they don't want to take on that risk. So I recommend having a guarantee and this is a big piece of your offer. And I promise by the end of this little part, you're not gonna freak out about guarantees anymore. So with a guarantee, you take on some of the risk or all of the risks depending on how you want to structure your guarantee. And when you take back that risk, saying if this doesn't deliver on what you want it to or whatever your parameters Are if you follow this and don't get results, if it just wasn't what you were looking for, return it no questions asked or have conditions. There's lots of different kinds of guarantees. But when you take back that risk that, hey, when you get into this, there is a way out of it.

Sometimes with conditions sometimes unconditional, depending on what you want to do. When you take that back, it removes an objection, right? It pulls that boulder out of the road and says, Okay, well, I feel more willing to put my money here, because I know that if it's not what I wanted, or if it doesn't work, or whatever, then they can get their money back. And what that'll do is it will open up the pathway for more people to say, Yes, for most people, knowing that they can get their money back helps them make that decision. And this does not mean that most people will ask for their money back, which is usually the fear that people have around guarantees. They say, Well, if I put a guarantee out there, won't people want refunds, won't people take advantage of me?

How am I ever going to make money if I have a guarantee? And if you've had any of those thoughts? That's totally normal. Because I had those thoughts too, about guarantees. When I first started my business, I was like, I don't want people to refund. I don't like that's gonna mean something about me. Right. And so if those are the thoughts that you have coming up right now, don't worry, that's totally normal. And that is the biggest objection that I hear from my clients is that they don't want to offer a guarantee, because they're afraid to get refunds. Here's the thing. As a business owner, you should always budget for refunds, there are things that can happen that you are not in control of, and refunds are one of them. And if you're not budgeting for refunds, you're going to find yourself in a situation that you don't want to be in because there are a lot of things that can happen.

So I recommend to my clients setting aside 5% of your sales for potential refunds, and keeping that money for whatever the timeframe is whether you have a 30 day, no conditions guarantee meaning within 30 days, they can get their money back without having like no questions asked. Or if you have like a 365 day conditional guarantee, right? Whatever your guarantee looks like saving 5% of sales back in a little account to account for that. So that if somebody is like, hey, my grandma died, and I need this money to give her a funeral, you can say with confidence, of course, Here's your money back, right? You can make those decisions from a place of abundance. Because you are prepared for this, you have no idea what might come up for you or for your ideal clients or for the people who purchase your program. So depending on your guarantee, having money set aside for that will help you make more empowered decisions about them. So my next thing is if you're afraid of refunds, like I was, what are you making the mean about you?

What do you think somebody refunding says about you. And if you're thinking well, that I'm not good enough, or my program is not good enough for I'm not a good business owner. All of those things are interpretations. And you don't know what is behind their actual request for that refund. Maybe it is that the program wasn't what they were looking for. And that doesn't mean anything about you. Maybe it's that like they didn't like it. And that means nothing about you. And when you can start to release, what the meaning that it might have that people are not happy with your program. That's when you can really start to find your power and to put yourself out there in a bigger way. Because at the end of the day, people are people and people have their own reasons for doing things. And while having a guarantee that has conditions is something that will protect you from needless refunds. Most people who purchase a program are not going to immediately want refunds for no good reason, right? It does not mean anything about you if somebody wants a refund.

And by having that opportunity, you're going to reach more people and have more clients because you remove that risk from them because you remove that objection. And I'm very willing to say this, that if you are not getting refund requests, it's because you are not playing big enough. You're not reaching a big enough audience. You're not talking to enough people. So if this is something you've never experienced before, ask yourself, am I playing a big enough game? Am I getting in front of more people, and I'm making the biggest impact possible? If you cannot confidently say yes, then it's time to step it up. Right? It's time to put yourself out there a little bit more, to get in front of more people and to play a bigger game because that's how you're going to scale your business. If you are so afraid of somebody requesting a refund that you don't want to put yourself out there.

How are you ever going to have the business of your dreams that you desire to have and having a guarantee is going to give a structure for that process. A friend of mine is a lawyer and one of his favorite sayings. Is that contracts don't like the contracts are not there, because somebody is going to, like violate it. contracts are there to divine to define the, like the container of the relationship, your guarantee has the same purpose, it is there to find the container of that process. If somebody would like a refund, there is a process for it, and you then have a refund policy. And you then can say, Hey, this is outside of my refund policy. I'm sorry, you agreed to this guarantee you agreed to this refund policy. And so no, I'm not going to grant a refund and then go from there. So guarantees in the program, I teach you all about unconditional conditional timeframe, what makes sense for your offer, and all of that, because there's a lot that goes into it. But having a guarantee is a piece of a very effective package.

And the third one is an FAQ, which is something that you maybe have seen before, and then completely glossed over and been like, I don't need an FAQ, why would I need that. But really, your FAQ section is a very powerful place to address objections directly. And a big mistake that I see is people not utilizing this strategically and just saying like, Are their calls? Yes, that doesn't really help anybody, it might be a frequently asked question. But like when you can really use your FAQ strategically, you can answer objections in a really powerful way. So the way that I use FAQ is I think of common objections or potential objections that I can think of that my ideal client might have for this offer, and then phrase that as a commonly asked question, so to go back to the example that I used earlier about not having a program, I could have an FAQ that says, What if I don't have a program yet?

Or what if I don't have a course yet. And then in the FAQ, I could say, well, great, this is a great place to start with my bonus, create a course in five days, or whatever it would be called, I will teach you how to structure and create your course so that you then can create a powerful offer around it. And that answers their question, what if I don't have a course I'll help you create one, and it removes that objection. So that person no longer is wondering that. Another great example of an FAQ is will this work for x x business? And you can say, well, it's not a matter of the industry, your business is in but a matter of you committing to and implementing this system I'm going to teach you. And if you can commit to commit to that and implementing this system, then I believe that it would work for any business. And that's how you can answer that objection. What if this doesn't work for me with? Well, if you implement it, it should, right? And so this is a really powerful place to listen to those objections, anticipate them? And then answer those questions.

So as your ideal client is scrolling through your sales page, and they see the FAQ, they'll see one that they have, right, they'll be like, Oh, that is my question. I don't have a program, right. And then they'll see Oh, awesome. Like, that's not a problem, because she's gonna teach me how to do that. And when you can do this, you can anticipate objections, and then remove them really quickly. And this just again, clears the way for people to make that purchase. And that's one of the most powerful things that you can do with your FAQ. So those are the three key ingredients of an effective package. Having strategic bonuses that remove objections, save people time, or deepen their understanding, having a guarantee that removes the risk. And three is having FAQs that directly address potential objections for people. So I would love to help you get some strategy behind and clarity on your packages.

So today, I have three questions that I will be giving some feedback on when you answer them in the group just like every day. So the first one is, what is a common objection that you get? And what bonus can you create to answer it? So think about objections that somebody might have to purchasing your program? And what is a bonus that you can create? That will answer it and say, Hey, I don't have this awesome. Here's this right. The second question is, what bonus can you create that will save people time, this is a really good thing to think about, because that's something that's super valuable for people. Money is a renewable resource time is not and people tend to value their time more than they value their money. And so if you can save them time, it's even more valuable than saving them money. And number three is, what guarantee would give your ideal client the confidence to say yes, and even if you don't have a guarantee, this is a great place to play with this and get a feel for how it feels to say you know what? I guarantee like that you will love this program or your money back in 30 days, or you have a seven day no questions asked guarantee that's one that I've used before.

So days you can see the entire program. And if you realize that it's not for you, you have a week to do so and get your money back with no questions asked. Another guarantee that I've done is a 365 day conditional guarantee, where you have a year to complete the program, do a launch. And if you don't get the results that you wanted from the program, or it didn't work for you, and you can prove it, I will give you your money back. So I've said these things. The next thing that we're going to talk about is your promise. Nobody wants your course. Nobody wants more videos and more workbooks to fill out. That's not what they're looking for. They want what your course gets them. So tomorrow, I'm going to be talking about the promise of your offer, and how that is what your ideal client really, really wants, and how to focus on that and really sell to that in your offer. Thank you so much for listening to today's episode of the launch fix podcast. As always, if you loved it, please leave a five star rating and review. I love reading them and they really help the podcast to get in front of more people on iTunes. So thank you so much for listening and I will see you in my next episode.