This is Part 7 in a free seven-part training series. Check out this not-so-secret Bonus Lesson (The most important thing you can know about offers) here.
More from this series
The Ultimate Offer Blueprint — 7 Steps to Creating High-Converting Offers
- Lesson 1: The worst compliment in sales
- Lesson 2: If you’re not very _____ you don’t get much money
- Lesson 3: How to stop being invisible
- Lesson 4: Sales so good, they close themselves
- Lesson 5: Unclogging your sales funnel
- Lesson 6: Trivia Time: Do you remember these?
- You are reading Lesson 7: The 1 thing more important than price
- BONUS: The most important thing you can know about offers
Buyers don’t say no because the price is too high.
There’s something else that is much more important that’s costing you sales.
But focusing on price is where most businesses look to increase conversion rate and sales.
But then again… most businesses fail.
So, let’s take a lesson from what the most successful businesses do instead.
But first, allow me to set the stage.
What History Can Teach Us About Offering Payment Terms
In 2016 a team of archeologists uncovered the oldest handwritten document ever discovered in London.
Can you guess what the handwritten artifact was?
A love letter?
A political speech?
An inventory of products?
No.
It was in fact an…
I.O.U.
Which means…
Almost 2,000 years ago one Roman made a powerful offer to another Roman:
If you say yes, I’ll give you the goods today, and you can pay me later. Cool beans?
(The Romans loved the phrase “cool beans”. It’s true.)
Fast forward to 2023 and some of the fastest growing FinTech (financial tech) companies like Klarna and AfterPay…
… they’re doing the SAME thing.
Buy it now.
Pay for it later.
Because through the centuries the smartest marketers have known:
It’s not just the price that matters… it’s the TERMS of payment.
This. Is. Big.
And if you’re like most entrepreneurs you’re not giving payment terms the attention it deserves.
What is the final step in The Ultimate Offer Blueprint?
The thing that ties a bow on your offer.
Making it absolutely irresistible.
An offer they can’t refuse.
Ultimate Offer Blueprint Step 7 — Offer Payment Terms
It’s as simple as that.
Allow your prospects different options to spread out their purchase into payments. Play with the timing of those payments, and even the method of payment.
Not only are you likely to see a boost in the number of prospects who purchase your offer.
But they are also likely to pay you more, in exchange for more flexible and favorable terms.
What is an example of good payment terms?
I’ll use just 1 more example to prove why payment terms is a huge part of crafting your Ultimate Offer.
Example: The housing market.
In the US alone it’s a $3.7 trillion market.
Now imagine for a moment… what would happen if tomorrow mortgages were no longer allowed and you could only buy a home with cash?
Prices would plummet. Home sales would dry up overnight.
For over 90% of home buyers… yes the price is important… but what’s REALLY important is the interest rate and monthly payments.
In other words, the $3.7 trillion housing market depends on payment terms like you and I depend on oxygen.
It’s not optional.
Let’s bring this back to you and how this ties into creating an offer that allows you to charge more and still get more people saying “Yes”
What are normal payment terms?
There are 7 different frameworks you can use when deciding how to structure payment terms as part of your offer. We’re going to help you walk through all 7 of these on the FREE training I’m co hosting with my Marketing Manager Gabriel Ryan, and select which is best for you. But here they are: all 7 types of payment terms.
Subscription with Joining Fee
Installment Plan
Free Trial + Subscription
Low Cost Trial + Subscription
Results Based + Ongoing
One Time + Trigger
Subscription + Trigger
Putting It All Together — The Ultimate Offer Blueprint
Hopefully by now you know the training is going to walk you through the know how and the custom tools we’ve built to help you create your own Ultimate Offer (all 7 steps of The Ultimate Offer Blueprint).
I truly believe payment terms is one of the most overlooked improvements to an offer.
Most entrepreneurs “phone it in” when it comes to how people pay.
They focus all their attention on price… when in many cases the right terms will turn a no into a yes and make price less important.
Don’t be like the people who get lazy and uncreative when it comes to “how” your clients pay.
Know your options and start using them like a master chef uses ingredients in a kitchen to design a tasty dish.
I hope you’ll join us, because this training is about to get locked up on the vault and then there won’t be any more replays.
Sincerely,
Jack
p.s. Now you’ve got all 7 steps of The Ultimate Offer Blueprint, so you’re prepped and ready for our training. But I’ve got one more bonus tip for you tomorrow…
And it might be the most important thing I could share with you.
In fact, I know it is the most important thing I could share with you.
Stay tuned.
Here’s where we’ve been:
- The worst compliment in sales
- If you’re not very _____ you don’t get much money
- How to stop being invisible
- Sales so good, they close themselves
- Unclogging your sales funnel
- Trivia: Do you remember these?
- The 1 thing more important than price (THIS POST)
- The most important thing you can know about offers (BONUS)
