3 Hidden Benefits Of Starting Small - What A Bite-Sized Offer Can Do For Your Business
3 Hidden Benefits Of Starting Small
What A Bite-Sized Offer Can Do For Your Business
Whether you call it a low ticket offer, a micro product, a self-liquidating offer, or a bite-sized offer - we’re all talking about starting small. But are they really worth your time?
There’s been a buzz in the online business space the last few years, all around what I call bite-sized offers and how they can help you build your business. But everyone seems to have a different take.
Today I’m sharing a few tips about bite-sized offers and why what you might have heard about creating one from some of the ‘marketing experts’ out there might not necessarily be true.
3 Hidden Benefits Of Starting Small
To be clear, I’m talking about a front-end, low-investment offer that’s usually at the top of your funnel.
It’s intended for people who may not know you at the time they encounter it. People at the beginning of their customer journey with you.
And this type of offer will usually have a price point somewhere between about $17 up to maybe $97. For example, my own bite-sized offer is Stories That Sell which sells at a $27 price point.
Here’s the thing - the reason these offers work so well is NOT because of the untold riches they deliver, as so many marketing experts will tell you.
The REAL reason they are worth your time start with these three benefits.
Hidden Benefit #1: Primed Buyers
See, when people put money on the line to invest in your bite-sized mini offer, they are 30% more likely to buy something else from you later.
That is 30% more likely, as compared to people who just grabbed a classic free offer (such as a quiz or download) or who haven’t purchased anything from you before.
Here’s how it works. Every time someone says “yes” and puts money on the line to grab your bite-sized offer, you have a good chance they will buy something else later.
Now, if you're like me and have multiple offers in your business including higher-priced offers, then this strategy is gold!
Because filling your email list full of people from a freebie or a lead magnet who may never buy from you (whether that’s during a launch or an evergreen product) is actually quite risky when you think about it.
A lot of people spend a fortune on Facebook, Instagram, Google, YouTube, or Pinterest ads - whatever your paid strategy might be - to promote a freebie and then wait until their next launch to see if those people convert to buyers.
But when you're building a list full of thousands of people who have never said yes to putting some money on the line with you, it’s really hard for those people to go from free to purchasing something higher priced.
By the way, 30% is not just a random statistic I've pulled out of thin air. It’s actually been proven through biopsychology that buyers are more likely to continue to buy from you.
But I’ve also experienced this firsthand in my own business. I have done this with my own offers. My Brand Power Quiz program and my one-to-one offers get filled so easily with people who first bought my bite-sized offer.
Hidden Benefit #2: Shorter Sales Cycle
Now the second thing bite-sized offers are really good for is shortening the sales cycle.
Traditionally when we meet people online - when we see an Instagram ad, a social post, or anything else online - there's a longer cycle between them getting to know us and them buying a higher-priced offer.
But when you strategically build a bite-sized offer the right way, you’ll have the desire baked in. And it will shorten the sales cycle to your next offer.
So, instead of a very long nurture period, people move further along the buyer journey with you much more quickly.
Why? Because they ...
Received immense value from your bite-sized offer
Have experienced your brand
See the value you have to offer
And when you then ask if they would like to take the next step with you, would they like your help to solve the next problem, they are much more likely to take that step. Because you’ve already got the know, like, trust factor built-in.
We all know there are certain steps we must go through to build a brand. We’ve got to:
Get visibility
Build know, like, trust
Become an authority
Have an audience that resonates with our brand personality & content
And be seen as an expert
But even once they see you as an expert, they've got to see you as the right person to solve their problem.
So whatever your premium offer is - a one-to-one-service, a group program, a membership, a retreat - your bite-sized offer can shorten that relationship cycle.
When they buy something from you and experience a transformation straight away, they now know you, like you, and trust you. They've seen your authority and experienced your expertise.
So, when you then say, “I've got something else to help you with that,” the trust and relationship are already there. Which makes it so much more effective to help people move on to the next stage.
Hidden Benefit #3: Avoids Buyer Fear
As we all know, 2020 was a period of uncertainty and change. Pretty much everyone across the world has experienced difficulties.
And with these changes and uncertainty, as human beings, we’ve all become more risk-averse. We’re more fearful and less likely to take risks. Even a bit more sceptical about things than we were before.
So we’re much less likely to jump into the six-month coaching program, year-long mastermind, or $2,000 digital program we might have previously grabbed with no problem. We’re not sure what’s going to happen next in the world so we’re less likely to make that jump.
But having a bite-sized offer makes it much easier for people. They see the small investment of say, $27 or $37 and realise they’re not taking a huge financial risk. If it doesn’t work out, then they’ve not lost two thousand dollars or a year of their time.
And when you deliver (and preferably exceed!) on your bite-sized offer promise, they’ll feel like, “Wow! I paid $27 and it’s amazing. Imagine what it would be like to work with this person inside their mastermind (or group program or one-on-one)?”
If what you give them for the cost of a sandwich and drink makes an impact, you will go a long way toward overcoming any scepticism, fear, and resistance they might otherwise have about investing in your higher-priced offers.
Think of it this way. By creating a bite-sized offer, you tell your potential customers they don’t need to take a massive leap of faith. You understand they might not know what’s happening over the next few months, or that business might be uncertain.
But here’s one tiny step they can take to solve a really specific problem. And if they get the transformation and the results they want - then maybe you can work together further on.
3 Epic Hidden Benefits Of Starting Small With A Bite-Sized Offer
So let’s recap. Bite-sized offers ...
Fill your list with buyers who are primed to buy from you again (and again)
Drastically shorten your sales cycle from first purchase to higher-priced purchase (aka, no more hard selling!)
Sidestep fear, scepticism, and risk-aversion with baked-in know-like-trust factor
I hope you can see that it’s really these hidden benefits that make a bite-sized offer worth your time, rather than any “untold riches” you might make.
It’s really about how starting small can help you …
… easily build your brand over the long term
… bring people into your world to experience your brand
… provide great value and transformation that will cement you as an expert
And more.
How To Create A Bite-Sized Offer The Right Way
If starting small sounds good to you, grab my Bite-Sized Offer Masterclass for a step-by-step roadmap to …
Create and launch your own digital product
Swipe the exact system I used to attract 29,000 customers without drama or hustle
And build an email list filled with people primed to buy your premium offers