Lesson 1: Nail the Foundations of your Business Before you Create a Self Liquidating Offer
Everyone is jumping on the SLO bandwagon at the moment.
When I was first starting out in my business I also thought creating a tiny offer was the way to go.
And because I am a complete nut for funnels, I thought it would be really easy.
I remember my coach at the time warned me that it was something I should look at once I was a little more established, but being the stubborn person I am, I forged ahead regardless.
It started out well, I mapped it all out, I had a lot of great ideas. I tested my idea and I got amazing feedback.
Then it came to the part where I needed to create everything that went into the offer….
And that’s where I got stuck.
Because when you’re starting out, you’re starting from scratch. You have nothing to repurpose, nothing to work from and not a lot of income coming in either.
You don’t have the luxury to spend a few weeks or even month working on an offer to the detriment of everything else.
After a few weeks, and help from my coach, I realised I was just avoiding the thing that I was scared of, getting stuck into selling my main offers.
Our minds will create all sorts of barriers to entry when we’re afraid.
As you become more experienced you will learn to spot these detours for what they are: fear brain.
After I let go of the mini offer, I went back to getting really clear on my ideal client, creating an awesome lead magnet and making sure I had the basics right first.
I eventually did go back and create my mini offer, but only after I had my main funnel working really well. That meant I had the income coming in even if I took my foot off the pedal for a few weeks.
What I learnt from this experience is that you have to nail the foundations of your business first before you can add more offers and use more advanced marketing strategies.
Lesson 2: Get Your Main Offer Funnel Working First
I recently worked with a lovely client who wanted help creating a self liquidating offer for her business.
After the third time she changed her mind about what the upsell should be I gave her a call to see if we could get to the bottom of her indecision.
After a few minutes on the call, I picked up some concerns over the pricing of her main offering (an amazing group coaching program).
She was running Facebook ads to an evergreen webinar and then offering the people who watched the webinar a chance to book a call with her. She would then offer them a chance to be part of the group coaching program on the phone.
But most of the people that she was speaking to kept saying they couldn’t afford her program. Along with a lot of no shows for calls….
As you can imagine she was despondent. This had led her to believe that her course was too expensive and the people she wanted to help were flakey and difficult to reach.
I knew that this was just not the case and the people that she wanted to help were out there, willing to pay for her help and ready to make a change in their life.
We went back to her ideal client avatar and realised it needed some tweaking because she was getting the wrong people on the phone with her FB Ads. We also decided to test out a completely different audience to see if we could improve the show up rate for her calls.
In the end we decided to concentrate on getting her main offering selling really consistently before we headed down the route of creating an entirely different offering.
Now, she’s clearer than ever on who she wants to serve and we’re in the process of making sure she’s reaching those people with her ads.
Creating a tiny offer can be really overwhelming if you’re not ready to create one. Make sure you’re not using the act of creation as a way to avoid asking the hard questions about your business.
Low ticket offers are great but they are not a silver bullet if you haven’t got solid foundations.
These are the Main Components of a Self Liquidating Offer
I have helped a lot of my clients map out low ticket offers funnels for their businesses recently. They’re super popular right now.
If done right they can be an awesome passive income for your business.
So let’s go through what’s included in one of these:
a.) You start with a front end offer
This is the offer that would draw your customer in, the one that would create the facebook ad for. This needs to be such a no brainer!
b) Then you have an order bump
This is just a checkbox that the person can tick to add something to their order when they get to the checkout.
c) Lastly you have a One Time Offer (OTO)
After the person purchases the front end offer they would get sent to a second page where you would offer them the next piece in the puzzle. Something that just makes sense for them to buy after they’ve bought the front end offer.
This is an example of a funnel map I would use to create one of these funnels for a client.
Tips to Make Your SLO Sell like Hotcakes
These are some of the mistakes I see people making when they create their SLO’s:
1. Not making the front end offer a no-brainer
Because you’re running ads for these straight to a cold audience (people who dont know you), the front end offer needs to be a no brainer. What I mean by that is it needs to fix a problem that is top of mind for your ideal client.
For example, if you’re a weight loss coach and you want to create a tiny offer to help people lose weight, you’re not going to start with a mindset course as your front end offer because most people dont realise that mindset is the missing piece to them losing weight.
You’re going to offer them the things THEY think they need. A shopping plan, a meal plan, your secret formula to lose 5 kilos in 10 days!
2. Trying to create one of these before they’re ready
This is THE biggest mistake I see. People are selling SLO’s as some magical formula to getting clients who throw their money at you so of course, everyone wants a piece of that. But not everyone is ready to create a tiny offer and if it’s going to waylay you for 6 months when you’re just getting started then I would skip it and concentrate on selling your main offering first.
If you think you’re ready to create a tiny offer for your business I urge you to run through this mental checklist first.
1. Is your main offering selling consistently without you having to spend loads of time on it?
A tiny offer is not a breeze to throw together, they require some work which means your focus would have to shift away from your main offering for a while.
This can take 6-8 weeks in some cases, can you shift focus off your main offering for that amount of time?
2. Do you know your ideal client really well?
The success of a tiny offer relies on you knowing your ideal client really really well. You have to know exactly what they’re struggling with because when you put that offer in front of them it needs to be a no brainer.
Because you normally run FB ads to a cold audience to sell your tiny offer you cant rely on the know, like and trust factor. The offer has to speak for itself so if its not a no brainer it just wont sell!
3. Do you have some money set aside for this?
Tiny offers require paid software to create. At the very least you need a paid email marketing platform and a $97 plugin for your website. But more likely you need something like Clickfunnels or Kartra which costs $97 per month.
You’ll also need a budget to test your FB Ads before you get them right. It’s highly unlikely you’ll get your ads spot on on the first try. You’ll need to test different copy, images and audiences.
I have helped a lot of my clients map out their tiny offers, but I have also helped some of them realise they’re not ready for one yet.
What do you think?
Are you ready?
If you ticked all these boxes and you’re ready to create a low ticket offer funnel then you should book a call with me to see how I can help you build that lead generating funnel for your business.
Here is a link to see what’s included when I build a self-liquidating funnel offer for you or you can check out some examples of the work I have done for other coaches.