When looking at your Hook, Story, Offer always start with the Offer. Here we’ll start by sharing some notes from Funnel Hacking Live 2019, which we attended in Nashville Tennessee, so you get a better understanding about this. Then we’ll look at the components that make up the offer in more detail.
These notes are from Russell Brunson’s presentation on Hook, Story, Offer.
- “If you have a product, which is a commodity, when you are trying to figure out how to sell it, the only thing you have as leverage is price. It’s a race to the bottom, which is the worst kind of business to be in. There’s no sense in being the lowest in price, but there’s a huge advantage to being the most expensive. Create an offer that de-commoditizes you. You take your product and bundle it with a bunch of other things to increase the value and make it unique, separate and different.”
- “There are two ways to have the cheapest product in town, and the first way is obvious, to decrease the price. Don’t do that. The next is to increase the value of your offer. If I sell you something that’s worth $1,000,000 for a $1,000 that’s cheaper than the person who sells it for $1,000 and it’s worth only $1,000. “
- The fastest way to increase an offer is to bulk it up with additional information products. There’s a few ways to do this 1.) Written word, 2.) Spoken word (Audio/Video), 3.) Physical product and 4.) Misc. other.
Now let’s delve a little deeper into the last point and look at the components that make up the offer.
Written word can be anything from eBooks, Step-by-Step Guides, Articles, Newsletters, Infographics, Case studies, Re-publishing of books in the public domain … basically any additional material that adds value to your core product or service.
Spoken word can be video (informational, educational), video (instructional, walk-throughs), webinars, podcasts, audio books, interviews, etc. Video is becoming more and more mainstream because it conveys an additional element of emotion that you don’t necessarily get with the written word. Think of the difference between reading a step-by-step guide for a product and watching a video walk-through of the same product. There is a reason that more people are now searching on YouTube than are searching and reading on Google.
Physical product could be boxed products, notebooks, bags, rucksacks, t-shirts, mugs, pens, pins, golf balls or any other corporate gift that adds value to the offering.
Misc. other could be tickets to events or conferences, packaged deals (e.g flights and accommodation), access to closed/secret Facebook groups or forums, exclusive training or coaching, etc. Exclusivity always adds way more value than it actually costs, so be creative.
So let’s pull this all together. When building your offer for every step in the funnel, first start by listing all your possible assets at your disposal in the categories above. Just brain dump even if it seems ridiculous. Then start by going through each ad and page in the funnel and pull assets down from your list to add value to each offer. Always aim to add 10 times more “value” than the “price” you are asking people to pay.
We’ll leave you with this final thought … People will spend more money for the exact same core content, if it is packaged in a different way.