Do you know what an OTO is?
It’s one of the best ways to get more sale. It’s a contraction of the term “one time offer” and is a marketing strategy that entices customers to buy an additional (upsell) product because it’s an offer that they’ll never see again.
What makes an OTO good?
Many business people make the mistake of attempting to turn everything that they have in stock into a one-time offer. This is a certain formula for failure.
Highly profitable one time offers happen the most when the OTO is related to the original offer.
An example may be to provide an e-book on pet training skills and then the offer would be a visual or video product which shows a dog instructor in action. The OTO can be specific, or in the online marketing field, a general offer might be to provide the MRR (Master Resell Rights) to the item just purchased.
In comparison to an upsell which costs only sixty per cent of the cost of the original offer, an OTO will cost anywhere from forty to one hundred and forty per cent more than the actual offer.
The concept behind this type of offer is that your website visitors are already purchasers, therefore getting them to spend more of their money on your OTO is now moving them along the pathway they are already on.
If you are to do well with your one-time offers, make sure that the deal that you are providing is not currently offered somewhere else, or if it is, it is not at the same price.
An OTO functions best if you control and own the item. This way you can make sure that nobody is legally providing your one time offer as their main product.
The Makings of a One Time Offer
Here are six key factors that you need to be aware of when creating your One Time Offer:
- You need to know what a One Time Offer is and the misconceptions that you will want to avoid.
- You will need to understand the Psychology Behind Successful One Time Offers.
- You need to have an effective knowledge of where a One Time Offer fits in the whole sales process.
- Knowing just what things you will need to add and witch things to avoid while writing your One Time Offer.
- You’ll need to know how to connect your front-end product to your One Time Offer.
- You will be required to know how to make your One Time Offers disappear after your visitor has exited the OTO page. (This is how you maintain your credibility with them) Most people use some sort of software or script to accomplish this.
Aside from the fact that it must be offered only once to a particular person, other things make a one-time offer what it is. These characteristics are urgency, discount, and upselling.
Urgency
Just because a product will be offered only once doesn’t mean that people will already go clinging to it. They are made profitable by the fact that it requires urgency, so there must be a time limit.
The time limit will encourage the customer to make a decision quickly. The offer is made even more irresistible by packages or several products that usually compose OTOs.
If you make a time-sensitive OTO, don’t immediately offer this same discount elsewhere or after the deadline is given to the buyer.
Discount
Another thing that separates one time offers from regular products is its discounted price, quite similar to having a sale (with the “time limit’ catch).
Let’s say you’re normally selling an eBook for $35. When you used it for your OTO, you have to decrease the price, perhaps make it available for $20-25. The difference will not be a disadvantage to you as you’ll get more and more sales in the process.
Upselling
While there is one time offers that are sold by itself, most OTOs are created for upselling. That is to say, once a customer decides to make a purchase, you can bring up your OTO (after the initial purchase is processed) to try and get more profits. Is that explanation clear? If not, let’s try to use it in a scenario.
Suppose you’re selling ebooks focused on dog training. Somebody, let’s call him John, decides to buy your ebook, which is priced at $30. He then hits the “Click Here to Order” button and goes through the purchase process.
At that very moment, right when John has finished entering his PayPal or credit card details, you must bring up your one time offer. This provides your OTO with a higher chance of getting taken.
This is also why one-time offers are categorized as upselling. Upselling is a strategy that provides more sales for marketers and more value for a lesser price for customers.
OTO’s can be very lucrative if done properly. Use them wisely to promote your best products or offers that don’t make much and start getting more profits today.
The Power of One Time Offers
One time offers, if set up correctly, have widespread appeal and work. They often work quite effectively because they offer a great bargain for your customers, have a heightened sense of urgency and have a low resistance threshold. When creating a one time offer, you have to make sure that all of these characteristics are in place.
Your one time offer has to be beneficial to your target market. You must choose a product or service that they will want and would pay for at full price if they had to.
Relevancy
This is one area where many online marketers miss the mark. They only think about the money and don’t think about the value they should be giving their list members.
Don’t slap up content that is available for free elsewhere and doesn’t try to pass off last year’s bonus as this year’s one time offer. Unique content is the only thing that’s going to make your one time offer desirable.
Pricing
You’ve also got to put it at a price point that can’t be beaten. Knocking $10 off the price isn’t going to motivate them to buy. Make the deal so amazing that they’d be insane to pass it up.
One time offers take an important principle of sales and give it a turbo boost. Not only is this product not going to be available much longer – the price won’t be available at all if you click away!
Your one time offer needs to encourage immediate action. Most buyers will not be nearly as likely to purchase from you later
Fear of loss
Nothing gets people more motivated to buy than a heightened sense of urgency. They know that if they decline the offer that they are missing out on an incredible deal.
This alone can be a huge motivator to buy.
In the sales copy on your OTO page, make sure to spell out to them what they are sacrificing if they click away.
Final Thoughts on OTO’s
Finally, one-time offers are highly effective when they are used in a time where there is a low sales threshold – namely after your prospect has already made a purchase.
If they’ve already purchased your main product, they are in a buying mindset and will have less of a problem purchasing this next item.
What to Do Next: Sample a Free 5-Pack of Articles.
Put what you found out into practice with a free 5-pack of articles on the subject of “Motivation”. You get 5 quality posts, complete with personal label rights that you can brand name monetize and publish as your own.
Get Your Free 5 Articles Here.
Publish and monetize them and do not forget your traffic plan! PLR short articles can conserve you a lot of time, so use them to your benefit.
