Increase Sales Online with The OTO - One Time Offer
imagine you sell the main product for $27 and then offer the resale rights to the product as an OTO for an additional $27, normally $47. So, instead of a $27 sale, you've now made a $54 sale.
Why not offer the resale rights for $54 upfront instead? Because testing has shown that you'll get a lot more sales with the OTO than asking for the $54 at the start. You see, they've already bought the $27 product. Now, it's just a small extra amount and that is more likely to get accepted.
So, let's say you make 100 sales at $27, that's $2700. With the OTO, you make an additional $1350 for a total sales of $4050, assuming a 50% OTO rate.
You can also do the same by offering a complementary product instead of resale rights. You can offer the OTO at a higher price, called an up-sell, or at a lower price, called a down-sell.
To get your OTO offer to truly appear once and only once, you'll need special software. There are a couple ways to do this.
You could hire a programmer at one of the outsource sites like Elance.com or RentACoder.com or you can purchase an already programmed and much more elegant solution like Rapid Action Profits.
If you go with Rapid Action Profits, you'll be able to do a lot more as well since they have an add-on system where you can add features as they are developed.
The Timing
There are several different times when this strategy is effective. You can set it up immediately so that a very simple offer is made available on the home page. Make sure to change this offer for repeat visitors. The idea is to start to form a habit by having someone be tempted to buy a small item immediately. So, that's the first time you want to try to slip your visitors into a buying groove.
The second time to use it is after they've already committed to buying a small item and they are checking out. This can be done automatically using software that adds a footer with additional items that might interest your buyer, or an additional page to move through to get to the final checkout.
- Leon Edward
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