How to Lock In 3x Your av. LTV with Your SVOD users (Case Study)
(...continued, 2 of 4).

…This is what came out at the brainstorming workshop:

 

 

 

We looked at what we could feasibly offer (RICE scoring – Reach, Impact, Confidence, Ease), then constructed a survey to send out to existing members.

We got all hi-tech and used google forms for the survey. Phwoar.

And our survey said….

 

 

We analysed the survey responses to see what people most wanted.

Then we sent a follow-up pricing survey.

The questions we asked in the survey are what made all the difference.

You would think that people would just game the pricing survey, given that we told them we were putting together an offer, but because of how I structured it, people actually responded with reasonable answers – (which also happened to be roughly in line with what we anticipated).

 

I won’t go into it here, but if you want it, details of structuring a pricing survey are in Sean Ellis’ & Morgan Brown’s book, pages 245 – 258.

 

 

Yeah. It’s good shiz.

 

Phew! You sexy beast.

Are you still with me??

NOW we’re about to get to the juice. The bit where it all starts coming together…

  • Constructing the offer.

  • Building pressure.

  • Doing the launch.

…and MAKING MONEY :-$

 

 

 

 

A very brief segue, if you will – it’s a really cool (and free) tool – I know you’re going to love it:

A piece of work I wanted to do – and suggest you do this too, as previously mentioned – is to map out your value ladder.

 

Each step on your value ladder will have it’s OWN funnel. This is something that wasn’t clearly laid out to me when I first started learning this stuff.

ONE step has ONE funnel… and they also link together.

There you go. You’re welcome.

 

As one of the co-founders had flippantly said to me that a cruise would be awesome to do. So I couldn’t resist putting that at the top of the value ladder 🙂

Here’s the tool I use: https://funnelytics.io

 

 

 

 

Okay.

Back to the meat of it.

After figuring out what “products” the members were most interested in, AND we have an approximate range of what they thought the value of those items equated to, it was time to build the OFFER.

Let’s be clear, an offer can be made up of several components:

 

  • Pricing & payment options

  • A guarantee

  • Multiple (& ideally complimentary) products

Pricing & payment options:

This will totally depend on the value of your products in your market.

You definitely don’t want to be so expensive that no one buys.

But you also don’t want to be so cheap that

  1. You don’t make any money (bad)

  2. People think there’s something wrong (also bad)

Like Goldilocks, you really wanna get the pricing juuuust right.

 

 

 

Related image

 

 

 

Now obviously whenever someone is at the point of purchase, there can be anxieties. The job of the offer and everything on the offer page should be to:

  • Remove confusion → make the offer really clear

  • Reduce anxiety → think through the concerns that people might have, then use copy and design to reduce those potential anxieties. A simple e.g. is to create a money-back guarantee within a given time period.

 

 

Multiple (& Complimentary) products: 

This pic is taken from (again) the book Expert Secrets. I’ve really highlighted this section.

“The Stack” is what is referred to when multiple products are “stacked” on top of the main product.

 

 

 

The offer landing page it looked a little something like this:

 

 

 

 

 

And YES!

This kind of thing does work for “normal” businesses.

The results attest to that fact.

 

The thinking behind “The Offer Stack” – how I decided to play it – was to take a price-point for just ONE of the products, and add so much value in addition to that product, AS WELL as to remove the risk (money-back guarantee), such that anyone who saw this offer would look at it as a complete no-brainer must-have offer.

 

I also included a “reason to act now”, so as to include a sense of ethical urgency.

You’ll see later what we did once the launch sequence was over.

Kind of brutal, but… well. You’ll see.

And anyway, there’s another piece to build that continues this offer but tailored to each individual. I’ve said enough for now. Just watch out for later in this case study.

 

 

 

Let’s pause for breath and to reflect a moment…

Go on.

Pause.

 

 

 

Everything up until this point has been about figuring out the core offer.

I haven’t yet talked about sequencing. i.e. in which order to create your various offers. That’s going to have to be for another time. This is already becoming quite a monster.

 

So the core offer has been figured out and the outline of it has been created.

Notice that the content and delivery mechanism for the offer itself has NOT been created yet.

That said, a crucial piece in deciding WHAT to offer should be how easy is it to deliver. 

 

Remember our RICE scoring from earlier?

 

r.i.c.E.

E = Ease… how easy is it to fulfill? …to deliver?

 

Part of the process was done by thinking things through internally (by yourself or with your team).

BUT!!! BUT…!!! We also got “Out of the Building” and got input from the existing members… people who would ultimately be exchanging money for the offer we created.

Do not create your offers completely from what you think your audience wants. Go ASK them!

 

Having a great product alone is not enough.

Nor even a fantastic offer.

…or sales message.

 

So much of the success of the campaign has to do with HOW the campaign is brought to market, to your audience.

 

i.e. The next phase…. The Launch. Want to see exactly how we did this to build up pressure and create a mass of hungry people eager to buy?

 

 

– Rich Bowdler

Storythis Ltd.

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