How to Apply $100M Offers in Ecommerce...... It works!

Summary

In this video, Manoj Bashal discusses the 100 Million Offers framework by Alex Harmosy, applicable to e-commerce. The framework is built on four value drivers: Dream Outcome, Likelihood of Achievement, Effort and Sacrifice, and Time. Manoj elaborates on enhancing offers through strategies like scarcity, urgency, bonuses, guarantees, and effective naming. He emphasizes the importance of ethical scarcity, genuine urgency, relevant guarantees, valuable bonuses, and compelling offer names to drive sales and build trust in e-commerce businesses.

Takeaways

• 📘 The 100 Million Offers framework by Alex Harmony is based on four value drivers: Dream Outcome, Likelihood of Achievement, Effort, and Sacrifice, and Time.
• 💡 Dream Outcome is about envisioning the financial and personal value of achieving your goals and whether they are worth the effort.
• 🚀 Likelihood of Achievement considers the feasibility of goals and the ability to overcome external factors that may impede progress.
• 💪 Effort and Sacrifice involve assessing the difficulty and commitment required to achieve goals, including personal sacrifices.
• ⏳ Time acknowledges that achieving goals may take a significant amount of time and whether one's passion will endure throughout the journey.
• 🔒 Scarcity in e-commerce can be created through limited time offers, limited stock, pre-orders, limited edition products, and personalized offers.
• 🕒 Urgency can be instilled through countdown timers, limited stock notifications, early bird exclusive deals, and limited time free shipping offers.
• 🛡 Guarantees in e-commerce can cover product quality, performance, delivery time, and customer expectations to reassure customers.
• 🎁 Bonuses can enhance customer experience through incentives like free shipping, gifts, combo offers, loyalty programs, and personalized services.
• 📝 Naming offers is crucial for aligning the offer with the brand and making it appealing and memorable to customers.
• 📊 The importance of testing and making data-driven decisions in applying the framework to avoid relying on assumptions.
• 📈 The framework's application should aim to build trust and enhance customer experience, ultimately leading to increased sales and customer satisfaction.

Q & A

What is the 100 million offers framework by Alex Harmony?

The 100 million offers framework by Alex Harmony is a method to enhance offers in e-commerce. It focuses on four valued drivers: dream outcome, likelihood of achievement, effort, sacrifice, and time, which are essential for any business.

What does 'dream outcome' in the framework refer to?

Dream outcome refers to the desired end result a person wants to achieve after putting in effort, and whether it will be financially worth it or not.

How does the likelihood of achievement play a role in the framework?

The likelihood of achievement is about assessing whether the set goals can be realistically achieved and if one can overcome external factors that may come in the way.

What is meant by 'effort and sacrifice' in the context of the framework?

Effort and sacrifice pertain to the difficulty level, the amount of work required, and the things one might have to give up to achieve the set goals.

How does the 'time' factor influence the framework?

Time is about considering how long it will take to achieve the goals and if one's passion is strong enough to sustain the effort over that period.

What are the five elements of enhancing an offer according to the script?

The five elements of enhancing an offer are scarcity, urgency, bonuses, guarantees, and naming.

Can you provide an example of creating scarcity in e-commerce?

Creating scarcity can be done by offering limited time offers, highlighting limited stock available, taking pre-orders, or introducing limited edition or exclusive products.

How can urgency be created for an e-commerce business?

Urgency can be created by using countdown timers, sending limited stock notifications, offering exclusive deals for early birds, or providing limited time free shipping.

What types of guarantees can be offered in e-commerce?

Guarantees can include quality assurance, performance of products, delivery within a certain time frame, and meeting customer expectations.

What are some ways to offer bonuses in e-commerce?

Bonuses can be offered through free shipping, free gifts, combo offers, loyalty programs, personalized services, or referral programs.

Why is naming important when providing offers in e-commerce?

Naming is important as it should align with the offer, be catchy, and something the audience would be interested in, helping to create a strong first impression.

What advice does the script give on testing offers in e-commerce?

The script advises to not make decisions based on assumptions but to always test offers and make data-driven decisions to succeed as an e-commerce brand owner.

Outlines

00:00

📚 Applying the 100 Million Offers Framework in E-commerce

Manoj Bashal introduces the 100 Million Offers framework by Alex Harmony, focusing on four key drivers for business success: dream outcome, likelihood of achievement, effort, sacrifice, and time. He explains how these elements are crucial for evaluating goals and strategies. The video then delves into enhancing offers with strategies like scarcity, urgency, bonuses, guarantees, and naming. Scarcity can be created through limited time offers, limited stock, pre-orders, limited edition products, and personalized offers. Urgency is built with countdown timers, limited stock notifications, early bird deals, and free shipping offers. Guarantees can assure product quality, performance, delivery, and customer satisfaction. Bonuses might include free shipping, gifts, combo offers, loyalty programs, personalized services, and referral incentives. Finally, naming offers should be catchy and aligned with the offer to attract customers. The importance of testing and data-driven decisions is emphasized for successful e-commerce strategies.

05:00

🛍️ Enhancing E-commerce Offers with Guarantees and Bonuses

This paragraph expands on the concept of enhancing e-commerce offers with guarantees and bonuses to boost customer trust and sales. Guarantees can cover product quality, performance, and delivery timeframes, while also being customized to meet customer needs. Bonuses can take various forms, such as free shipping, gifts, combo offers, loyalty programs, personalized styling services, and referral programs. The aim is to provide added value and incentives for customers, encouraging repeat purchases and building long-term relationships. The paragraph also stresses the importance of aligning bonus offerings with the brand and ensuring they are valuable to customers. The video concludes with advice on naming offers effectively to attract attention and the necessity of testing strategies based on data rather than assumptions.

Keywords

💡E-commerce

E-commerce refers to the buying and selling of goods or services using the internet, as well as the transfer of money and data to execute these transactions. In the video, the theme revolves around applying the 100 million offers framework in the e-commerce industry to enhance sales and customer engagement.

💡Alex Harmony

Alex Harmony is the author of the book mentioned in the video, which provides a framework for enhancing offers in e-commerce. His work is central to the video's narrative, as it discusses how to apply his strategies to improve e-commerce business outcomes.

💡Valued Drivers

In the context of the video, valued drivers are the key factors that influence the success of a business strategy. They include dream, outcome, likelihood of achievement, effort, sacrifice, and time. These drivers are essential for evaluating the potential success of an offer in e-commerce.

💡Scarcity

Scarcity in e-commerce is a marketing strategy that creates a perception of limited availability of products or services, which can drive sales by encouraging customers to act quickly to avoid missing out. The video provides examples of creating scarcity, such as limited time offers and limited stock notifications.

💡Urgency

Urgency is a psychological trigger that prompts customers to make a purchase decision quickly. The video discusses strategies to create a sense of urgency, such as using countdown timers and limited stock notifications, to drive sales and conversions.

💡Guarantees

Guarantees in e-commerce are promises made by sellers to ensure certain aspects of their products or services, such as quality or performance. The video explains how guarantees can reassure customers and enhance their trust in the brand, leading to increased sales.

💡Bonuses

Bonuses are additional incentives offered to customers to enhance their shopping experience and add value to their purchase. The video mentions examples of bonuses, such as free shipping, free gifts, and loyalty programs, which can encourage repeat purchases and build customer loyalty.

💡Personalization

Personalization in e-commerce refers to tailoring offers and marketing messages to individual customers based on their preferences and behaviors. The video discusses the use of personalization in creating offers that resonate with customers and increase the likelihood of a sale.

💡Data-Driven Decisions

Data-driven decisions are choices made based on the analysis of relevant data rather than assumptions or intuition. The video emphasizes the importance of testing strategies and making decisions based on data to succeed as an e-commerce brand owner.

💡Social Proof

Social proof is a psychological phenomenon where people conform to the actions of others under the assumption that those actions are reflective of correct behavior. In the video, social proof is mentioned as a way to showcase the use of a product through testimonials and videos, which can influence potential customers' purchasing decisions.

💡Naming

Naming in the context of e-commerce offers refers to the process of creating appealing and memorable names for promotions or products. The video highlights the importance of naming offers in capturing the audience's attention and aligning with the brand's identity.

Highlights

Introduction of the 100 Million Offers framework by Alex Harmony for e-commerce success.

Explanation of the four valued drivers: dream outcome, likelihood of achievement, effort, sacrifice, and time.

Importance of assessing if a goal is financially worth pursuing and the ability to overcome external factors.

Discussion on the necessity of effort and sacrifice to achieve business goals.

The role of time in achieving goals and maintaining passion over time.

Section on 'Enhancing an Offer' with five key elements: scarcity, urgency, bonuses, guarantees, and naming.

Strategies for creating scarcity in e-commerce, such as limited time offers and limited stock notifications.

The effectiveness of pre-orders in creating a sense of scarcity for products.

Using limited edition or exclusive products to drive sales through scarcity.

Personalized offers based on customer demographics and behavior for targeted marketing.

Ethical use of scarcity and the importance of transparency and honesty in business.

Creating urgency through countdown timers and limited stock notifications to drive sales.

The impact of early bird exclusive deals and limited time free shipping on customer decision-making.

Offering guarantees on product quality, performance, and delivery to reassure customers.

Customizing guarantee offers based on customer needs and preferences.

The use of bonuses such as free shipping, gifts, and loyalty programs to enhance customer experience.

Strategies for offering bonuses, including personalized services and referral programs.

Importance of aligning bonus offerings with the brand and ensuring customer value.

The significance of offer naming in attracting customers and creating a sense of urgency.

Advice on testing offers and making data-driven decisions for e-commerce success.

Encouragement for e-commerce business owners to apply the framework and share their results.

Transcripts

people does a book by its cover Alex

Harmony himself says this hey guys

welcome to the new video I am Manoj

bashal and today I'm gonna talk about

how to apply 100 million offers

framework by Alex harmosi in e-commerce

in his books Alex Harmony has been so on

for valued drivers and they are dream

outcome likelihood of achievement effort

and sacrifice and time dream outcome

means how you wanna achieve after your

effort and will it be financially worth

it or not would you be able to achieve

your goals will you be able to stick

with the external factors will come your

way so like will you be able to tackle

those factors and another is effort and

sacrifice it will be too hard confusing

will you like it will you be able to do

it will you be able to put into effort

would you be able to sacrifice things to

achieve your goals these are the things

mentioned in this and another is dying

here like it will take a lot of time to

achieve your goals and will you be able

to stick to that or will you be passions

enough to achieve your goals it should

be considered in time these four things

are the valid drivers for any business

in this book there is a section called

enhancing an offer and it consists of

five things their scarcity urgency

bonuses guarantees and naming number one

scarcity creating a scarcity in

e-commerce can be an effective strategy

to increase sales and here are some ways

that you can do that limited time offers

basically you can offer discount

promotions special deals for a limited

period of time clearly communicate the

deadline of the offers and emphasize the

time-sensitive nature of your offer

another way of creating a scarcity is by

mentioning Limited stock available

highlight limited quantity is available

and this will create a fear of missing

Out Among the customers and Inspire your

audience to make the processing decision

faster another way to create Oscar city

is by taking pre-orders if you have a

great products allow your customers to

join the wish list or to pre-order your

products this creates a sense of

scarcity among the customers and they

want to secure a spot for them as well

another way to create a scarcity is by

highlighting the limited edition

products or you can say exclusive

product basically you can introduce some

high quality products for a limited

period of time and and it will also

create a sense of scarcity among the

customers and they want to purchase the

product before it is sold out another

way to create scarcity among the

customers would be by providing the

personalized offer basically you can

segment the audience based on their

demographics interests their purchasing

history and behaviors maybe you can

attend the retargeting emails SMS to the

customers are even retargeting ads by

creating a personalized offers to them

and also you can showcase some social

proof thing maybe the testimonial videos

other customers using the product or

like basically show the use case of the

product to your one Audience by the way

remember to use scarcity ethically like

do not make any fake scenario otherwise

your audience will cut you out it should

be genuine representation of The Limited

availability transparency and honesty

are super important for any business to

build the trust among your customers

number two urgency creating a sense of

urgency is also a great way to bring in

sales and conversions for your Ecom

business faster now I'm gonna talk about

some effective strategies that you can

use to create an urgency for your

eCommerce brand you can use countdown

timers on your headline of the website

by flashing the countdown timer this

timer will usually display the remaining

time after offers or the special deals

that you're giving to the customers and

it will inspire the audience faster to

purchase the product you can also send a

limited stock notifications to your

audience okay for example 10 items left

30 items left basically send some push

notifications to your customers as well

this is also one of the greatest way to

create a sense of arts and CK if you do

SMS to your customers regarding the

product is being sold out the open rate

of SMS marketing is really high many

people would open the SMS and if they

were looking to your products to buy

then like they will definitely buy it

because you're showcasing it is being

sold out it's a great way to drive

immediate sales as well another way to

build urgency among your customers is

exclusive deals for early birds provide

exclusive discounts to the customers who

make an early purchase of the product

within a specific period of time this

incentivized audience to act quickly to

take advantage of the special offer

another would be provide limited time

free shipping for example we're

providing free shipping for the next 24

hours okay this will also create a sense

of urgency like among the customers to

make the decision faster so make sure to

liberate that in your marketing strategy

as well again create a genuine Origins

among your customers this will also lead

to build some trust and like connections

with their customers as well this will

enhance the customer experience in your

e-commerce Brand number three guarantee

in e-commerce you can offer guarantee

for various aspects to provide

re-assurance to your customers now I'm

gonna talk about how you can guarantee

or like what can be guaranteed from your

Ecom store you can guarantee quality of

the product this product consists of

these materials we can guarantee the

quality for example if you have a

clothing brand you can guarantee

something like this this product won't

get wrinkled or the color will stay same

even after it is well like you can

provide money that guarantee a return

policy as well like if the product has

some defect if your customers like get

any size issues or something you can

provide Excellence facilities to your

customers maybe you can also guarantee

that your product will meet the customer

expectations okay this will also

increase the sales but do it at your own

risk like you gotta have a real a great

quality product for this if you are

selling electronic devices or like

Appliance tools and stuff like that you

can do performance guarantee as well

okay it will perform all the

functionalities like there is Promised

in the product based or description of

the product you can guarantee that as

well another way to create a guarantee

offer is maybe you can deliver it

guarantee this product will be delivered

within this period of time otherwise you

don't have to pay or something like that

like I see a lot of Ecom brand doing

this and like they're making a lot of

good sales and like there is risk

involved of course but there's high

potential of making more cells it's up

to you if you're confident do it

otherwise I won't recommend it always

make sure your guarantees are relevant

and customer would benefit from that as

well and you can always customize the

guarantee offers to your customers like

based on the needs and recoverment of

your customers as well you can just play

around finding new ways you know like to

provide some guarantees offers to create

scarcity Artisans and stuff like that

this will help a lot number four bonuses

when it comes to offering bonuses as an

e-commerce brand you can provide

incentives to that would enhance the

overall customer experience and create

some additional values to their

processing Journey how you can provide

bonuses and stuff is like maybe you can

offer free shipping to your audience or

maybe you can provide a free gift you

can also like create a combo offers if

someone purchases of this product okay

you'll get this product for free or

something like that you can create

bonuses around that but always make sure

it is relevant another would be loyalty

program okay for example basically when

customer purchases something from your

store and like they will get some points

and then after getting the points like

after certain threshold okay they will

get to redeem that point and maybe get

some discount and maybe use that points

like to purchase something basically

this will incentivize their customers to

make a repeated purchase this will also

help to build long-term relationship

with your customers for example if you

have a fashion brand you can also

provide personalized styling services or

something like that maybe provide some

free consultations based on their

personality based on their physical

appearance basically as a fashion brand

you can also create a take list or small

evil providing the fashion advice to

your customers another other way to give

bonuses is like maybe you can come up

with some referral programs okay if your

customers refer their friends or

something like that and their friends

purchase the product from your store

maybe you can provide certain percent

off or you can provide certain

percentage commission to the customers

who provide the referrals this will help

to increase your customer base to Word

of Mouth advertising as well always

remember to align your bonus offerings

with your brand make sure your customers

find your bonuses valuable number five

naming basically if you're providing

some offers as an Ecom brand it is super

important to come up with appropriate

names that align with the offers that is

catchy or that audience would like to

hear from you when it comes to offers

hooks or something like that like people

does a book by its cover Alex Harmony

himself says this as well so you're

gonna come up with really interesting

offers for example if you're launching a

new products or new collections

basically you can mention this okay for

this collection or for this job we are

offering 10 percent off for the first 10

customers it is better for cat C and it

has a sensor of urgency as well this

offer would work really great for a

clothing brand but you got a test don't

make any decisions based on assumptions

always test things and make the data

driven decisions don't trust other

people just trust the data and make data

driven decisions you will succeed as a

Ecom brand owner so this is how you can

apply 100 million offers framework by

Alex Harmony for your eCommerce store

please let me know when you apply this

framework for your eCommerce business

I'd love to share the results and this

was for today guys I'll see you in the

next video don't forget to subscribe

guys I'm coming up with really

interesting content and we're trying our

best to be consistent so make sure to

subscribe hit the Bell icon do all the

things like share comment and especially

subscribe if you haven't bye

[Music]