How to Apply $100M Offers in Ecommerce...... It works!
Summary
TLDRIn 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
📚 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.
🛍️ 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.
Mindmap
Keywords
💡E-commerce
💡Alex Harmony
💡Valued Drivers
💡Scarcity
💡Urgency
💡Guarantees
💡Bonuses
💡Personalization
💡Data-Driven Decisions
💡Social Proof
💡Naming
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
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