How to Give Away $600 Without Losing
Strategy to Attract the Right Clients
We want to attract more clients and what better way to do this but to give them some credit? Some free time or money, right?
What happens often times is that we give away some credit, they use it then they vanish and all we have left is a big churn rate (rate at which customers stop doing business with an entity).
So then how do we attract the right clients?
Well, if we have monthly plans, we can give away 2 months and that’s a common approach: get 2 months free when you pay for a whole year. This way we give them the credit but we secure the transaction - we make sure that we have their business for the year.
How can we adapt something like this for a credit system approach, if we use a Pay-as-you-go or a prepaid system?
We need a Bonus Spending Strategy
Here’s a simple way to do it: in order to ensure that you give away money to the right clientele, we have to remember the iron triangle: money, time, quality.
Usually, this triangle is saying this:
if you want to keep the quality but save time, you need to increase the money - that’s why you pay more if you are in a rush 😂
if you want to keep the quality but save money, you need to give up time - that’s why you pay less when you don’t mind to wait 😉
In our case, we will keep the quality constant, since our service quality is the same. So let’s reverse engineer this idea 🤯
If our quality is constant and we want to give away a big amount of money … we need to shorten the time, right?
Let’s say we want to catch some clients that will spend $300 per month.
Make him an offer he can't refuse
A 2 months free credit will suffice and our offer will sound like this:
“Get $600 dollars if you spend $600 in less than 2 months”.
By placing this time restrain on our offer, only the right clients will pick up on the offer, since makes no sense for the general public to pick on this offer since they won’t afford to keep up with the spending.
Maybe they won’t even considering spending this much for that service.
Anyway, that’s how we can safeguard our money.