The essence of a successful business strategy lies not merely in selling a product or service, but in delivering outstanding value to your customers. An impactful way to amplify your product value is by implementing a method popularized by renowned marketing expert, Russell Brunson - the 'Value Stacking' approach.
Understanding Value Stacking
In its simplest form, 'Value Stacking' is a sales strategy where you enhance the perceived value of your offering by adding relevant bonuses or perks to the main product or service you're selling. This layered approach of adding value makes your offer irresistible, which can lead to higher customer satisfaction and increased sales.
Let's explore how you can implement this approach using an online course as an example.
1. Identify Your Core Offer
The core offer is the primary product or service that you're selling. In this case, your core offer could be an online course in digital marketing. This course provides substantial value to your customers by offering them the skills and knowledge they need to excel in their careers.
2. Enhance Your Offer with Relevant Bonuses
The next step is to stack additional value by introducing relevant bonuses. These bonuses should complement your core offer and add to its worth. For example, along with the online course, you could offer a complimentary eBook on a specialized topic in digital marketing. Add to this a free ticket to an upcoming related webinar, and even an exclusive opportunity to join a Q&A session with a digital marketing expert.
3. Showcase the Total Value
Once you've assembled your value stack, it's crucial to communicate the total value to your customers clearly. This includes the value of the core course, the eBook, the webinar, and the expert session. By presenting the total value, you provide your customers with a clear comparison of what they're getting versus what they're paying.
4. Price It Sensibly
While the 'Value Stacking' method allows you to enhance your product's perceived value, the final price should still remain competitive. If the price seems excessively high, it could discourage potential buyers. So, if your course's price is $27, the eBook's worth $20, the webinar is valued at $50, and the expert session at $300, even though the total value adds up to $397, you could consider offering it all for the price of the course itself.
The objective of 'Value Stacking' is not just about selling more.
Instead, it's about enhancing the customer experience and satisfaction by providing outstanding value.
When implemented effectively, this approach can transform your business and elevate your brand in the marketplace.