Last week, Flint McGlaughlin taught about the power of perceived value,. Today he presents a scientific methodology to add bonus value to an offer by showing how to find and add the ideal incentives to your offers.
In this session, you will learn:
• What an incentive should be in the context of marketing (too often marketers misuse incentives) and how to use incentives effectively
• The proper use of incentives in the conversion optimization process
• How to determine the ideal incentive for a specific audience as well as the appropriate stage to employ it to increase customer motivation.
Key points in the video:
4:53 Case study – Choosing the best Amazon gift card incentive
8:15 Case study – Online people search company addresses cart abandonment issue with incentive
16:33 The MECLABS Conversion Index explained
19:25 Key Principle #1 – The objective of an incentive
25:37 Key Principle #2- Test your incentive
26:10 Key Principle #3 -The ideal incentive has three components
27:49 Perceived Value Differential: 3 principles
36:32 Four ways to improve the presentation of the incentive
42:44 A step-by-step example of how to do a PVD calculation
You can watch last week’s session – The Power of Perceived Value: Discover how a well-marketed banana & roll of tape produced a windfall – at https://marketingexperiments.com/valu…
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“Asking ‘how’ leads to information; asking ‘why’ leads to wisdom.” This is the essence of Dr. Flint McGlaughlin’s book, The Marketer as Philosopher For more information, you can visit https://map.flintmcglaughlin.com
