I just discovered a tested and proven way to make money online while selling your products and services. But before I share this hack, let’s begin with this case study:
Peak Milk versus Cowbell Milk
You might know this story; In fact, it’s a prominent case study in Management courses at the Tertiary level in Nigeria. When Cowbell came into Nigeria, they made milk in a sachet, Peak mocked them – as they tagged Cowbell ‘The milk for the poor’ – but they were right! 5 million poor people could afford N10 a day for a sachet of milk.
Let’s do the Maths!
5million people buying milk at ₦10.00 each equals N50million daily. In a month, that amounts to gross sales of over 1.5billion Naira. With this tactic, Cowbell’s total revenue for the year toppled that of Peak 4 times and over. Peak milk eventually ended up packaging their product in sachets. That’s the power of cheap offers! This is the same tactic Tecno used in conquering the Nigerian smartphone market. Remember, they came in when Blackberry was in vogue.
Here’s how I applied this proven principle…..
I’ve always known about the power of cheap offers. But I never really applied this market segmentation tactic on a massive scale until late last year. As a Writer, I offer services online such as business plan writing, academic research projects, company profile development, proofreading and so on. Over the years, I’ve built a decent clientele online just by advertising what I do on my social media platforms and website.
Here’s a screenshot of what I charged a corporate body to develop a comprehensive business plan;
I also charge between ₦50,000 and ₦100,000 to individuals who need a business plan for their start-up.
But here’s the thing;
- Not everyone can afford this.
- Those who could afford premium products or services sold online may be skeptical and unwilling to part money with someone online whom they don’t know; remember, ‘Trust is the Currency of Online Business’
So I introduced a cheap offer to my business. CV Writing!
Initially, I didn’t consider CV writing a service I could provide for money. I felt it was something everyone could do. However, I got a shocker when I was privileged to be on the recruiting team of a firm. Out of over a hundred CV applications, just 5 persons were invited. Apparently, the CVs of other applicants were discarded as they were not up to the acceptable standard. I seized this opportunity and added CV writing to my online services.
Here’s the offer I created
As soon as I posted this offer on my social media platforms, my phone started buzzing!! As at the time of writing this post, there’s no day I don’t get messages requesting my CV Writing service. Between November 2021 (when this offer began) and January 2022, I made a combined total amounting to 6 digits from CV Writing alone. That’s the power of creating cheap offers!
Amazingly, after delivering your promise of quality on these cheap offers, you can decide to upsell your more expensive products and services to the same satisfied customers. You’ve gained their trust; so it becomes easier. So, in my case, some clients who jumped on my cheap CV writing offer, ended up requesting my other services. In fact, I got a public speaking gig this way.
If you are struggling to sell your products or services on the internet space, creating cheap offers is one way to go!