You’ve taken the time to create a well-rounded core offer, but you’re not getting any bites. Learn what a splinter offer is and how it can help increase main product conversion…
What Is A Splinter Offer?
A splinter offer, also known as a product splinter, is a low-risk way for businesses to acquire new customers by offering a piece of the core offer for a lower price. The price is normally higher than that of a tripwire but only a fraction of the full price.
Why should you use a splinter offer?
In most cases, producers don’t want to give away their hard-earned knowledge for free, and consumers don’t want to give away their hard-earned money for nothing.
Adding 90% off discount codes for your main product/service can definitely make you feel cheap and even lower the perceived value of your offer. By “breaking the rules” once, predatory customers will wait for you to break the rules again.
If you want new customers to commit to the full offer, you should try giving them a few of your golden nuggets first… in the form of a splinter offer.
For example, let’s say you offer a $1,000 course on creating sales funnels. The course contains studies, research, video tutorials, tips, tricks, & more. You could offer one or two PDFs for $100.
What’s The Point?
According to research published in Marketing Metrics, it’s about 50% easier to sell to an existing customer than to spend time and money acquiring a new one.
Plus, the Power Curve Rule (discussed in 80/20 Sales & Marketing) shows that as the price of anything proceeds toward $0, the number of people willing to buy that product increases exponentially.
A successful splinter offer is essentially a piece of value from the core offer that is much more affordable for your clients. The offer builds trust and can convince the new customer to make a larger purchase when they can.
This strategy was pursued by Jordan Belforte and his team in the 90s, and we were able to learn a practical sales process from an incredibly wolfish company.