Page 108 - The $100 Startup_ Reinvent the Way You Make a Living, Do What You Love

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How will you counter these objections?
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TIMELINESS

Why should someone buy this now?
What can I add to make this offer even more compelling?

3. Provide a nudge.
The very best offers create a “You must have this right now!” feeling among
consumers, but many other offers can succeed by creating a less immediate sense
of urgency. Providing a gentle nudge to encourage immediate action separates a
decent offer from a high-performing one. Let’s look at a few examples.

EXAMPLE 1: THE YOGA STUDIO
Jonathan Fields, a hedge fund lawyer turned fitness entrepreneur, owned a
Manhattan yoga studio that sought to be at the top of the market. A single class
cost $18, and membership cost $119 a month. Toward the end of summer, the
studio saw a significant drop-off in business, but when October rolled around,
people got back to their routine and started coming in more often.

Jonathan wanted to find a way to inspire people to come back earlier than
expected and get as much commitment from them as possible. He had an idea
for an offer they couldn’t refuse: Starting September 1, first-time members could
get unlimited classes through the end of the year for $180. This was essentially
four months of yoga for the price of 45 days, or 62 percent off the normal price.
Two additional factors were added to make it even more interesting: First, the
sooner a new member signed up, the more classes he or she could attend, thus
creating instant urgency. Second, the offer could be withdrawn at any time; if
someone came in on September 3 and wasn’t sure about committing to the rest
of the year, the staff made sure to let that person know that the offer might not be
available later in the week.