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Several years ago I had an idea to play around with the sales process on some of my products. I did it because I noticed other successful companies doing it. If they were doing it, it must work.
This time of year I review profits and losses for the previous year. For the last 3 years this one little thing I changed in the sales process has been responsible for 50% of my total income, each and every year since! That means that if you miss this; you are potentially losing 50% potential income. --- that's a big deal!
The best part is that this is so freaking simple you can implement it in no time. It doesn't normally require much cost to implement and it works directly with your current customers. This isn't about driving more traffic or improving your sales copy. No, its much simpler than that.
Have you figured out what I'm talking about yet?
What could be so powerful that it's directly responsible for 50% of my income? Its such a big money maker for companies that even grocery store clerks now do it. It works for services, products and big or small companies.
Any ideas??
Hint: The Fastlane Forum does it.
Think you've figured it out yet? Let's see.
Did the word "Upsell" or "Upgrade" come to mind? If so, you're a smart cookie!
If you forget this one thing in the sales process you are leaving money on the table. ... and its just there waiting to be picked up.
BUT (big but) there is a right way and wrong way to execute this. I'm going to lay out the way to properly do this so you can get the similar results I get. This will be very powerful to your bottom-line.
Golden Rule to Creating a Winning Upsell:
1) It NEEDS to add value to the purchase.
2) It should NEVER leave the customer feeling like the original purchase is useless or devalued.
Ideas for upsells:
For example:
If you're selling a book. You can offer a downloadable version, audio version, access to bonus content, discount on a 2nd book for a gift, consulation, autograph, limited edition, related books, etc etc.
If you're selling a service. You can offer rush service, guarantee / extended warranty, add-on services, discounted subscription, branded ebook, etc etc.
If you sell a product. You can offer gift wrapping, faster shipping, related products, accessories, warranties, etc etc.
No matter the product you sell; there are always ways to create additional value. What need have you already filled for them and how can you deepen that? Selling picks and shovels to gold miners? I bet they need a wagon, gloves, wash pans, horses, tents, warmth, lanterns, etc.
How to price upsells:
Pricing is a mute point. I have priced upsells at both less than the original purchase price up to 4 times the original cost. If you build value and fill a need the customer will pay no matter the price (the keyword being value). If you were the customer would you buy it? Why?
How to implement the upsell:
If you have sales people; its as simple as having them ask. Would you like fries with that? Would you like to upgrade to our Prime Membership? Other customers have requested to join our monthly service contract, can I sign you up? (you get the idea-- just ask!)
If you have a website; there are several approaches:
1) Send user to upgrade or one-time offer page.
2) Send user email after purchase with suggested products.
3) Place other suggestions right on the check-out page or sales page (like Amazon does).
How to implement a downsell:
Downsell? This is an offer that is made available IF the upsells are not taken. Be careful with these. They can and do work, but there is a thin line to selling vs pissing off the customer. An effective downsell should be more enticing and usually a less costly option.
* The number one key to creating an effective upsell is in providing value. You've already done the hard part of gaining the customers trust; why not help them more by suggesting additional options that can make their life better?
From my testing I've found that the less aggressive you are with this process the better. If you can pull it off that you are just trying to help them; they will love you.
Do this one thing and I promise you will increase your revenue drastically.
Is this information helpful? Would you like to see more like this? Tell me with your "Actions!"
Your actions help me undertand if I'm helping you or not:
Like the post (Tells me this is somewhat helpful)
Like the post + (Transfer Rep or Reply to post) (Tells me this will help you make money)
Like the post + (Transfer Rep or Reply to post) + Follow me (Tells me to keep writing more stuff like this)
(To follow me; just click on my username and a blue follow link will show up)
This time of year I review profits and losses for the previous year. For the last 3 years this one little thing I changed in the sales process has been responsible for 50% of my total income, each and every year since! That means that if you miss this; you are potentially losing 50% potential income. --- that's a big deal!
The best part is that this is so freaking simple you can implement it in no time. It doesn't normally require much cost to implement and it works directly with your current customers. This isn't about driving more traffic or improving your sales copy. No, its much simpler than that.
Have you figured out what I'm talking about yet?
What could be so powerful that it's directly responsible for 50% of my income? Its such a big money maker for companies that even grocery store clerks now do it. It works for services, products and big or small companies.
Any ideas??
Hint: The Fastlane Forum does it.
Think you've figured it out yet? Let's see.
Did the word "Upsell" or "Upgrade" come to mind? If so, you're a smart cookie!
If you forget this one thing in the sales process you are leaving money on the table. ... and its just there waiting to be picked up.
BUT (big but) there is a right way and wrong way to execute this. I'm going to lay out the way to properly do this so you can get the similar results I get. This will be very powerful to your bottom-line.
Golden Rule to Creating a Winning Upsell:
1) It NEEDS to add value to the purchase.
2) It should NEVER leave the customer feeling like the original purchase is useless or devalued.
Ideas for upsells:
For example:
If you're selling a book. You can offer a downloadable version, audio version, access to bonus content, discount on a 2nd book for a gift, consulation, autograph, limited edition, related books, etc etc.
If you're selling a service. You can offer rush service, guarantee / extended warranty, add-on services, discounted subscription, branded ebook, etc etc.
If you sell a product. You can offer gift wrapping, faster shipping, related products, accessories, warranties, etc etc.
No matter the product you sell; there are always ways to create additional value. What need have you already filled for them and how can you deepen that? Selling picks and shovels to gold miners? I bet they need a wagon, gloves, wash pans, horses, tents, warmth, lanterns, etc.
How to price upsells:
Pricing is a mute point. I have priced upsells at both less than the original purchase price up to 4 times the original cost. If you build value and fill a need the customer will pay no matter the price (the keyword being value). If you were the customer would you buy it? Why?
How to implement the upsell:
If you have sales people; its as simple as having them ask. Would you like fries with that? Would you like to upgrade to our Prime Membership? Other customers have requested to join our monthly service contract, can I sign you up? (you get the idea-- just ask!)
If you have a website; there are several approaches:
1) Send user to upgrade or one-time offer page.
2) Send user email after purchase with suggested products.
3) Place other suggestions right on the check-out page or sales page (like Amazon does).
How to implement a downsell:
Downsell? This is an offer that is made available IF the upsells are not taken. Be careful with these. They can and do work, but there is a thin line to selling vs pissing off the customer. An effective downsell should be more enticing and usually a less costly option.
* The number one key to creating an effective upsell is in providing value. You've already done the hard part of gaining the customers trust; why not help them more by suggesting additional options that can make their life better?
From my testing I've found that the less aggressive you are with this process the better. If you can pull it off that you are just trying to help them; they will love you.
Do this one thing and I promise you will increase your revenue drastically.
Is this information helpful? Would you like to see more like this? Tell me with your "Actions!"
Your actions help me undertand if I'm helping you or not:
Like the post (Tells me this is somewhat helpful)
Like the post + (Transfer Rep or Reply to post) (Tells me this will help you make money)
Like the post + (Transfer Rep or Reply to post) + Follow me (Tells me to keep writing more stuff like this)
(To follow me; just click on my username and a blue follow link will show up)
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