Are you looking for a solution to maximise the value of each customer? Offering several upsells is a simple method to accomplish this. Upselling is when a consumer is offered a complementary or upgraded version of a product or service that they are already purchasing. For example, when you walk into your local fast food place, you’ll hear one of the most well-known upsells: “Would you prefer fries with that?” Even mediocre upsells can quickly boost your sales by 33 per cent or more. Some excellent upsells or funnels might even double or triple your initial revenue! An upsell is a beautiful approach to boost a sale’s total value.
If you manage a pooch training studio, for example, and each class costs $15, you may offer a variety of upsells. For example, you might offer three separate upsells, each with a different amount:
Upsell $50 for a one-to-four-week course
Upsell 2 – Gold Membership allows you to attend as many classes as you like for $120 per month.
Upsell 3 – For $200 per month, you can join the Pro Package, which allows you to attend unlimited courses and receive two private lessons every month.
A well-designed upsell channel, often known as a funnel, can make or kill a company. Over the years, we’ve utilised one approach to offer a ridiculous deal on the front end (a low-priced, deeply discounted offer or a free plus shipping and handling offer), with multiple upsells ranging from continuity deals to high-end offers. In this situation, the money is made in the upsells rather than on the front end. We’ve built numerous seven-figure businesses this way over the years, and the model can be easily replicated in nearly any industry. Still, it wouldn’t be possible without a strong upsell strategy.
However, it’s important to note that you don’t have to construct your business around an upsell path in the same way that we did (although that certainly can work). Simply adding one or two upsells to your existing product can dramatically enhance your earnings with little effort.
For example, we once assisted a business owner with a new deal he was preparing to promote. We encouraged him to include at least one upsell, but he was hesitant because he was behind on his launch timeline and didn’t think he had enough time. So we told him to make a basic offer based on what he already offers, record a little video on his iPhone, and post it on a website to see what would happen.
His video was poor quality, and he appeared to be sleeping (or high…), but when he introduced his new offer, the upsell generated a lot of sales! Moreover, the upsell generated more revenue than the first offer. It accounted for around two-thirds of the overall revenue. That indicates that if he hadn’t heeded our instructions, his launch would have been a third of its current size (costing him tens of thousands of dollars just in those few days).
Upsells don’t have to be perfect, but they must exist.
So, to enhance the amount of each sale, consider offering a variety of various priced upsells to your clients. Your upsell could be a free or optional add-on to the deal your customer is already buying. Don’t forget to add at least one upsell!
Check out his excellent tool for additional great upsell ideas and tactics to expand your business by boosting your sales funnel: Free Funnel Builder & Analyzer from BizFire
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