FACT: People are far more likely to make another purchase when their wallet, purse, credit card, etc. is already on the table than at any other time in the purchase cycle.
- Offering your customer a chance to upgrade (as an upsell).
- Upsells can double or even triple the amount of revenue.
Think of up-selling as tacking on a product that can enhance the value of the original product.
Do you need them? No, but it sure does add extra money to your bank account on the original sale.
Many marketers fail to capitalize on upselling and are leaving an insane load of cash on the table by not asking their customers to buy more.
What exactly Is Upselling?
Upsell is basically a Win-Win situation. You are happier and your customer is happier.
- An upsell is an offer given to a customer during an initial purchase to bump them to another purchase.
- Customer must get a good deal so the extra value they receive must be worth more than the extra price. Clearly see benefits.
- The customer needs to see that at the time of the sale in order for the higher priced item to make sense
- Continue to believe it after the sale. (low refunds- Higher trust factor).
- If you buy a computer you are “upsold” on things like the memory, hard drive space, monitor size, etc.
- Upselling is used worldwide in business and is a common practice.
- McDonalds used to use “Would you like to super-size that?”
Here’s Some Examples of Upsells
- Sell a £47 info product you can easily up-sell to a platinum version which includes the written transcripts for only £67.
- Up-sell to an ‘Inner Circle Members Only’ monthly webinar series for an additional £29/month! Call it your “Super Success Program”.
- Sell a £17.00 e-book and upsell a video training course showing them the how to step by step process you outlined in the e-book for.
- Deluxe Upsell – You could sell a basic product and tell people for a little more money they can receive the deluxe edition.
- Make Money Upsell – You could offer people the rights to sell the product they are buying.
- Time Upsell – If you’re selling a product or service people subscribe to monthly, offer them a discount to subscribe for a full year.
- Free Upsell – You could offer a free sample or trial of your product (membership). This usually works for a months free trail and then they pay for the service after that.
When Should I Upsell?
Always have something of value to offer.
- Upsell any time a customer makes a purchase from you.
- Upsell products that fit and flow with your offer.
Create a Sense of Urgency
The general rule in business is to always have something of value to offer.
Selling points such as “limited time offer” or “limited quantities on hand” create a sense of urgency and improving the conversion rates of upsells.
Upselling is huge! Look at Amazon. Profit margins are high on upsells. In some cases 70% of sales will come from the upsells. That is the difference between £30,000 and £100,000! It’s a lot of money to leave on the table.