It continues to amaze me the amount of companies that fail to upsell their clients.
One of the easiest ways to create more profits from your customers is to upsell them to a supreme or superior service/product.
If you’re not upselling your customers, you’re leaving a minimum of 20% profit on the table.
How would you like to increase your profits by 20% within a week?
I thought so…
Well it’s truly simple.
An upsell is where at the point of purchase, when someone is just about to buy your product or service, you recommend they upgrade or buy something additional.
For example: Lets just imagine that you sell TV systems. You get multiple customers come in every day and buy a TV.
Normally you just show them the available options and let them make a decision.
Then sell them whatever they chose.
But what if you did something different?
What if you recommended the better TV?
If you explained why it will last them longer and cost them less over the years… If you explained the importance of also having a stereo system…
If someone is forking out $4,000 on a TV, don’t you think you owe it to them to inform them that they will get the most out of it with a stereo system?
And then if you sold them more cables and power plugs to go along with it.
You could package together an iPod and iPod dock with the system.
You could recommend a new Blu-ray player.
Then to help them manage this entire system, you offer them a universal remote control.
Instead of using 4 different remote, they can now just use one.
And then finally, you offer a delivery and installation service.
You explain how much easier and more efficient it will be to have an expert come out to the house and install it all for them.
It will work better, with less chance of breakage, and it will save them the frustration in the process.
Now instead of just spending $4,000 with you, they’ve spent $7,500. You’ve almost doubled the transaction size.
And EVERYBODY wins. Not only did you make more money but your client got a much better product and system – one that’s a hell of a lot easier to use.
One that will impress all their friends and family…
Most companies that sell TV systems also sell all those other services.
But sadly, they don’t explain and sell them to people who are already making a purchase.
They assume the customer already knows and understands the options available.
Even if only 1 in 4 customers took the upsells available and doubles their purchase, you’ve already added 25% to your bottom line, from the exact same advertising cost.
So the next logical question is: how could you upsell your current clients?
What can you offer as an add-on? How can you create an integrated product suite from your current offerings?
My hope is that after reading this article, you’ll carefully review your current offerings and identify where you’ll offer upsells consistently – and train your staff to do the same.
If you’d like help with figuring out what to upsell and how to implement this strategy overall, give us a call at 1300 680 223. We can help.