As I have been conducting interviews for my next book, one of the things that has been very clear is that many business owners have not given enough thought to creating upsells, down-sells and cross-sells.
Many business owners aren’t truly aware of these levels for rapidly improving your bottom line revenue. Let me give you some definitions:
When someone declines purchasing your product or service offering you offer them an alternative at a lower price. The goal is to turn the prospect into a client so you not only realize some short term financial benefit…but you gain the opportunity to do business with them again in the future.
This means offering a higher grade or quality or size of the item that the customer may be interested in at the point when the customer is ready to buy. Think McDonalds – “Would you like to supersize that?”
This means offering other products or services which complement the item the customer is interested in, at the point when the customer is ready to buy. Again, think McDonalds – “Would you like fries with that?”
Now, take a look at your products or services. How can you break them up to have a broader product line?
Why is this important????
34% of prospects will buy additional products or services at the time of their original purchase IF they are asked to do so.
Have you ever been through a McDonald’s where you were not asked for that upsell or cross-sell? I haven’t. It has created a tremendous revenue stream for them. Why not create one for yourself?
Let me know your questions or thoughts about this in the comment section below.
Have an Amazing day!