Save Lead Cost by Upselling — Quick Sales Tips

There is a great deal of money being left on the table after a sale because of a lack of understanding surrounding upselling. This article shares with you tips on how to upsell to satisfy your customer and make more revenue from each sale.

Upselling is simply offering an additional product or service to a customer who just bought from you.

All business requires new customers, however, do not forget that the easiest and much-predicted source of new revenue is right under your nose. It comes from the loyal customers who already know your company. Attaining new customers is expensive ten times the cost of retaining an existing one. So, put some energy into new business development, however, make certain your salespeople recognize that coming up with creative approaches to selling more to your current customers is just as vital.

Ok, Now How Do You Upsell Your Current Clients?

Consider offering a complimentary service along with the current products they are buying from you. If you are selling, for example, silver jewelry, why not give your customer complimentary silver cleaning clothes to go with their order? It’s not going to cost you a bunch.

Here are some tips on how to upsell a customer most effectively.

Ø Make sure the upsell is for the customer, not you. You must approach an upsell from the “What’s in it for the customer?” viewpoint. This means you have to take a few moments to consider the customer‘s possible concerns or apprehensions about the initial purchase and then create an upsell item that meets that need. Will your customer want support after the sale, consider offering a membership site with a forum.

Ø Make your customer’s life easier through your upsell. If you could provide an upsell that simplifies your client’s life you may make greater revenue from your sales efforts. Let’s say you’re selling an e-book on diet, an upsell in an effort to make that clients life easier would be a recipe e-book full of tasty recipes that are healthy and fits the diet plan.

Ø Think outside the box. There is a lot to be said for gaining a customer’s trust so an upselling idea that is outside the box is giving away an initial product for the cost of shipping (this gets them using their credit card) and then following up that give away immediately with an upsell. Let’s say you have a weight loss coaching program you want to sell. You can gain the customer’s trust by giving them a free copy of your exclusive fat burning diet for the cost of shipping and then when they click on order, up pops an upsell for your coaching program.

Ø Help your customers sell. If you can help your customer increase their sales, chances are you will not only retain their business but get more of it. While this may not be easy, offer a suggestion and see what happens. It certainly can’t hurt and it shows your customer that you truly care about their business

Latest Trends Industries Use to Upsell

Most industries upsell to their customers by giving additional free service. People love freebies and they will appreciate it! Use your imagination based on what you sell. What can you do to satisfy your customer?

The Gift Economy

With technology increasing so rapidly, a ‘gift-economy’ also referred to often as a ‘free-love’ economy has emerged. This is where an organization offers their main product as free and finds another solid revenue stream to gain profit from. Search engines are a good example of this, where the search function is free, but the Google AdWords service and other advertisements and services are paid for.

The Freemium

This relates to the technique in which an organization gives the basic level product to the consumer for free and then charges for the premium use of it. This is very common in free phone apps on smartphones, where the basic app is free to download and use, however, the customer must pay to get the ad-free version or open up all of the services for them to use.

Upselling is where the profits skyrocket because it will always be easier to sell an additional item to a current customer than try to find a brand new customer.

It cannot be stressed enough that your current customers can be our best source for new business. How should you go about such a goal? Continue to serve them well, ensure their satisfaction, and always be there to offer up additional products/services. Your ROI will go up making it a win-win for both parties.