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Sell A Lot More To The Same Customer! Meet Upsell Leave a comment

Use Upsell to learn how to increase your business sales without needing new customers!

Let me guess, it’s hard to get new customers, right?

The quarantine caused by the coronavirus has really changed the way we do business. In the last few months thousands of entrepreneurs have had to reduce their workforce, after all, the pandemic took everyone by surprise.

But while some are crying, others are selling tissues!

We at excelcoaching always like to talk about long term planning, and how important it is for your company (especially in times like these).

However, a business does not live on planning alone! Selling also occupies an essential space in a company’s ecosystem. “But how to sell more in times when everything is going against you”?

The magic of Upsell: Sell more without needing more customers.
A good portion of companies use the basic concept of “sell more and sell always.” However, this concept tends not to work so well in times of crisis, when supply is much higher than demand.

But rest assured, my dear entrepreneur, today excelcoaching will bring a solution to your problems!

The best way to maintain or increase revenue without the need to seek new customers is doing the good old Upsell.

Upsell is one of the oldest ways to increase the lifetime (LTV) of your customer within your business.

Different from the bundled sale, the Upsell consists in offering eventual upgrades to an already warmed up lead.

Here, the goal is to add valuable products and services to a customer who already knows and uses your services. By doing this you can increase your average ticket per customer and even give a boost to your LTV.

A classic example of Upsell can be seen in stores all over Brazil.

Let’s suppose you buy a 40″ TV for R$ 1400 reais (paying this amount in 12 x) in an electronics store and right at the time of payment the attendant tells you that for only R$ 35 reais more in your installment you can choose a 49″ model.

For being a much lower price and having a much higher benefit, the chances of you accepting this upgrade is extremely high! However, you might not accept this proposal if it were made in a different way.

For example, if she tried to sell you an upgrade for the full price ($420) and not for the amount diluted in installments.

How to upsell my products?
A good way to make a successful upsell is to offer an upgrade right after the first purchase. Research indicates that 80% of buyers feel more willing to upgrade after their first purchase.

The ideal is to always take advantage of this moment of euphoria and happiness right after the first sale.

See below the most important tips to set up your Upsell:

Always offer an irresistible offer
Always offer the price of the upgrade in installments
Your offer must be complementary to the product already sold
Make clear the exclusive benefits of the new offer
Create desire and urgency, always leaving a short deadline for the upgrade choice
Implement this technique today in your products or services.
Finding new customers is just one of many ways to keep your business running. Unlike standard capture, Upsell also makes you maintain a healthier relationship with your existing customers.

After all, it is not uncommon to find entrepreneurs who end up focusing more on bringing in new business and forget to take care of their customer relationships.

Bet on Upsell, especially in times of crisis like these.

To receive more tips on sales, marketing, management, and spreadsheets, visit our excel coaching website and receive our updates!

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