What would it mean for your company if you could add 25% to every single sale? If you learn to up-sell, this daydream could become reality. Not only will up-selling increase your business’s profits, it will allow your customers to purchase other items that they need. This business strategy can be a true win-win situation once you learn how to do it correctly. Here are five strategies that have been proven to increase your chances of increasing a sale.
1 Offer bundles or packages that go together logically.
We see this all the time in telephone and communication services. When you purchase voice, text, and data services together, you receive a ‘package price’ which is more reasonable than buying the products separately. You get more services, the company gets more business, and everyone is happy. Think about what products and services in your business go logically together and how you can bundle them for increased sales.
2 Offer peripherals and accessories at the time of sale.
If an item needs batteries, you should offer them. Same goes for gift bags, warranties, and other needful things. Make it a practice to always offer these items to customers at checkout. There is a good chance they will be bought anyway—why shouldn’t your business get the sale? These small purchases may not seem like a lot, but they can add considerably to your bottom line.
3 Offer an upgrade.
Once a customer has committed to a sale, it is only a short leap to commit to a slightly larger sale. We all like to get the more deluxe, more luxurious item. If your business offers one of these, now is the time to make your case. Be sure to mention not how much it costs, but how much ‘more’ it costs. Fifteen dollars more doesn’t sound like a lot, although the total might give a customer sticker shock.
4 Make a deal.
Customers often will buy more—at times much, much more—if they think that it gets them a better overall deal. You can offer complimentary gifts with purchase, quantity discounts, or just about any deal that has been shown to entice them. Get creative and think about ways you can offer perceived value that costs you very little in the long run. Be sure it’s a deal you can offer on a regular basis without hurting your profit margin, as your customers will be sure to tell friends and acquaintances about their killer deal.
5 Do the math.
Keep careful track of what up-sell strategies are working best for your business. This will allow you to offer expanded selections in these areas and develop a custom up-sell strategy that is just perfect for your business and your customer base.
We’ve all fallen for up-selling, sometimes knowingly when the up-sell was advantageous for everyone involved. Offering these types of win-win situations can help your business succeed and ensure that your customers have everything they need to enjoy your products and services to the fullest.