Boost Your Profits With Upselling
Even if the term ‘upselling’ does not ring a bell, you will have experienced it at some stage.
“Would you like fries with that?”
Undoubtedly, somewhere a cashier or a sales assistant offered to sell you something that would be a good addition to your chosen item. In one of the first episodes of Breaking Bad one of the characters remembered the upselling ability of his father – “Did he try selling you that extended warranty? Yeah, that was his big thing. You ask him for a glass of water…he’d tell you that you need an extended warranty on the ice”.
Upselling is a simple way to increase the value of every transaction. It won’t work all the time, of course, but if you choose the upsell carefully, many customers will accept the offer. It must add value to what they are buying for the upsell to work.
There are different ways of upselling – it is not always suggesting an additional product. For example, if your customer has not made up their mind for the brand yet, you can suggest a premium brand that will naturally be more expensive. You can also suggest additional features to a product – for example, more software or hardware to a new computer, or a luxury finishing on a new car. Another typical example comes from sandwich restaurants, where your offer may be to buy an extra sandwich for half the price or another similar offer.
Once you have decided the best combination of products and services – because there is no logic in offering someone an external camera to a laptop with a built-in one – just remember that not everyone will accept the upsell and talking them into it is doing you both a disservice.
The right approach will bring you many benefits in addition to the increase in the value of the average purchase.
For example, your customers will be more satisfied with your business, especially if you help them save money or make life easier through upselling. Your sales will be more profitable and you will sell more items. You can even combine items that are not very popular with more popular ones and thus improve their saleability.
There should be a logical structure to your sales process. Plan it carefully and design the process – don’t just leave it to luck. Make sure that your team knows which products should be upsold from each of your products or services, and make sure they know how to do it.
Upselling, if practiced in an appropriate way, can be a great strategy for your business.