You’re in business to make money, right? Of course you are. Not that there aren’t other important reasons to run a business, such as fulfilling your passions or making an impact on your community… but if making money wasn’t an objective, you wouldn’t be in business.
That said, I am constantly shocked at how often businesses leave money on the table by failing to upsell. If you’re not up-selling, you’re in effect telling a portion of your customers “no thanks, put your wallet away – we don’t want any more of your money.”
I’m willing to bet that none of you wants to send that message. So what to do about it? Obviously, upselling needs to become an integral part of your sales process, but it’s not quite that simple. To be successful, your offers need to be well constructed, well priced,and well presented.
When it comes to creating your up-selling packages, the key question is “what will add value for our customers?” As a restaurant, for instance, this is easy—drinks and dessert go well with a meal. Depending on your business, you might have to think a bit harder, but there’s always something. Put yourself in your customer’s shoes and think about what would improve their experience.
Next, you have to price your offer. And remember, this is about relativity – the original good or service that your customer has purchased has established a concrete value for your customer. Whatever you’re offering must make sense in the context of the original purchase.
Now that you’ve created and priced your offer, all that’s left is presenting it. This should be the easy part, right? In reality, this is where many businesses drop the ball. It’s not that they don’t have anything to upsell, it’s that their staff fails to actually do it. You can probably guess the answer to this problem: systems. It’s your job to create a system that ensures consistent upselling, whenever possible and appropriate. Fail to systemize it, and it just won’t happen.
Upselling is one of the easiest and most effective ways to increase revenue. Don’t leave money on the table!
Is upselling a focus in your business? How do you approach this opportunity? Leave a comment and share your experience with our readers!