Upselling is a sales technique whereby you offer your customers the opportunity to buy upgrades or related product that are in line with their original purchase. This technique is based on the age old maxim that it is much easier to sell to an existing customer than to acquire a new one. Upselling has been found to be 20% more effective than cross-selling.
To use upselling to increase your sales, begin by jotting down all of your products and then connect them to similar and related products. Remember that the underlying aim here is to boost sales by offering products that add value for your customers, cater to their original need or improve their user experience.
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This by no means involves offering products that are more expensive as it might lead to friction with customers who usually have an anchor price in mind. Therefore, while pitching related products, try to be sensitive to your customers’ price range.
You can also abide by the time-tested 60*60 rule that upholds that customers tend to accept an upsell offer 60%of the time if it is 60% of the price of their original purchase. Then, you need to publish your offers by either placing them on your product pages like Amazon or on your checkout page.
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You can also use post-purchase automation like the one used by Paper Style to upsell your products, attain customer feedback and stay in touch with your customers. Paper Style was able to increase its revenues by 330% by sending out a ‘pre-wedding’ chain of emails that recommended related products and walked brides through their wedding planning process. You can also offer:
- Bundles and extended warranties similar to Amazon.
- Quality discounts like Vistaprint.
- Upgrades like GoDaddy.
- Complementary products like Phoenix Pendant.
- Instalment plans like GetResponse.
- Add-on services like Chipotle.