Revenue Accelerator

part 1

If there’s one metric any company wants to increase, it’s their customer lifetime value (CLV).

Why? Because between 70 and 95% of revenue comes from renewals and upsells; it’s easier to sell to an existing customer than a new one. They already trust your brand enough to hand over their payment details, breaking the barriers for another purchase.

But unfortunately, you can’t sit back and wait for customers to head back to your website. There’s a chance they’ll have forgotten about you—or simply fail to recognize that you sell a range of other products, services, or software. 

Add Order Bumps or “Cross-Sells”

Do you have products or services that people can buy together, that fit together seamlessly? Consider grouping those together, and encouraging people to purchase the bundle (rather than the standalone product), through order bumps directly on the checkout page.

Let’s say you’re selling a physical book. When the customer reaches the checkout page, offer them a digital version of the book so they can get immediate gratification and access it before waiting for it to be shipped.

Or let’s say you’re a technology retailer, for example. If your customer is about to buy a new PC, use order bumps to recommend a related product - such as a computer mouse or a wireless keyboard - to their order.

Take a look at this example of an optional upgrade package directly on the checkout page for a video software product...

If I’m about to purchase this video software, they add an order bump for their templates, graphics, and background music to be used with the videos made with the video software, along with a discount to incentivize you to buy both.

Order bumps work because the products you’re recommending are related to the items they’re seconds away from purchasing. You’re not pitching irrelevant items; you’re encouraging them to purchase things that will complement the products already in their cart.

(There’s a reason why 35% of all Amazon purchases come from “recommendations” of other related items to buy.)

Include Downsells in Abandoned Cart Emails

Did you know that 75% of the reasons why customers abandon their online carts is because of the price?

A great way to help your customers overcome that barrier is to include downsells: Lower cost products to bring them on as a customer—and prove you’re worthy of their cash.

This is a great choice for high-cost items or long-term subscriptions, like memberships or online courses. By recommending a lower-cost product in your emails after seeing that they added your product to their cart without purchasing, you’ll boost your chances of turning them into a customer.

...Who’s to say they won’t return three months later and buy your high ticket item once you’ve won their initial trust, and convinced them on how awesome your products are?

Downsells don’t have to be that complex, though. Simply use your cart abandonment emails to give them a personalized discount code, and you’re already doing a great job at removing the three-quarters of abandoned carts that happen due to price.

Add One-Click Upsells Throughout the Funnel

There are various places you can upsell your existing customers to increase their overall lifetime value.

1. Immediately after they purchased your frontend product

Here are some great examples of upsells following the initial purchase…

Physical product:

● Sell more of the same thing (Product Multiplier). Example: if you just sold them a bottle of vitamins, then the perfect upsell would be a discount bundle of 3 more bottles. Rather than hoping they’ll buy more from you after they run out of the initial bottle, give them the option immediately while they’re still in the buying mindset)

● Sell them a digital course that teaches additional things related to the physical product they just purchased (for example: selling health supplements, create a course teaching them a specific diet and exercise plan.

● Sell them a complementary product (for example you just sold a smartphone case to your customer…. After the purchase, offer them a bundle of screen protectors at a discounted price.)

Digital product:

● Sell a complimentary membership (example: Your customer just bought an eBook from you, now is the perfect time to offer them access to a VIP membership site where you provide a bit more advanced info during weekly/monthly training around the same topic)

● If you sell software - upsell them additional licenses, or upsell them into getting the commercial license so they can use the software for their clients

● If you feel that your main product could be broken down into a few different products, then I would suggest removing parts of your main offer and create a 2nd upsell offer based around those “upgrades”.

Coaching product:

● Upsell complementary services (i.e. if you’re a Marketing coach, sell them your SEO services, Paid advertising services, copywriting services, etc.)

● Upsell an upgrade to an upcoming live event

● Sell them into a group mastermind with like-minded individuals (i.e. your other clients)

● Sell them Templates for whatever service you offer (i.e. if in the legal space, sell them boilerplate legal documents that you’ve written where they can copy/paste their company info and use them on their sites).

2. Upsell with an email sequence post-sale

Use email automation sequences to sell more of the same product or other complementary products (incentivize with coupons and free shipping)

Even if people don’t take the initial upsell when they purchase, you can tag the customer in your autoresponder accordingly. Then, set up an email automation sequence where you can sweeten the deal by offering an additional discount on the upgraded product or service. Provide them with a coupon to incentivize the upgrade.

There’s a lot of money left on the table when you simply ignore the power of email marketing and upselling and cross-selling.

For example: If you sell content marketing courses, shoot an email to people who’ve bought your $47 “Introduction to Social Marketing” course and ask if they want to upgrade their skill. You could recommend your $299 “How to Generate Sales from Social Marketing” course as a way to do that.

Just as important as making you upsell complimentarily, you need to remove as much friction in the buying process as possible by using what’s called: One-Click upsells.

One-Click Upsells allow your customers to click a single button to purchase, instead of having to pull their credit card out again and re-enter their payment info. Since you have that information from their initial order, you can re-use it automatically for the upsells once they click the upsell Order button. This alone can Double Conversion rates on your upsells.