Upsell Strategies to Explode Your Business
Recently I wrote about how McDonalds created billions in new revenue by offering additional products. “Would you like fries with that?” Or,” Would you like and Apple Pie with that?”
Today let’s examine another simple and successful strategy. The Upsell. Instead of offering a different product they offer a larger size. “Would you like to supersize that?” Research from Leaders Publishing says that when you offer the upgrade people will say yes almost one third 1/3 of the time. The challenge for most small businesses is they don’t train their staff for the upsell.
Think about it. Really think about it.
- If you sell handbags could you offer a slightly larger one?
- If you sell office supplies could you offer auto ship for certain kinds of recurring products like paper?
- If you sell flowers could you offer long stem roses vs. normal for a few dollars more?
- If you are a delivery service can you offer a faster delivery for more money?
- How many times have you been at a restaurant and been offered either a 5 oz pour of wine or a 7 oz for a few dollars more?
The possibilities are there. Simple really. Maybe not so easy as it requires you to shift your perspective.
1. Put yourself in the mind of your customer. What do they really want? McDonalds french fries used to be legendary so, who wouldn’t want more fries for a few pennies more.
2. Look at how Amazon uses social proof. People that bought X also bought Y and Z.
3. Remember almost one third of the time people will say yes to the upsell.
If you would like to explore ways to create your upsell strategy and to transform your business let’s chat.