Increase Your Profits
How To Boost Your Profits By As Much as 50% This Month!
By Ryan Ringold
Can I let you in on a secret that is so simple, yet so powerful that it could increase your profits by as much as 50% this month alone?
It's called the upsell.
I still know of plenty of businesses both online as well as offline that fail to use an upsell approach at the point of purchase. An upsell simply offers your customer something more than what they are in the process of buying. You could upsell a bigger and better version of your product or service, an additional product that complements what they are buying, a how to guide, or whatever else can give value to your customer.
Fast food chains use the upsell every day to make millions of dollars more each year. When you order a cheeseburger at McDonalds, they immediately ask if you want fries with that. Or they will ask you to supersize it for 50 cents more or whatever it is.
This is an upsell.
I have a website in a niche market that sells a $69 information product. When the customer clicks on the buy button they immediately get hit with an upsell. The upsell is for an additional $97 product that complements the first product they are in the process of buying. This takes the total sale to $166 from $69. I have found over time that approximately 25 %- 30% of customers choose the higher price point and buy the upsell.
If only 3 customers per day purchased the upsell, then that would be almost $9000 extra per month pure profit (the $97 product that I upsell is digitally delivered so there is no cost to me).
I have another product that offers an upsell at the point of purchase that raises the price of the product by 20%. I have found that 75% of the customers choose the higher price point. I've found that if your upsell is less money than the main product they are buying, then more customers will purchase it. This of course will vary depending on the market you are in and you will need to test it yourself to find what works best.
The first time I convinced a student of mine to offer an upsell at the point of purchase he began profiting an extra $1000 per month.
Offering an upsell is a very simple technique to skyrocket your profits without doing any additional work. The problem is that I see too many businesses not offering an upsell to their customers. Why wouldn't they offer additional services or products?
For starters, they may not understand how the technique works and may have never thought of it. Not all business owners are great marketers. Secondly, sometimes business owners feel like they are interrupting the sale or are being too aggressive. I say hogwash! It is your duty to get your products and services into the hands of people that need them. If you believe in what you sell, then you need to present it to customers and give them an option to buy it if they choose.
If you don't know what you can offer for an upsell, then post your questions or comments below telling me your situation and I'll give some ideas.
