Monday, April 2, 2012

Upsell and Make More Money

As you know it can be very expensive to attract new
customers. You can cut down on those expenses
by "upselling" to those new customers. For example,
let's say you're selling a computer with a 15" monitor
for $1200. You tell people they can upgrade to a 17"
monitor for only $200 more. That's upselling! Your
goal is to get more money out of the first sale. Below
are ten upselling strategies you can use to increase
your profits.

1. Deluxe Upsell-You could sell a basic product and
tell people for a little more money they can receive the
deluxe edition.

2. Money Upsell-You could offer people the rights
to sell the product they are buying from your business.
You could charge an extra $30 dollars to get the
reproduction rights.

3. Discount Upsell-If you're selling a product people
may order again in the future like shave gel, you could
offer them a second can of shave gel at a discount.

4. Time Upsell-If you're selling a product or service
people subscribe to, like a magazine, you could tell
them if they subscribe for two years instead of one,
they can receive it half off the cover price.

5. Quantity Upsell-This is similar to the discount upsell.
The only difference is you increase the discount by
how many products they order. If they order 3 it's a
10% discount, if they order 5 it's a 15% discount.

6. Package Upsell-When you're selling a product you
could offer similar products in a package deal. Tell
the people the other products are cheaper with the
package deal versus purchasing them separately.

7. Affiliate Upsell-When you're selling a product you
could offer someone else's product as an upsell. You
would have to make a commission on the product in
order to profit.

8. Free Upsell-You could offer a free sample or trial
of your product (your first sale would be free) and
then tell people if they order the full version right now
they will get a discount.

9. Extra Upsell-There are many things you could
charge extra for at the time of sale. It could be gift
wrapping, imprinting, custom designs, etc.

10. Extended Upsell-If your product comes with a
warranty, you could ask people if they would like to
extend the warranty one more year for only $30.

In conclusion, you can use one or all these strategies
to increase your profits at the point of sale. Don't be
afraid to use your imagination to come up with other
upsell strategies.

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