What is an Upsell: Why is it Important and How will it Increase Your Profits?
Upselling, as a marketing tactic, has been used longer than the internet has been around. One upsell that you’re likely most familiar with is the request to purchase insurance with a new appliance or a car wash with gas. An upsell is simply adding additional related products or services to an existing sale that has already been made.
The trick with upsells is that you want to add value to what your client has already purchased. That is what makes them so effective, and if you can through in a good deal, then you should watch your conversions and sales go through the roof.
A good upsell is something that makes both the buyer and seller feel like winners. For instance, the insurance policy gives the buyer the assurance that if something goes wrong during the active period of the policy, it will be taken care of… it provides peace of mind.
Adding an upsell can increase your income (and profits) significantly. It happens every time you go to a restaurant and or even the pharmacy. “Would you like fries with that?” “Thanks for shopping with us; would you like a flu shot?” Any place you go, if they have smart trained sales staff, or a sales funnel, you will be offered something to go with what you just ordered.
Your upsell products should be:
- Irresistible – If you know your client well, and also use technology to its fullest, you can easily offer a buyer something that they cannot refuse. Combined with a limited time offer, or special one-time discount (OTO – One Time Offer) your upsell should entice the buyer to take action.
- Valuable – Your upsell should offer “real” value to your customer and be related to your offer. It should not be something you threw in without thought. In some cases your upsell could even be of much higher value than the original purchase.
- Usable – The upsell needs to be something practical and of immediately benefit to the buyer so that they can easily make a decision without having to put much thought into it.
- Related – Upsells that are somehow related to the item that your customer purchased will be more likely to be purchased during the upsell offer period. For example, if you sell an ebook, you could also sell a video course that walks them through the content in the ebook.
Remember, your upsells don not have to be lower price, or even a different product. Depending on what it is you could offer a month’s supply or recurring subscription… and it certainly can be a higher ticket item. Ultimately, it is up to you, and your niche. At the end of the day, split testing your prices, your offers, like what you can do with Clickfunnels with drag and drop ease, will help you determine what is most profitable for you.