Too often, small-business owners pour time, energy, and marketing dollars into attracting new clients—and then consider the transaction complete once they’ve delivered on the product or service. By adding one more step to that process—upselling—you can save yourself serious money and increase the dollar amount of individual sales.
Here’s why: Inc.com reports that…
- Acquiring a new customer is 5 – 10 times more expensive than retaining an existing customer.
- Repeat customers spend, on average, 67% more per purchase than new customers.
Upselling and selling to existing clients can and should be a major revenue stream for your business. If you don’t already have an upselling strategy in place, now is the time to develop one.
Start by trying some of these proven upselling techniques…
- Stay in touch. One excellent way to turn a one-time buyer into a repeat customer is simply to stay in contact. Through email nurture sequences, newsletters and ezines, or announcements about new products, you stay on your clients’ mind. This strategy is valuable particularly if you sell something that people need only occasionally (such as home renovation services) or want more during certain times of the year (such as weight loss programs).
- Write a script. Upsell new clients by creating a strategy that leads from sale to upsell. You can tailor this script to work over the phone, in-person, or online, depending on your needs. With a standard operating procedure in place, you’ll remember to upsell every time, which can increase your sales totals by 10 to 20%.
- Promote companion products. Don’t assume your clients have an in-depth knowledge of your offerings. Follow up on recent purchases with logical suggestions for next steps. For example, if a client just bought a six-week sewing class from you, you might follow-up with a discount bring-a-friend offer or a sewing machine repair kit.
- Build the perfect product or service. Engage your customers by asking for their input. Determine what they most need or want from you, and then create that product or service. This allows you to both minimize your risk when investing in new programs and increase customer satisfaction.
The bottom line: upselling is an excellent way to improve customer satisfaction, increase your revenue, and decrease your marketing expenses. Make sure it’s a constant companion to any sale you make!
Want more business-growth tips? Sign up for updates and receive a free copy of a report that reveals 5 Secrets for Creating Web Copy That Will Increase Sales and Double Profits for Your Business.