I first learned that there are only 3 ways to make more money in your business from
Jay Abraham (marketing genius):
1. increase the price
2. increase the number of client/customers
3. increase the frequency of purchases from the existing client/customer base
As business owners, we tend to focus more of our efforts on the first two while neglecting #3 to a great degree. Maybe we do so because we think it’s easier to increase the price or get new clients and customers when in fact, the ‘easiest’ sale often comes from someone who’s invested with us before.
Here are 4 simple ways you can implement #3 to increase your sales today:
An upsell is simply suggesting a higher priced product or bundle during or immediately after someone has made a purchase from you.
Think about your offer for a moment. Consider what’s the next thing you can invite them to? What’s the next logical step they could take with you?Then make the answer your upsell.
For example, if someone purchases your homestudy system, you could offer a couple of private sessions with you to help them implement that content as an upsell.
Where in your business could you add an upsell?
A cross-sell is simply suggesting a related additional product or service during or immediately after someone has made a purchase from you.
Think about your offer and consider what else you can offer them that complements what they’re buying.Then make the answer your cross-sell.
For example, if someone buys your book, you could offer a companion workbook as a cross-sell.
Where in your business could you add a cross-sell?
Offering a down-sell is simply giving someone a lower-priced offer instead of letting them go altogether.
For example, let’s say you have a membership program for $97- month. A current member contacts you to cancel. Instead of just canceling the membership, consider offering them a ‘lite’ version of it for $47- a month. A percentage of people you offer this down-sell to will take you up on it, earning you more money than if you had just canceled the membership.
Where in your business could you add a down-sell?
The Unsell technique is simply when you step back from the buying decision and allow your client or customer to choose No over Yes.
For example, when you’re in an enrollment conversation with a potential client, and they keep coming back to you with ‘yeah, but…?’ and you start to feel like you’re having to convince them to work with you. Simply put ball back in their court by suggesting that perhaps this isn’t the right time for you to work together, or that this isn’t the right program for them. Allow them to convince themselves (and they will, if it’s truly right for them). For your part, you want to always be committed to someone making a decision but don’t be attached to what the decision is.