Upselling is one great marketing technique that is used to get sales. But what if you know absolutely nothing about this technique? What if you are new to the digital marketing scene? If this is the ship you are sailing, then you have nothing to worry about.
In this article, we will explain to you what upsells are in simple terms to enable you to grasp the concept. Also, we will briefly discuss what upsell funnels are. Then finally, to ensure that you start getting revenue from this technique as soon as possible, we will provide you with some upsell strategies that you can try out even as a newbie.
Let’s get started…
What are Upsells?
Upsells are offers made by a seller that usually follows an initial offer. In other words, upsells are secondary offers that a seller creates in case a customer does not take the first offer.
An upsell could either be an upgraded version of the initial offer or an add-on that complements the initial offer.
Some folks use the term “cross-sell” in place of upsell as they think them to be the same. However, these two concepts have certain technical differences that differentiate them.
Below is a way you can differentiate both:
- Upsell is a service or product that the seller sells at a more costly price package.
- Cross-sell refers to a service or product sold around the same price which also provides the solution to the exact problem the initial product did or delivers a benefit that is related to the initial benefit of the original product.
What are Upsell Funnels?
An upsell funnel can be described as a mini version of a sales funnel with an upsell at the end of the funnel.
It follows this pattern:
- A Lead Magnet: This is where a lead magnet is offered to a potential customer to get their contact information especially their email address. Click here to learn more about a lead magnet.
- A Quality Product: This part of the funnel is where a quality product is offered to a potential customer that provides the same solution which the lead magnet does but with better value.
iii. An Upsell: At this point, the potential buyer is then offered a better version of the quality product that they have already agreed to buy.
The following are upsell strategies that can help you to grow your business:
1. Be at Ease with Upselling
Some folks do not want to get involved with the upselling idea because they feel it requires so much work and they think it can get annoying to potential customers. This, however, is not true especially if you do it in the properly, which we will show you.
Before you begin to create upsells that customers will not be annoyed with, you have to be comfortable with what you are doing in the first place. Besides, if you are certain that the product you are upselling is valuable, then there is no need for you to be afraid of upselling it.
Imagine Picasso being afraid to show off one of his paintings. The only reason that will happen is if he thinks it is not good enough. However, his paintings were so good he felt compelled to show the world.
This is the same thing for anyone who has a valuable product; they feel compelled to show (sell) it to others. Hence, you should take your selling further with upselling.
2. Place your Upsell when you have your Customer’s Trust in your Sales Funnel
The point at which you include your upsell in your sales funnel is very important if you want to get positive results every time. The product you are upselling should be placed in the funnel when you have gained the trust of your potential customers.
What does that mean?
When your potential customers demonstrate that they trust you are those times when they take action as they go through the funnel. One of such times is the period a potential customer subscribes to your newsletter. Visit https://www.forbes.com/sites/michaelfertik/2019/11/26/how-to-get-customers-to-trust-you/ to learn how to get customers to trust you.
At such a point, given that they gave their email address in exchange for a lead magnet, your upsell can follow up immediately. Just ensure that the product remains relevant to your lead magnet.
3. Split your Product or Service if you don’t have Enough Time or Resources to make a New Product
It is no secret that creating an upsell involves work; but what does not? Most folks go for a new product entirely when upselling. But what if you do not have enough time to do so? What if you lack the resources to do that?
Do you abandon this marketing strategy altogether?
Of course not!
What you need to do is to split a part of your product or service into a new product of its own. This is a great strategy on its own. If the main product is already being bought by your existing customers, then you can rest assured that the splintered part will be bought as well.
Furthermore, using your main product or service allows you to lure in the potential customer to purchase the main product later after they see how valuable the splintered portion was.
4. Make use of Order Bumps to Serve as Cross-Sells
Order bumps are upsells that pop up when a buyer is about to checkout a sale. With a simple click of the check box, you can add the additional product to your order.
The thing about these products is they serve as complements to the original service that is being sold. Hence, it is more appealing to the buyer to just add it to their order.
You do not even have to get an entirely new service as an order bump. You can just use your original service but with more value as the order bump.
Upselling is a great way to grow your business, and we have shared some strategies you can use when you try out this marketing strategy.