Top 7 Upsell Strategies That Will Increase Your Profits
By Larry Dotson
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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 $1,200. 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 seven upselling strategies you can use to increase your profits.
- Deluxe Upsell - You could sell a basic product and tell people for a little more money they can receive the deluxe edition.
- 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 join your affiliate program or to get the reproduction rights.
- Discount Upsell - If you're selling a product, people may order again in the future. Take shave gel for example. You could offer them a second can of shave gel at a discount.
- 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 for half off the cover price.
- Quantity Upsell - This is similar to the discount upsell. The only difference is that you increase the discount by how many products they order. If they order three, it's a 10% discount, if they order five, it's a 15% discount.
- 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.
- 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 of 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.
Today's Top7Business article was submitted by Larry Dotson.
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Article Submitted On: March 02, 2000