Friday, May 29, 2009

Upsell Strategies To Increase Your Profits

As you know it can be very expensive to attract newcustomers. You can cut down on those expensesby "upselling" to those new customers.

For example, let's say you're selling a computer with a 15" monitor for $1200. 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 ten upselling strategies you can use to increaseyour profits:

1. Deluxe Upsell -You could sell a basic product and tell people for a little more money they can receive the deluxe edition.

2. 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 get the reproduction rights.

3. Discount Upsell -If you're selling a product people may order again in the future like shave gel, you could offer them a second can of shave gel at a discount.

4. 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 half off the cover price.

5. Quantity Upsell -This is similar to the discount upsell. The only difference is you increase the discount by how many products they order. If they order 3 it's a 10% discount, if they order 5 it's a 15% discount.

6. 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.

7. Affiliate Upsell -When you're selling a product you could offer someone else's product as an upsell. You would have to make a commission on the product inorder to profit.

8. Free Upsell -You could offer a free sample or trial of your product (your first sale would be free) and then tell people if they order the full version right now they will get a discount.

9. Extra Upsell -There are many things you could charge extra for at the time of sale. It could be gift wrapping, imprinting, custom designs, etc.

10. Extended Upsell -If your product comes with awarranty, 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 these strategies to increase your profits at the point of sale. Don't beafraid to use your imagination to come up with other upsell strategies.

Copyright © Stone Evans, The Home Biz Guy

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