Do you think you can upsell on your site? 🔍 Evolving Strategies

EVOLVING STRATEGIES

This week’s opportunity to evolve your strategy

Do you think you can upsell on your site?

Upselling is an opportunity to get your customers that are ready to buy, to upgrade their purchase to a new product that’s more expensive. This usually provides more value to your customers, while also increasing the dollar sale you bring in from this purchase.

The customer is usually ready to buy, and the upsell comes in to show the additional value they receive from the more expensive product, it provides more features or additional value. There’s something more you receive from it.

McDonald’s does a great job of upselling in every customer interaction. Each time a customer buys a meal, the cashier offers to upgrade the fries to a large. Over 90% of the time, the customer says yes.

They ask ‘would you like to upsize your fries for $0.50 more?’ A simple question that gets a quick response that’s a yes majority of the time. You get additional product and it costs very little, so not a lot of thought required. How could you go wrong for $0.50 more?

How can you apply this to your business? Or if you sell more high value products with a larger price tag?

How to apply this:

What you should takeaway and apply to your digital sales strategy:

1. Show the additional value

2. Time the upsell

3. Price strategically

Show the additional value

Whenever you’re upselling your customers who are ready to buy, it’s a strategic move in how you do this. You want to make sure you don’t lose the sale entirely where they choose to leave without buying anything. So you need to show the additional value and benefit they get by upgrading.

Example: For $XX more, get XX, XX and XX.

Keep it simple, keep the message clear so there’s no confusion.

Another way to show your products are of quality is to provide a money back guarantee or extended warranty.

Time the upsell

Make the recommendation at the right time, when the customer is likely to pay more. They’ve committed to the buy and already in the mindset of saying yes.

Asking them to say ‘yes’ to the upsell is a lot easier when they’ve already said ‘yes’. So the upsell should really be timed for when the customer is confirming they want to add to cart or checkout and complete their purchase.

Price strategically

Price the upsell product so it shows more value and is more lucrative. It shows customers that they’re not paying much more than what they already committed to originally so it’s worth it.

Another way to approach this is to offer the upgraded product at a reduced price as a special offer. For example: you’ve added Product A to your cart, but Product B is 25% off right now. It’s the better product, and it’s on sale.

Option 2 that companies also opt for is to show the additional increase in price is 50% less. For example: you decide to buy Product A at $100, as you add to cart there’s a pop up on the site that offers you to upgrade to Product B for $50 more.

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