Upselling and Cross-Selling to Boost Profits

If you’re looking to increase your profits, then one solid way to do this is to sell additional products to your existing customers. Indeed, you should be embedding related backend offers into your follow up emails, on your download or registration page, with your onboarding sequences, inside your membership site, and within your membership site materials.

Now aside from all of that, you’ll also want to look at how to increase the transaction price at the moment a new customer is first joining your membership. In other words, what can you upsell or cross-sell to this new member at the point of sale? What else can you offer on the order form itself?

Specifically:

·         You can upsell customers on a premium membership.

·         You can upsell customers on add-ons, such as coaching.

·         You can cross-sell related offers, such as additional training or apps.

For example, let’s suppose you have a weight-loss membership site.

Here are examples of what you can cross-sell and upsell right on the order form:

·         Personalized nutrition consulting to help people create a custom meal plan that suits their needs.

·         Access to a private support group.

·         A related offer such as exercise videos.

And similar.

Take note: the key here is in how you frame your upsell or cross-sell. When the customer is already on the order form, then you know they’ve made the decision to purchase the membership – so don’t “resell” them on the idea of the membership. Instead, focus on selling them on the benefits of your additional offer.

Likewise, when you present the price, you should only be presenting the price of the additional offer. That keeps the customer’s focus on the lower value, rather than the total. And this makes it psychologically easier for them to accept the upsell and say yes.

For example: “Add this collection of exercise videos to your order for just $19.99 more.”

Secondly, don’t bombard your customer with upsell after upsell after upsell. The key to high conversions is to reduce the hoops between your customer and completing the order. If they have to close a bunch of windows or click a bunch of links to decline your additional offers, they may just give up. As always, you can do some testing to find out the optimal number of additional offers to present to your customers.

Third, you can boost conversions by ensuring your upsells or cross-sells are scarce in some way. One good way to do this is to present a discounted offer that’s ONLY available on the order form. The customer will still be able to purchase the product at a later date if they so choose, but they’ll never be able to purchase it at a better price than right in this moment. And once their order is complete, that special offer disappears.

For example, let’s suppose you have a product that normally sells for $50. You can offer it for $30 on the order form – and make it clear that the special discount is only available on the order form.