Last month we focused on personal and business goal setting, which are fundamental when it comes to finding motivation and inspiration to really work hard for your success.
This month, we're going to focus on fast, effective ways to actually generate the revenue you need to achieve your vision!
First up?
Maximize the amount of revenue you generate from your EXISTING customers.
There are only three ways to grow your business: get more customers, get your customers to spend more money with you, get them to spend it more often.
Notice that two of the three are focused around getting your existing customers to engage further with your business?
You see, your existing customers are your "low-hanging fruit." They are not only in your target market, but they are people you can be confident will buy what you're selling...because they already have!
If you're not consistently reaching out to them with opportunities to buy more, you're missing the boat.
And the very first thing you need to get started is a consistent, runs-like-clockwork upselling/add-on selling system.
Upselling is easy! It comes after the hard part of the sales cycle is complete: the customer has already decided to make a purchase. When you upsell effectively, you make a “by-the-way” statement with a no-pressure, casual assumption that your customer will naturally want to either upgrade or add another item to their purchase.
Yet too many business owners avoid upselling because they're afraid they'll fail or come across as "pushy."
Nothing could be further from the truth. Because when you do it right, it's as comfortable as breathing.
Here's how...
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Find the Right Offer. Choose your upsell or add-on offer wisely --so that it is related to the original purchase. In many cases it's obvious: someone buying a bike, for example, needs a helmet, pump, flat tire kit, and water bottle. In other cases, such as service industries, it might not be as simple. If you're stuck, ask yourself: What else could my client use in order to maximize her purchase?
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Prepare your script and other support materials. Depending on the offer, you might want to have a flyer, info sheet, or brochure available at the point of purchase. In every case, you'll want a script. One simple script that's INCREDIBLY effective goes a little something like this:“You know, (Name), because you’ve made this purchase today, you have qualified for a special offer on (upsell offer)." Then just smile and wait. No pressure, no pleading. Just a helpful, friendly bit of information that adds value to your customer's purchase. If you've chosen your offer right, they'll take you up on it about 30% of the time.
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Train your staff and hold them accountable. Encourage staff members to make an upsell offer to everyone who makes a purchase. Teach them to be helpful and positive. Set up friendly competitions and incentives. I've seen businesses increase their average transaction by as much as 70% in a matter of days just by making this a systematic part of their practice.
Of course, upselling is an art that needs some mastery. For one-on-one help putting together upselling scripts, systems, and strategies, request a 60-minute Complimentary Coaching Session with one of our certified coaches! You can get yours here.
Talk to us on how we can improve your marketing