Monday, November 3, 2014

The Upsell: Key to Higher Profits and Satisfaction

What is an upsell?

Short answer: Free money. Because a certain percentage of your clients want to buy more and almost all of them can buy more. The only question is, are you willing to sell it to them?

Academic answer: Asking people to buy more during or after the sale. Also called a bump or a cross-sell.

Upsell example: Tim, a photographer in St. Paul, Minnesota, added $4,000 in extra revenue in 6 months -- on track for $8,000 extra each year -- without working any harder.


He added an upsell to his wedding photo packages. In addition to low and a medium, he now offers a premium-priced package to clients. He starts every presentation with “Here’s the best package,” and then works down. No hard selling required (Tim is very laid-back).

Results: More than 20% of his clients sell themselves. And Tim will bank an extra $8,000 from the same amount of work this year -- enough to fully fund his IRA and take his family on an exquisite vacation or two, with no extra work.

Moral: If you don't have an upsell, you are leaving money on the table.

But this is NOT about greed and you are NOT an evil 1% wannabe for offering an upsell. No.

When you offer more to buyers who already have their credit card out, you deliver two benefits to them:

1) better results (by delivering more of what they need, such as faster download speeds for Internet access) and

2) better feelings (because many people want to spend more to feel good about themselves -- otherwise, we would all drive a $12,780 Nissan Versaa, the cheapest new car in America).

When you offer a high-quality upsell to clients, you help them and you help yourself. Win-win.

Meanwhile, are you an entrepreneur with clients, not customers? Are you doing at least $200,000 in revenue, and want to do better? If so ...

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