All healthy businesses have multiple products and services.
Because the more things you can offer people, the more people you can help, and the more money you can make.
“Wait, what Manuel?! You want to make money?” Yes, I want to make money, and McDonald’s wants to make money, Amazon wants to make money, Walmart, etc. want to make money so if you’re anything like any of us you want to make money too.
Upsells & Downsells
But here’s why: we all want to help people, and serve them.
And the best way to serve people is to have multiple products and services to provide them.
But, when and how do you get those products and services in front of people?
Well, one way is through your advertising and sometimes through your organic content.
Another way is with upsells and downsells.
If you’re not familiar with those terms yet here it is on a bumper sticker: They’re extra offers you make after a person has made a buying decision.
Think back to the iconic McDonald’s sentences, “Would you like to supersize that?” And then the downsell would be “Would you like fries with that?”
The concept of making more money with extra offers is exactly what I’m talking about and there are some powerful apps to help you execute this strategy.
Average Order Value
One of the most effective ways to increase average order value is to offer add-ons and upsells at checkout.
When you present customers with relevant additional products, you can encourage them to spend more per order!
Upselling is an effective strategy for businesses that want to maximize their sales process quicker, and it’s even more important for businesses with low-cost items.
For example, ecommerce stores could offer free shipping or 10% Off of the product you choose to upsell them.
So when you increase average order value, your business can boost your revenue, relying less on acquiring new customers (although I still recommend you focus on that too).
The power of the downsell comes in when the person denies the upsell you offer them.
It’s another way of saying, “But wait there’s more!” and you could increase the discount percentage or offer another product with a discount.
You don’t need to always include a discount, that’s purely for example.
But if you find yourself feeling against using discounts, take into consideration that you’d probably spend more than 10% or 20% of your product to reacquire that customer, so why not encourage them to take action right then and there?
Downsells are second to upsells when it comes to importance, but if you really want to hit it out of the park you’d definitely include them in your checkout process.
There is one side effect to including upsells and downsells to your checkout process, and it’s an increase in sales.
A tough but durable side effect many successful business owners have to endure, I know.
So if you have a Shopify store as my clients do, then you’d highly benefit from using “One Click Upsell” by Zipify Pages created by my friend, Ezra Firestone.
I don’t get any commission from sharing that but I do get to help other business owners everyday especially with this app.
If you don’t have a Shopify store then try searching for apps that increase average order value on your website provider.
This game of business is very competitive, the least we can do is increase the amount of sales we acquire and give ourselves a boost!
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