Upsell For Profit

Almost every company that sell’s a product offers, in some way an upsell. Any company that doesn’t offer an upsell is potentially missing out on a huge potential profit center, within their business. Upselling should be a part of any business that is trying to sell a product or a service, just as much as the primary product. An upsell can come in many different types and can be present to the customer in many different ways.

UPSELL A PRODUCT

When you sell a product there is often any number of other products that could be sold with your main product. If your mindset has you believing that your industry has no potential for upsell, you should consider changing your mindset. Below is just a few potential upsell options.

These are just three common area’s with upsells, and just a few for each, everyone of these industries has literally hundreds of potential upsells.

UPSELL ON A SERVICE

If your primary product is a service, chances are that you think what can i upsell. Pretty much any service you offer can be an upsell on any other service. Often a customer will come looking for one service without even realising that you offer a range of other services as well. But if worse comes to worse then why not just upsell products as well.

While if you are in a particular service based business many of the services you offer may seem like an obvious service you would provide to yourself, the perception from other people that know almost nothing about the business you are in may have no idea. So the more you offer additional services the more chance you are going to have of increaseing you business.

THE SILENT UPSELL

The silent upsell is something that is used by a very large number of retail businesses. You are probably so use to seeing it that you do not even realize that it is upselling. It has two main incarnations. The first is position like products side by side, so that you may look at one product such as jeans and then right next to them is a rack full of belts. As you pick up that new pair of jeans you wanted, you see the belts right there and think wouldn’t a new belt be nice with these. This is the most common form used by almost all retailers.

The other common form is positioning impulse buy items right near the checkout.  Designed to get you to go oh i will just grab this on the way out. No matter which of these two meathods is used it is effectively silent upselling, and is used by many retailers as a cheap effective way to try and upsell products, rather then having a sales team to try and attend to every customer which would cost them a lot more. A few examples might be,

WHY UPSELL

Upselling can provide great potential for additional profit, often the range of product’s that you will most commonely think to upsell are lower value $5 – $20 dollars, and provide a good profit margin. This helps to do two things, increases your average sale value and increases you profit potential. It can help counter the problem of high value items with less then good profit margins, especially in industries like computers, and other highly competive industries. If nothing more convinces you then the fact that often an upsell is as easy as offering the product.

AT THE END OF THE DAY

If your business is not upselling, then it is about time you consider it, give it a try and see how much difference it makes to your turnover, and your profit. Because it does not take a huge increase in your average sale to make noticable differences to your profit margin.

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