Want to make more money? Try selling less expensive products.
It may seem counterintuitive, but downselling your customers can actually strengthen your business and grow your profits.
Some potential customers would love to purchase your product or service but don’t have room in the budget. Instead of letting those potential sales just walk away, try selling them a less expensive option that still adds to your brand.
Downselling starts a relationship and increases the chance that someone will make a bigger purchase from you in the future. Even though downsells are less expensive, they can still add up over time and help you make more money.
I made a video about this which you can see below. If you want more content like this then make sure to subscribe to the Be Your Own Boss Podcast Youtube Channel where Blake and I teach you how you can be your own boss.
Here are three ways to downsell your customers:
- Make it a no-brainer. To be effective, a downsell needs to be a real downsell. That means offering a secondary product for a significantly lower price that customers can afford. The price should be low enough that customers don’t even need to think before making the purchase.
- Make it high value. Just because a downsell is less expensive doesn’t mean it isn’t a quality product. Don’t assume that low cost means low value. I could downsell a $500 course with a $25 book, which is a significantly less expensive product but still valuable to customers.
- Make it scalable. A downsell shouldn’t be overly complicated. Make it something easy to scale so that you aren’t spending a lot of time and energy selling a low-cost product. Digital products can be great downsells because they can be easily replicated.
Downselling is a great way to build your business and strengthen your customer base. Taking the time to sell less expensive but still valuable products can help grow your business for the long term.
Now more than ever, people are moving from full-time employment to entrepreneurship. We are collectively realizing that the only job security that exists is the one that you create for yourself, but how? My wife Blake and I are successful entrepreneurs who both made the transition while we had full-time jobs. You can learn how here.
Download our new guide on 5 Tips For How To Become An Entrepreneurs While You Have A Full Time Job.
_______________________________________________________________________________
If you enjoyed the article and want more content like this here’s what you can do:
- Subscribe to The BYOB Podcast Newsletter to get notified when a new episode comes out (once a week).
- Subscribe to our Youtube channel where we talk about these things in much more detail including sharing our personal stories.
- You can also connect with us on Facebook, Instagram, Twitter, Youtube, and Linkedin.
- If you’re interested in sponsoring or have suggestions for the show, you can send us an email at [email protected].
Comments