What’s one of the most important things you can do to grow your business and make more money?
Learn the art of the upsell.
Upselling is adding smaller products or services on top of your core products. These additions might not seem like big moneymakers, but they can add up to significantly increase your revenue over time without dramatically increasing your workload.
When done right, the art of the upsell helps you bring customers more value and make more money.
My wife Blake 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 tips to upsell your customers:
1. Identify additional products or services you can sell.
Start by thinking about your customers—what additional products or services could you offer that would be valuable to them? Look for things that will add value without requiring a huge effort on top of your core service. Blake often sells webinars to her customers, so she can upsell by offering social media promotion and marketing to help her customers generate more leads. The upsell builds on the core product and adds more value for customers.
2. Think through cost.
Even with an upsell, your focus should still be on your core product. An upsell should add around 20% to your total price. When considering the cost, think about how much your customer can typically spend. Don’t undercharge for your services—look at the market and what people are willing to pay so you can charge as much as you can. To increase your cost, create the perception of value by building your personal brand and making your services more valuable.
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.
3. Communicate what you are selling.
An upsell only works if you communicate and offer it to customers. If you’re comfortable talking about money and budgets, your clients will be too. Get comfortable thinking on the fly so you can find ways to upsell your products as you talk with clients. Be comfortable offering your additions. After you’ve gotten a verbal agreement to the upsell, send the details through email to finalize the deal.
Learning how to upsell your customers can dramatically change your business. These three tips show how to create additional products and services that are valuable to your customers. Over time, these small additions can lead to major growth in your revenue.
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