Does your marketing strategy include upselling?
Hopefully it does, because upselling (AKA getting your customer to purchase something additional while they’re already buying something) is a super-smart way to make more money.
But, contrary to popular belief, upselling is NOT all about making more money.
In fact, our favorite upselling strategy involves getting people to buy something for only — wait for it — one dollar.
What Is an Upsell?
Let’s talk about the purpose of upselling. Here’s a quick reality check: If you think the purpose of upselling is to make more money, you’re looking at it the wrong way.
Sure, more money is always nice. After all, that’s the main reason you’re running a business. But the main goal of an upsell should be to add to the value you provide your customers, which keeps them coming back to you for more.
(And hey, when they’re coming back to you for more, and telling all their friends to come to you, that means more future sales—and ultimately more money.)
The Art of the $1 Upsell
Upselling can take many forms. A smart upsell is usually a special rate or discount on a purchase that improves upon or complements the purchase your customer is already making. If they’re buying peanut butter, you offer them jelly. And you make that jelly even more appealing by offering it at a discount rate.
Your customer loves it because they get more value. And you love it because you’ve just won over a loyal customer.
This is why we encourage our clients to try a marketing strategy that includes upselling.
“It’s Just A Dollar…”
Here’s how upselling works: You offer a special discount rate for a low, low price — maybe even as low as $1 for something that’s usually much more expensive, like a month of membership.
Who can pass up an offer like that? Even if your customer doesn’t like what they get from you, they’re only out a buck. It’s practically a free sample.
Then you have an upsell offer for them when they’re going through checkout. Show them one of your products that goes really well with that $1 purchase. For example, if they’re getting a month of membership, you could offer them an online course or a bundle of downloadable resources. And you offer it at a discount rate.
If this customer is like most spenders, they’ll be more inclined to spend. They’re already entering their credit card info, after all. You’ve already got them in a buying mood. The friction you would normally face to get this customer to make an impulse buy is alleviated, so it’s much easier to make that extra sale.
Instead of resenting the fact that they’re spending a little bit more money, your customer is excited because they’re getting a nice deal. They see greater value in what you have to offer. Most importantly, they understand you to be a business owner who really wants to see them get the most out of what you have to offer.
Boom — loyal customer gained!
Want to Try the $1 Upsell For Yourself?
We’ve tested upsells with several of our clients now, and all of them are pleased with the way it has worked. Keep an eye out for a case study looking at data backing up the strategy’s success rate.
In the meantime, don’t forget that you can always schedule a discovery call with us. We’re always thinking outside the box and developing ways we can meet the specific, unique needs your business has. Reach out for your free discovery call today!