5 Different Upsell Tactics To Lure Customers Into Buying More
Every company wants to increase their revenue and keep their customer base satisfied at the same time. And, in order to achieve this, they can opt for different techniques. Upsell is one such age old technique that brings businesses more profit and makes their customers feel cared for.
With this easy, but effective marketing technique, a company can take advantage of their new and existing customers. They just have to offer their customers with some additional services. For example -when a customer orders a watch with one year warranty, a company can offer a two-year warranty for extra charge.
Contrary to the popular belief, customers actually like being sold to. All they want is that the product will be useful, related to their purchase and will benefit them immensely. In fact, when an agent makes an attempt to upsell, a customer also sees it as the company's effort to improve their customer experience. Most customers do not mind spending some extra money for that. In other words, upsell encourages a company's existing customers to buy and enjoy more, which in turn generates more revenue.
Here are five killer upsell techniques that most experienced sales agents use for upsell:
1. Buy More, Pay less
The concept of this technique is “By buying more, you pay less”. With any bundled-up purchases, customers are able to save more than just buying each item individually. For example – at fast food chains people pay less for a combo meal (soda + fries + burgers). However, when they buy these individually, they have to pay more. Therefore, it will be wise for the customers to buy more.
A sales agent often lures customers with discounts when they agree to go with the upsell. For example – if the customer is purchasing one item, the sales agent tells him to buy two items instead and they will get a 50% discount on the second item.
3. Free Coupons
On a customer's purchase, a company can offer him a coupon with different sets of promos. He can use them on his next purchase. This encourages him to buy more from that company because he will get discounts. This will up his customer satisfaction level and turn him into a loyal customer.
4. Free Trial
Membership sites often do this. They waive the membership fee for the first year and lures customers with this free trial offer. After the first year, full charges are applicable. Pay TV providers often follow a model similar to it.
Another version of this technique is that they offer free trial upgrades and add-on products or services that may interest the customers. At the end of the trial period if the customer still wants the additional product or services, they will have to pay for that.
5. Free Add-ons
Giving free add-ons is another significant upsell technique. For example – a store offers a pack of juice free with every three packs of juices. This way, when a customer needs to buy just one product, they purchase three products just to get the fourth one for free.
Most companies see upsell as a proven sales method that can increase profit dramatically. And for this reason, they often hire the upsell experts into their sales force. Some even consider taking help of a third party upsell service that can ensure them maximum returns.
Upsell is a tough art to learn, but once sales agents grab the hold of it, there is no turning back. It takes a company's profit to a whole new level and increases customer satisfaction at the same time.