Planning for a Cross Sell and Next Steps

Planning for a Cross Sell and Next Steps

Identifying a Cross Sell Opportunity

Would you like fries with that? We’re sure you’ve heard that line before but did you know McDonald’s was creating a cross sell opportunity when they asked if you would like fries with your burger? Chances are you probably had no clue, but every time a burger joint offers you fries or a soda with your meal, they’re further capitalizing on a sale they’ve already made.

If you hadn’t noticed, they’re pretty successful with the cross sell. We eat a lot of fries in America.

What is a Cross Sell?

A cross sell is meant to offer products and services that serve as a natural complement to things we already planned on buying. The cross sell should feel like a natural addition to your purchase instead of a forced purchase. The more time you spend thinking about your products and services, the more likely you are to develop add-ons that make sense.

Cross Selling vs. Upselling

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  • When you order burgers, you naturally want fries.
  • When you order ice cream, you naturally want sprinkles or a cone.
  • When you pay for business strategy coaching, you naturally want sales coaching to maximize the effectiveness of the strategy coaching you’ve already paid for.

Cross sells aim to maximize the value of your original purchase, not take away. They’re harder to sell on their own which is why they’re best when partnered with core offerings. Cross sell items aren’t meant to trick people, but to increase the value of your customers purchase along with your bottom line and profit margins.

Examples of a Cross Sale

Let’s look at a couple of examples of what common cross-sells looks like-

Ex 1 A mother of two pays a personal trainer to help her get in shape for the summer. The fitness trainer then partners with a vitamin shop & nutritionist to sell her supplements and healthy pre-made meals. This is a good example of a cross sell. Why?

Because the mom of two would most likely not pay for supplements and healthy meals if she wasn’t already paying for physical training. The personal trainer capitalized on a natural compliment to his services.

Ex 2 Tim walks into a Verizon store and buys the latest iPhone. Before Tim checks out, the cashier asks him to pick between three cases for his iPhone. Tim would never consider buying a case unless he purchased the iPhone. He eventually planned to buy a case to protect his investment, but since the retailer offered the case (using suggestive selling) he’ll likely purchase one before he leaves the store.

The case works as a perfect complementary cross sell.

Anytime an opportunity presents itself, you should try to offer a cross sell with your sale. After all, the worst that can happen is the customer says no.

Where Do These Fall In The Funnel?

Now that we’ve broken down up-sells, cross-sells and down-sells, the million-dollar question is where do these all fit in your sales funnel? Ready for the billion-dollar answer? ANYWHERE!

Funnel

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There isn’t a perfect spot in the funnel for an up-sell, down-sell, or cross-sell. It all depends on the funnel and your offers. If your core offer comes after four email exchanges, you should probably include downsells in the fifth, sixth and seventh emails. Think about the funnels you’ve been in, knowingly or unknowingly at the time. Do you remember when you were offered additional products and services? If you can remember, and they were successful, try to replicate them in your business.

The key to keep in mind as you craft your ancillary offers is that they are all reactional to something else. They’re reactional to someone purchasing an offer (offering an upsell or cross sell),  or reactional to someone declining an offer (offering a downsell). These offers happen when they make sense during your unique sales cycle.

Going forward, try to recognize when someone is trying to upsell you, downsell you, or offer you a cross sell. Being able to identify these offers when they’re happening will help you create better offers for your own business.

Reactional Cross Selling

The last time you said no to an offer, were you offered an additional discount or extra value? The last time you bought something, were you immediately asked to upgrade or purchase something else? The answer to both of these questions are more than likely yes and both of these are reactional offers to an action you took or did not take. Help guide your customers’ decision-making process by appropriately reacting to their moves.

Below are three quick examples of reactional offers that have been proven to increase business revenue over time.

Ex 1 When you try to leave a website, you receive a pop up asking if you’re sure you want to leave that includes a new offer.

Ex 2 When you purchase a service that helps you build a course and shortly after you’re asked if you’d like to purchase a service that helps build your sales funnel driving people into your course.

Ex 3 When you show interest in a free coaching call but you’re not quite qualified to pay for thousands of dollars a month in coaching, you’re offered a self study, self paced course.

In each of these examples, the customers moves are met with counter offers to keep them in the sales cycle.

Next Steps

Start planning your product offerings with successive up-sells, down-sells and cross-sells. Your products should work without you to free up your time. The goal is to offer your time as a premium service, not an ancillary one.

If you’d like to know more about implementing your upsell, down sell or cross sells, just contact My Clone Solution for a free consultation today!

Planning For A Downsell

Planning For A Downsell

Planning for a Downsell? Learn How to Avoid No’s

What should you do when you need to overcome objections in your sales process? Do you have a plan of action when your warmed lead won’t buy your core product? Do you give up when your lead cannot afford your offer or do you get clever?

Our suggestion? You need to get clever. Master the art of planning for a downsell. Just because someone can’t afford your core offering, doesn’t mean they are not willing and able to purchase other offers from you of lesser value. If your first product or service doesn’t convert the way you imagined it would, just step back and listen to your customers.

We make it sound simple because, well, it is simple.

An Example of a Downsell

sales graphic

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If your $1000 a month coaching program with a 6-month retainer is too expensive for a lead, offer something of lesser value with a similar purpose. $6000 is steep for many, but a $1500 self-study course may be more attainable for your leads (especially with a payment plan).

Offering the less expensive study course would be considered your downsell. Taking yourself and your time out of the equation allows you to spread your resources further, opening the door for greater future profits. Not to mention, some people truly do enjoy the DIY aspect of certain training programs. Don’t be afraid to offer product variations for different types of clients. There’re different strokes for different folks. All because the initial offer was too steep for the client doesn’t mean that you can’t offer second or third down-sell proposals that are more in line with your customers’ current needs

 

Struggling? Keep This In Mind

man thinking

The most important thing about a downsell is its ability to keep a lead in your sales funnel for future offers and promotions. All because someone isn’t willing to buy today doesn’t mean they will be unwilling to buy in the future. Staying persistent and on the customer’s radar increases your chances of future conversions. Here at My Clone Solution, we like to focus on the long game, not the overnight success.

If someone is interested in your core product, figure out what is it about your core product that entices them. Take the time to understand your potential customer’s desire then craft a “lite” version of your product to down-sell them into at a price point that’s profitable for you and undeniable for them.

Something common that we hear from coaches is that someone want to “pick their brain” over a cup of coffee but doesn’t actually want to pay for their time. How annoying!! If this is a problem you’re currently running into, you should do one of two things. Either start to target more affluent clients who’re willing and able to pay for your services (this is a whole separate blog topic) or the easier option, create a private Facebook group where you host open office hours but only to paying members.

With this version of the downsell, clients are able to get your specialized attention without the hefty price tag and you as a business owner now avoid giving away your time for free. Good deal, right?

The upsell and downsell are powerful tools that you can easily take advantage of to grow your business immediately. With time, planning for a downsell will be one easy step in a flawless sales process. Stay patient. Practice makes perfect!

Planning For An Upsell

Planning For An Upsell

Planning for an Upsell

Are you planning for upsells? When you have an upsell for your product or service, that means you have a logical next step for the buyer. Customers want to know where to go next after the first sale. If they are left satisfied, they are going to want more product from you. After the sale, it’s important to continue to provide value and entertainment to create raving fans.

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A continual return on the customers’ investment is essential. If your product does not have an upsell into the next offering, you need to either create one, develop a business model where your customer needs to continue to work with you, or partner with someone else to offer additional resources through a referral program. If you already offer multiple products, make sure each of those products has an upsell into another offer. The goal is to continuously have these clients purchasing from you or wanting to work with you.

Examples of Upsells

Need help planning for an upsell? Check out some examples of what a continuous upsell looks like in a sales funnel.

Example 1

If you have a free guide lead magnet, the immediate upsell would be to your book. If your book is 10 steps on how to do something or “The Complete Roadmap to Something,” create a checklist for completing it. Follow up the checklist with the explanation of each step in a book. You now have an introductory lead magnet in the form of a quick checklist guide and an upsell to your tripwire in the form of a short book for $19 or $20.

Example 2

After sending a few emails to continue to keep the new customer warm after the sale of the $19 book, you should be able to sell a number of your customers into a $300 assessment or service.

Example 3

Out of those who purchase your $300 assessment, you should be able to convert a percentage of those into a $1000 monthly coaching program if you were able to provide enough value in previous upsells.

Example 4

While these customers are in your $1000 a month coaching program, you’re able to upsell them into other a la carte items as well as quarterly reviews and assessments. This would result in the creation of a membership platform with recurring revenue, all from a free lead magnet guide.

Conclusion: The Upsell is Your Best Friend

By now, you’ve got a pretty good idea of what multiple upsells should look like during a sales funnel.  You’re continuously making offers with increased value resulting in the potential of additional sources of revenue. Some argue that down-sells are easier to execute than upsells. We believe it’s all a matter of perspective. Follow up with our other posts where we deep dive into downsells and what that could mean for your business.

Planning for a Cross Sell and Next Steps

Up-sells, Down-sells & Cross-sells

A Brief Intro to Upsells, Downsells & Crosssells

When it comes to your product or service, we sell them because they provide value to its user and gratification for us, partly in the form of monetary compensation. When you’re trading your time for your craft, whether that’s developing the product or making the sale, everyone’s goals are to maximize their profits and minimize their time spent. That’s where upsells, downsells, and crosssells come into play.

When you’re selling a product or service, if you can find ways to maximize your profits without compensating your quality or customer service, you do it. Providing related products and services while someone has entered buying behavior increases the chances of a bigger purchase.

When Does an Upsell Occur?

An upsell occurs when you’re able to convince a buyer to purchase a product that is more expensive than the one they initially planned. You’re able to do this by providing more value than the consumer expected.

When Does a Downsell Occur?

Downsells happen when you’re able to convince a buyer to purchase something of lesser value than they originally expected. Downsells are easier to take advantage of because you have already established trust with the consumer. Suggesting that they purchase something with a smaller price-tag is a reasonable ask after they’ve already paid for something pricier.

What Does a Crosssell Occur?

Cross-sells fall somewhere in between upsells and downsells. Offering something of similar value at some point during the sales cycles allows you to add to your profit margins without having to spend additional time or resources on the sale.

Putting it Into Practice

Crossell Upsell Downsell

The point of upsells, downsells and crossells is to maximize your profits and minimize your time spent. You are creating extra opportunities for yourself from the same amount of resources. Nobody does this better than Amazon. Whenever you make a purchase on Amazon, you’re offered other similar products. Sometimes we buy, sometimes we don’t but the option is there and that’s the point.

If you could do this effectively in your business, what would this look like?

You would be able to:

  • Overcome objections by offering other options
  • Add on additional value to each sale, increasing your revenue
  • Create value from positioning buyers to take the next steps after the sale
  • Deliver a clear path to multiple products
  • Provide options when the buyer says yes
  • Provide options when the buyer says no
  • Give the consumer what they want in sellable pieces
  • Diversify your business

These days many new business owners fall into the coach or consultant category with their time being their core product as they sell their knowledge. With upsells, downsells and crossells, entrepreneurs in this space can now profit from their knowledge from different avenues in the forms of books, courses and so much more.

This is just the beginning of the power of upsells, downsells and crosssells. Check out our other posts as we go more in-depth about the selling tactics available for your business.

How Do I Design My Own Sales Funnel?

So, How Do I Design My Sales Funnel?

Now that you understand what a funnel is, let’s design a sales funnel. Creating a funnel isn’t as hard or scary as some gurus make it out to be. If you’re not a funnels expert, we recommend that you reach out to someone that is. Otherwise, you risk missing certain steps. Regardless, there’s a lot of groundwork that you can do to help convert your newly acquired leads to consistent paying customers.

Start with what you know

Do you know what you’re trying to sell? Gather all the things that you know about your industry and think of ways you can provide value for your audience with things that you know. Start simple with a list, then move to Google Drive, and gathering your other digital assets.

Figure out what you don’t know

After you’ve put together that, it’s time to define what you don’t know. It’s impossible to know everything, after all.  If you’re an expert in marketing and there’s something about your product or industry that you don’t know, there’s a good chance that your potential client doesn’t know it either. This offers you the opportunity to provide some great value to your leads once you fill in the blanks.

Create the content for your sales funnel

Now that you’ve put together all of what you know and fill in for what you don’t, it’s time to actually create the content. When it comes to creating the content for your offer, you have nearly unlimited options. Check out our last series on trip wires to see all the different ways you can create high-quality content. Some of our favorites are assessments and DIY training.

Once you’ve gotten your content created, it’s time to implement it. There is a certain level of expertise needed when it comes to putting all your content pieces together in a way that is consistent and digestible to your audience. Ideally, once it’s implemented, it becomes an automated funnel process that can run without you day or night. As we’ve mentioned, this funnel should lead your newly established client into your core product offering.

Now that you’ve got the engine rolling, it’s time to start directing traffic to it. What good is a great product with an awesome funnel if no one is seeing it? Directing traffic to your business is critical. We’ll go over ways to gain traffic in a later blog post.

Align your sales funnel with your sales process

Now that you’ve got the general gist of what a funnel does and how to design it, it’s time to cover the exact pieces of it and how they all work together to funnel leads into your sales process. Initially, your business would start with a free lead magnet. This is to pique your leads interest, provide some quick upfront value and get them into your sales funnel. Follow up your free tripwire with a series of authority builders in the form of blog posts, emails, videos, or anything that can provide value to this new potential client without you breaking the bank. These are meant to establish you or your company as an industry thought leader, thus building your credibility and increasing the probability of conversion down the road.

After you’ve felt you’ve offered enough value in the form of lead magnets and authority builders, it’s time to introduce your first low-cost offer in a tripwire. The tripwire lets the new client have some skin in the game and primes them for later purchases with getting them to say yes. The important part about the tripwire is getting the customers’ credit card on file. This will make it easier for them to say yes to future offers, specifically your core offer.

After nurturing your lead and offering them your tripwire, if they convert, you can offer them your core product. The core product sale is the whole reason you’ve designed this funnel to begin with. After presenting your core offer, you’re then able to up-sell, down-sell and cross-sell your client into other products and services you provide.

Overwhelmed? Don’t be. We’re here to help.

What is a Funnel?

What is a Funnel?

It’s hard to find a top brand that has not utilized a sales funnel to gain traffic. In this segment, My Clone Solution will break down everything you need to know about making sales funnels work for your business.

What is a Funnel?

In as brief words as possible, in business, a funnel is the digital sales process. The is broken down into three phases:

    1. The marketing portion
    2. The sales portion
    3. The closing

Before the closing, leads are taken from the marketing portion and to the sales portion. Getting leads into your marketing funnel can happen in a variety of ways. Some businesses utilize Facebook through their ads platform, while others choose to market through YouTube, Instagram, LinkedIn or a blog on your own website.

This process is important because it increases the opportunities your brand to be exposed to new customers. This is called an awareness campaign. It brings attention to your brand through digital media channels.

What Does a Sales Funnel Look Like?

Imagine this process as a funnel, with a wide top and narrow bottom.

Top

The first touchpoint. You can use free content offers to barter in exchange for email addresses. Your best brand-building content starts the process. For a lot of us, it’s the blog that users turn to for answers. For others, it’s the advertisements on Facebook and Instagram. The purpose of this content is to build awareness around your brand.

Middle 

Now it’s time to lead them into paid offers. You can do this with a webinar, spending time for a coaching call, or purchasing a low-cost item, introductory course, or an assessment. You just need the lead to put some skin in the game and get comfortable to the idea of saying yes to your offers.

Bottom 

This is where the sales team takes over. Present your lead with bigger money investments, like more extensive courses and longterm services. The goal of getting them to purchase something of greater value.

What Should my Funnel Look Like?

So now that you get the general idea of your sales marketing funnel, let’s break down an example of what this would look like with actual products.

We’re creating an informational marketing funnel for your business.

The goal is to have this in place before your course is built, or at least before you start promoting it. You need to have the end goal destination in mind when creating your funnel. Before leads enter your funnel, you should know where you would like them to end up. We can’t stress this enough, always have the end goal in mind as that will give you the clarity to the type of products and services you wish to offer to your client. Always aim to direct your lead into your core product offering.

Example: Putting it Into Practice

As an example, you would begin with an email that your lead as opted into by providing their information to you. In the email, your aim should be to educate the client and offer them some form of value that makes them eager, or at least open to accepting more information from you.

From there, this information should lead your target client into a relatively inexpensive information product. For the purposes of this example, we’re going to assume that this information product is only $9. From your total email list (trusting that your email list is large and diverse enough) of those that purchase your $9 info product, about 8% of them will convert into buying your next product offering, somewhere between $100 to $300.

If you’re able to offer enough value in your mid-level product offering, about 4% of those will convert into your next level offer such as a coaching program that usually sells for ~$500. If your course is good and continues to provide exceeding the value, about 6% of your customers should upgrade into your core product offering.

There are levels to this.

As a business owner, you must over-deliver on what you promise to keep your customers buying more.

What’s The Purpose?

Since you’ve read this far, we’re trusting that you believe creating a funnel is not all in vain. You may be wondering what’s the point of a funnel? Why do I need one?

Having a product is not enough to ensure the prosperity of your business. Every business has a product or service, but clearly, not every business is successful. In order to find success, businesses must have a roadmap they follow from the beginning with the end in mind. The marketing and sales funnel provide businesses this roadmap so that they are able to navigate from prospecting leads to having consistent, repeat customers.

Your sales funnel should be automatic and should be able to work without you having to directly do anything after you’ve set your automation pieces in place.

Your funnel should first introduce you to your lead to allow the lines of communication to be opened for a proposal pitch with eventual follow up and a strong sale and repeat customers.

What’s The End Goal of a Sales Funnel?

Taking a step back and looking at the bigger picture, what’s the goal of this whole thing? The ultimate goal is to sell your client your core product or service offer. During this process, there are other interim goals that need to be met. Your initial goal is to offer something of enough value that warrants them bartering their information (email or phone number) in exchange for this information. Getting their information is critical if you ever hope to sell them anything.

The next goal should be to build authority around your brand with offers that meet your leads’ needs along the way.

Continue to give your leads what they need at each step of your funnel but remember to continue to move them forward along the process bringing them closer to your core offering. Pour in insane amounts of value that your lead now feels compelled to buy. We’re not saying to guilt them into a purchase, but things should reach a point that your lead feels as though they have no option but to buy your core product. You’ve met their needs to this point so far, they are expecting the trend to continue and are now willing to pay for it.

Once you’ve hit these goals, it’s then time for your ultimate goal, selling that core product that you’ve put so much time into.

Next Steps

Now that you understand what funnels are and how they operate, it’s time for you to create one for yourself (or have someone create it for you). Don’t waste time wishing and praying that leads would fall into your lap. It’s time to take action, and My Clone Solution can help you do that. Just *click here* to learn more and get started with one of our project managers today!