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.
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.
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.
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.
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.
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.