Your business is your baby. You’ve built it from the ground up and you’ve turned it into the success you always dreamt of. We know when it comes to running your business, you full focus is honed in on delivering the best possible experiences to your customers. You’re looking to optimize the quality of service you’re offering –any way you can.
Well, there might be an element that you’re missing out on, one that you never really thought about: the upsell.
Did we lose you? Cmon, give us a chance! I understand the term “upsell” might not have been what you had in mind. Completing an upsell can add value to both you and your customers. There are many benefits to the upsell and you’re about to learn a few of them now:
Increasing Your Revenue
Might as well start with the biggest benefit: increasing your bottom line. You might have heard this mantra from us, over and over again, but here we go: It costs a business 5-10 times more to acquire a new customer than it does to sell to an existing customer. This extends out to the customers who are already on the road to purchasing an item at your place. Upselling is essential for when you’re looking for additional revenue streams and eventual growth of your small business. You’ll open your business up with opportunities to sell more of your products and services all at the added benefit of not paying a cent.
One small caveat, make sure you’re keeping your customer’s wants and needs in mind when you’re suggesting an upsell. You’re always looking to provide value to them –not talk them into buying something they don’t need. You’re looking to promote customer loyalty, which segues nicely into…
Creating Meaningful Customer Experiences
Let’s get back to the basics. You’re looking to offer the best possible experiences to your customers. When you’re upselling, you’re actually promoting a more satisfying relationship between you and your customers.
As the owner of a small business, you’ve got the best intel on what products and services work best and for who. As a de facto subject matter expert, your experiences in your field are what make your opinions so valuable.
Giving your customers the option to upgrade their intended purchase and explaining to them all the benefits involved, whether it be a service or product, will make them feel as if they’re “winning,” and so will you.
A happy customer equals a loyal customer and a loyal customer equals the path toward greater customer retention.
A Happy Customer is a Frequent Customer
You know the value of your existing customers. Once you’ve established that meaningful relationship with your customer, your goal should be to keep them around for as long as possible. Each transaction lends way for you to ensure that your customer’s association with your business is a long-term one.
The importance of the upsell lies in the fact that you’re adding significant value to your customer’s purchasing habits while increasing your own revenue and growing your company.