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Almost everyone is familiar with the question – “Would you like Fries with that?” Apart from being a well worn meme, it’s also one of the most profitable questions ever asked. To get your client to a purchase commitment, a finite expense has been incurred so any gross margin from the sale created by Up-selling goes right to the bottom line.
Another interesting aspect of up-selling is that the client’s purchase decision typically focusses on the main sale and the Up-sell goes through much less scrutiny. Would you like to include the insurance with your car rental? Do you want the extended warrantee? Would you like the annual on-site maintenance program? Would you like the offsite backup service? These are actual no brainers - which is why the take up rate is so high. And typically, these Up-sell items are low cost and very high margin opportunities.
What do you sell that offers an up-sell opportunity? Installation? 3-months hot line support? Executive training? Portal access? And if you say yes to the “would you like fries with that” question, you know that the next question is "Would you like Pie … ?" So when you develop your up-sell question, be sure to add the second (and possibly third) up-sell questions to maximize the opportunity.
Why not assign this challenge to your sales team. Take your three best-selling products or services and have them develop a three-step up-sell program. Then track the results to see who nailed it.
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