U is for UpsellThe A to Z of Profit Growth – U is for Upsell

 

It’s time for the next A to Z of Profit Growth… This week U is for Upsell!

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KMA The A to Z of Profit Growth – U is for Upsell

That’s it for this week’s edition. Watch out for next weeks episode.

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Hi. Kim here with your next profit growth advice. U is for upsell. In an earlier edition we talked about cross selling, upselling is similar. Rather than introducing your customers to new and different products in your range it’s all about encouraging customers to purchase a higher priced alternative.

Fast food restaurants are brilliant example of this, who can resist going large for 50p extra? Costa Coffee are also great at it, their signage is everywhere showing you the drinks. It’s also worth knowing that existing customers are far more likely to buy than a new prospect.

I did a bit of research and found that the odds of making a purchase are 60 to 70% for existing customers and only 5 to 20% for new prospects. So it’s well worth spending some time identifying customers who you think would purchase a higher priced alternative, and then just ask them, “What have you got to lose?”

 

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