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Wednesday, April 17, 2024

3 Ways to Level Up On Opportunities, Without Additional Spend

I mean, who doesn’t want to make the most of every opportunity? Especially if it means no extra spending and very little effort needed. When it comes to making every deal count, there are a few ways to add more value to them.

Here are three ways to maximise every opportunity and bring in more revenue.

1. Upsell it

BigCommerce defines upselling as: “Upselling is the practice of encouraging customers to purchase a comparable higher-end product than the one in question, while cross-selling invites customers to buy related or complementary items. Though often used interchangeably, both offer distinct benefits and can be effective in tandem. Upselling and cross-selling are mutually beneficial when done properly, providing maximum value to customers and increasing revenue without the recurring cost of many marketing channels.”

You’ve probably been to McDonald’s before and been asked, “Would you like to supersize that meal?” It’s instinctive to say, ‘yes’! At the end of the day, it doesn’t cost much to get twice the amount of food. Obviously, we are talking about small margins here, but with the number of meals McDonald’s sells every day, each time someone upgrades to Supersize, we’re talking about a lot of money.

For higher-priced products, upselling can result in a lot more revenue. When prospects and customers have their wallets ready to pay and are reaching for the money, it’s a great time to get them to spend a few more pounds. The majority of the time, they’ll say yes without even thinking about it if the deal is good. Offer upgrades, extra warranty, additional products and bundle offers. The hard work has been done, so the only effort this takes is asking and trying to tease more cash out of the prospect’s wallet.

2. After the sale offers

Customers who are satisfied are way more likely to purchase something again, so when you’ve provided a good experience, don’t rest there. Think about sequels to films. They always get traction from the audience they’ve built in the first film. People can’t wait to see the sequel.

The same applies to selling. Provide an excellent product or service, and they’ll come back for more. After the sale offers are a great way to tempt customers to repeat their custom. Offer relevant products or additional items once you know they are happy with the initial purchase. This can be a quick phone call to check in or done via an email.

3. Reward referrals

A quick customer survey asking three basic questions is all you need: What did you like best about the service/product? How can we improve the value of the service/product? Who do you know that would benefit from the service/product?

Basically, you want to know some feedback, as well as if that person is a potential evangelist. As in, who can they recommend to you? The customer’s opinions are obviously important, and you’ll get some interesting insight into customer satisfaction and product quality, but what you’ll get the most out of is referrals and testimonials. When you get them, make sure they are rewarded. A customer who is happy and sells for you is the best customer of all. Incentivise and reward, always.

So there you have it, three ways to level up every opportunity and drive more revenue. Whether you upsell, backend sell, or go for referrals, they all present a chance to increase your bottom line. They work best combined, without increasing marketing or advertising budgets, and you’ll be surprised how easy it is to create more out of your current deals.

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