Want to be successful in sales? you’re going to put a lot of time, energy, and effort into figuring out your very best initial offer.
You have to know what your customer needs, or at least what they think they need. You have to know how to package it. And, you have to know the right price point for the best profit. Get it right and sales will take off.
Want to be wildly successful in sales? That’s just the beginning. What’s more important is what happens next. Too many people leave money on the table because they don’t think about that. What comes after the customer says no? Or yes? Or maybe? If that’s where the transaction ends, you’re missing out.
The keyword when we’re talking about the “initial offer,” is initial. It’s just that. What’s more important is the next offer and the next one after that. We’re talking about the up sell, down sell and side sell - sometimes called a cross sell. Get this right and sales will soar.
The easiest way to think about it is what happens at a store. There’s a display with a product, say razors in a package that you can easily grab and go. You walk in, you walk out, you’ve got what you need and the store has made a little money.
But wait, there’s more
What if what you check out, the clerk suggests a higher quality razor that’s just a few dollars more? That’s an upsell. You take the better deal. You get a better shave and the store makes a little more money.
Don’t want the better razor? Okay, the clerk says, how about some shaving cream? Classic side sell. Seems like a good idea, and you say yes. Then the clerk suggests an extra pack of razor blades. You know you’re going to need them eventually anyway, why not just get them now. You feel like you’re taken care of and the store’s profits creep up.
And then there’s rejection
Who doesn’t hate hearing no? Seriously, isn’t that why salespeople are so timid about asking? But here’s the thing. No isn’t bad. And, in fact, no doesn’t always mean no. For our purposes in this article though, no needs to lead somewhere. And that is to the down sell.
You walk in, see the razor, and say not today. The clerk says, there’s a cheaper option down the aisle. It doesn’t have as many options, but it’s of good quality. Done. You still get a shave and the store still makes some money.
This upsell/side sell/down-sell concept can be applied to pretty much every service or product out there. It does take creativity and some extra planning time, but consider that an investment with an unlimited payoff. And, it doesn’t matter if we’re talking about in-person retail or eCommerce. The concepts are the same, it’s just a matter of how you implement them.
For in-person, you need to be clear about what you’re going to offer and what your next move will be based on what your customer buys, or doesn’t buy. For the most part, you’ll be making the offer in person so you can get a read on the customer and go from there. For online, you’ll need to set up automation.
Look for a system that will let you make offers automatically based on user behaviors. Shoppers prefer personalization and are more likely to respond to an offer that fits their needs. You also want to consider when is the best time to make the offer. Traditionally, offers are made when the customer puts an item in the cart. But, it can also happen during or after the purchase process. This isn’t about being a pushy salesperson. Rather, it’s letting the customers know about products that they might like or that will help them make the most of their purchase.
As you consider what items to use for upsells, side sells, and down sells, you could use your instincts. If you’ve got a product that’s selling well, you’re likely pretty tuned in to your buyer. But the safer route is to use data. Look at what customers are buying together and use that as a guide. And then, try some combinations to see what works best.