“Would you like fries with that?” What a classic expression, yes?
You know this is a classic upsell; when you already have a client, it is much easier to upsell them than seek a new one. It costs between six and seven times more to secure a new client than to keep the ones you already have.
Adding another product, process, or service to a client who just made a purchase is perhaps one of the easiest ways to increase your bottom line.
Increasing client retention by as little as five percent can increase your profits between 25 and 92 percent. The success of selling to a new client is 5-20 percent!
A loyal client is five times more likely to repurchase, five times more likely to forgive, four times more likely to refer, and seven times more likely to try a new offering from you!
So, which would you rather do? Enroll new clients or serve those you already have?
What does this have to do with those fries?
By the way, McDonald’s was not the first company to recognize the value of the upsell. One of the first companies to introduce the upsell was Campbells Soup, in the ‘60s. A can of soup retailed for 32 cents. They introduced the upsell: you could purchase five cans for a buck!
These days, McDonald’s generates 15-40 percent of their profits from the upsell.
No matter what industry you are in, there is always more!
Here are some ideas for you to bring into your business:
Jewelry: Almost everyone loves, or at least enjoys jewelry: rings, watches, bracelets, and neckless. Most people enjoy giving, as well as receiving jewelry.
As a salesperson, you may simply tell your client, that’s a great necklace, imagine what a matching set of earrings would do, and a matching bracelet.
You get the idea.
Computers: Who doesn’t have at least one computer today? Ok. You may be the only one, with a laptop, and no desktop. No matter. Still the same. Wouldn’t you rather have a faster one? With a faster processor? Even if you only do web browsing and email, a faster computer is, well, just faster!
If you’re selling computers, you can always ask your prospect if they would like to upgrade to a faster, newer model.
Dentist: You know most often you are going to need more than one visit to the dentist. You know you need cleaning more than once in your life. If you need more than a simple filling, if you need a crown, or root canal (can’t ya just feel your whole body cringe?), you know it is more than a one-and-done.
The dentist typically tells you to go to the front desk and set up your next appointment. And, you expect it when you visit your dentist.
Chiropractor: If you have been to a chiropractor, you know the importance of regular care, not to simply get you out of pain, but to work with you to improve the quality of your life. As a retired chiropractor, I vouch for regular visits to access your being, and bring more peace, ease, and harmony to your life.
It is not unusual for your chiropractor to lay out a regular schedule of visits to better serve you.
The gym: Whether or not you go, you know it is a wise idea, to go to the gym to get exercise. As I mentioned above, I’m a retired chiropractor . . . while I was practicing I saw countless people who came to see me because they sustained an injury while working out. Too many people watch someone else working out and do their best to emulate that person. What makes you think that person knows what they’re doing?
If you are selling gym membership, it’s a good time to extol the advantages of working with a personal trainer.
Travel: How do you like to travel? Would you be satisfied with a Motel Six? Or, would you prefer a higher quality place to stay?
If you’re dealing with a travel agent, she’ll ask you what your preferences are. If you are negotiating with yourself, that is, you are booking your own hotel, you know your budget and your limit; however, you’d still prefer the nicer digs.
And, when you check in to a hotel, you may be asked if you would like to upgrade to a room with a better view.
Home improvement: If you are upgrading your home, you can expect to be asked lots of upsell-type questions. Would you like to upgrade (read upsell) to a better grade of carpet, which’ll last a lot longer, and a better grade of padding which will make the floor feel much more luxurious?
How about a better quality of paint, which will last ten years instead of only five?
Food and beverage: This is where we began, with, “Would you like fries with that?” It happens at almost all levels of service. You’ve been out to dinner, and asked, “Would you like an appetizer?” “Would you like tap or bottled water?” “Would you like dessert?” And how about when you are asked if you want the lava cake for dessert? You’ve got to order it before dinner; that’s a great close.
Insurance: How many times have you purchased a product and you were offered insurance? You’ll most often find this with electronics. You buy your new cell phone, and the upsell of insurance is a great idea.
It’s pervasive.
These are all examples of upsells. You already knew that; just bringing it to your attention so you recognize it for what it is.
What are you selling that you can offer your prospect, or client . . . another service or product?
Where can you offer a bundle that provides additional products or services?
Where can you offer a premium version of your standard offer?
Where can you offer premium services or a support package?
Where can you offer a loyalty package so your clients pay in advance?
Where can you offer a larger size or a better version of your product or service?
Remember: McDonald’s generates 15-40 percent of their profits from the upsell.
Dr. Richard Kaye is best known for working with entrepreneurs to help them accelerate the growth of their businesses. For nearly 24 years he’s assisted people improve their bottom line.