Want to Sell More? Try Strategic Up-Selling
“For more pragmatic buyers, we stress the FireDeluxe’s long-term value,” Marka continued. “Yes, the FireDeluxe costs more than other torches. But it’s also incredibly durable, more efficient and comes with a five-year extended warranty. The FireDeluxe is a great investment. We must make customers aware of that.”
“Persuasive,” Zoot said, as he chewed a grape leaf thoughtfully. “Yet people often make buying decisions with today in mind. What incentive can we offer them right now to buy the higher-priced FireDeluxe?”
“How about giving them a free copy of the ‘Helpful Fire Tips’ book Org wrote a few years back?” Marka suggested. “The book has a high perceived value among customers, but costs us only a few Drachmas. An offer like that might be enough to get our foot in the door, and keep customers coming back to the FireDeluxe and other higher-priced products.”
“Sounds like you’ve got this up-selling thing figured out, Marka,” Zoot said. “Any more ideas for improving SOC?”
“Just one,” Marka replied. Now that she didn’t have to concentrate on business, she could finally enjoy her burger. “And it’s a doozy.”
Today’s FIRE! Point
Up-selling is another great way to increase your share of customer. This approach entails targeting existing customers with a message focused on selling a higher-priced product. Branding, discounting, incentives and long-term value propositions can be used as tools of persuasion.
FIRE! in Action: Candlemaker’s Companion Uses Up-selling to Increase Sales
The instructional make-your-own-candle company used strategic up-selling activities on its website to grow sales by 56.3 percent!
Next week: Marka gives Zoot another tip for improving share of customer.