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- 💡 FINDING HIDDEN MONEY
GM 💡 This is Lead Memo, learn more about upselling your customers to get more bang for your buck.
In Today’s Memo:
Action Plan: Finding Hidden Money💡
Meta AI Research 🔬
Zuck Interview With Bloomberg 🎙️
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ACTION PLAN
Finding Hidden Money 💡
If you aren’t upselling your customers you are missing a huge opportunity.
Back with a late-night Lead Memo plan! There is an easy way to grab more cash and service your customers at a higher level. It’s as simple as an upsell. What is your main offer? How does it help your customers, and why do they want it?
Understanding Upsells:
An upsell is a sales technique where a seller encourages the customer to purchase a more expensive item, an upgrade, or an additional product or service to increase the overall value of the sale. This is different than cross-selling, which involves suggesting complementary products. Upselling focuses on enhancing the original purchase.
1. Real Life Examples:
I have worked with a ton of Ecomm businesses and some of them do it the best. Take a supplement company for example. They could be selling their best-tasting protein at $40. But right next to that, they show you the same protein in a bigger tub at a slightly higher price point. Or they could bundle the protein with a shaker for an extra $7.
What does an upsell look like for you and your business?
2. Cost Efficiency:
It's often cheaper to upsell to existing customers than to acquire new ones. Upselling leverages the relationship and trust already established, making it a cost-effective strategy for increasing sales revenue. I like to call it squeezing the lemon. The name of the game is to increase the lifetime value (LTV) of every customer.
The more you know the LTV of a customer the better you can project your numbers moving forward. The higher the LTV… well the happier you will be.
3. Brand Perception:
Effective upselling can position a business as a knowledgeable and helpful entity, improving its overall brand perception. Customers will be more inclined to view the business as a trusted advisor rather than just a seller.
This goes without saying, you want to be known in your industry as THAT company to go to for expert advice and great work.
My final thoughts…
You can’t just throw an upsell offer out there and hope it sticks. Really get to know your customers, provide real value, be transparent, and leverage your expertise.
Find a good offer and A/B test it until you find one that converts the best. If you have any questions about upselling strategies or need help with ideas, reach out to me at [email protected]. Happy optimizing, and stay tuned for the next actionable tip in Lead Memo!
THANK YOU
Memo Crew💡
Happy Friday Crew! I hope you enjoyed today’s memo and will take action on the upsell strategies. If you have any questions on the bid cap setup or implementation, please shoot me an email – [email protected].
Stefano