A SERIES OF INSIGHTS

Alan Page has written extensively about advertising, branding, marketing, promotions, public relations and social platforms. His latest observations appear below this PromoPointer …
29/07/21 PromoPointer: “Show them that the value of your offer far outweighs the asking price." ~ Alan

MAXIMISING INCOME

ANOTHER SALE and you are meeting targets. It’s quite another challenge, however, to maximise income from the deal. Fundamental to profitability is upselling: persuading customers to buy a higher-priced product or service or to add something extra. Upselling is not just about more money in your account. Nor is it about hard bargaining. Rather, it can point customers towards increased satisfaction, to solve problems, or to obtain what is best for their purpose.

Maybe a new communications system is on the shopping list. Help out and add value at the same time. Does it have sufficient flexibility and storage? What would be the best software? Can we settle on the most compatible screens and printers? Shouldn't you be using a qualified technician? And what about operator training?

Classic upsells include: “Buy one for the home and another for the office" and “Thanks for your order. By way of appreciation, enjoy our super whatever at 10% off, using the enclosed coupon." Usually, the approach works best when the offer you make is something similar to, or associated with, the original item or service.

It is relatively easy to build add-on possibilities into the process. For instance, bundle several products or services together, dropping the aggregate price; or offer discounts on larger quantities; or develop new after-sales options, such as extended warranties and maintenance plans.

SALES AND SERVICE

People are comforted to feel they are saving money and obtaining best-available value. This is not only about sales, but about service as well. When a customer calls to make a purchase and you offer them a better or more appropriate alternative, you are fulfilling additional needs. You’re providing a constructive helping hand.

Surely, you will know your product lines and their qualities better than customers could do, placing you in an ideal position to help as well as transact. You will understand their requirements and can make informed recommendations. Create a sense of urgency and personalise the experience.

By listening to what the buyer has to say, you can identify current and future needs. Listen between the lines to what is being implied, yet don’t make assumptions. Confirm that you understand their wish-lists or turn-offs. Show that you are aware of the critical issues. Solve tomorrow's dilemmas as well as today's problems.

You might recommend products and procedures that other customers have told you work particularly well. Or you could cite past successes. Value rather than price should be emphasised. Naturally, you will always speak the language of benefits rather than features.

EXTRA VALUE

This extra-value sales process should be to the fore at every business, large and small. It is well documented that fast-food outlets have turned the art into a profitable science. “We’ll give you a third one free when you buy two.” ”Would you like to try one of our new recipe biscuits with that?” “This goes really well with a side salad.” Smaller operators can adapt the technique to their more confined marketplaces.

Customers are able to take more and are likely to be pleased when you give them the opportunity to benefit from a bargain – as long as your propositions are honest and helpful, not pushy nor contrived. As long as the price is seen to be right.

If you have played your part professionally they will come back to you, again and again. You may well have opportunities to bring up new ideas and suggest premium alternatives. This is the kind of purposeful dialogue on which deeper, lasting relationships are structured.

Be genuine in what you offer and focus primarily on each customer’s experience and goals, both immediate and long-term. Moreover, be creative in how it is presented, highlighting how the customer wins. Then you will be able to upsell consistently and be thanked for your efforts.

Links below will take you to previous observations in this series:
JANJUN-21 •••JULDEC-20 ••• JANJUN-20 ••• JULDEC-19 ••• JANJUN-19 ••• JULDEC-18 ••• JANJUN-18 ••• JULDEC-17 ••• JANJUN-17 ••• JULDEC-16 ••• JANJUN-16 ••• JULDEC-15 ••• JANJUN-15 ••• JULDEC-14 ••• JANJUN-14
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