Building Your Business: The Beauty of Upselling to Maximize Your Profits!

The key to understanding upselling is to analyze your product or service line and order sales to see which are commonly sold on the same order. With this valuable information you will see patterns for complementary products and you can use that to put together a custom shopping cart. Cross Selling is an upselling tool that will maximize your attachment rates…and your profit! In the business you will also hear this referred to as “Attachment Rate”. Attachment rate is the measure of how often you sell one product in tandem with another product.

Here’s how Upselling works
When your customers or clients are shown one of the products from your ordered list based on the purchase(s) they already have in their cart, they are then offered complimentary products that many may not have thought about. It’s the same principle of having the “single candies and trashy rag mags” by the checkout counter. People tend to impulse shop.

This is where your research comes in
Many custom shopping carts add the “Cross Selling Tool” features. Some allow you to choose the top 4 products that you would like to feature. Let’s say that you are a website reseller and your research shows that a customer who purchases a domain name also purchases hosting 35% of the time; purchases WebSite Tonight® 25% of the time; and occasionally adds on a SSL Certificate or Private Registration. When you set up your shopping cart Cross Selling Tool you might want to offer hosting to be the number one product offered with a domain purchase; WebSite Tonight® as the number two product, and so on.

This tool will encourage customers to purchase the complementary items that go along with the products they already have in their cart.

You have to do your due diligence and test this tool over time to see what combinations work best for your customers and their needs. If you operate an online store, or offer digital downloads it’s a good idea to see if you shopping cart offers this tool. Then select your check-out special products, based upon your research and start seeing your sales increase today!

See you next year!!!

Dr. Ande
Step Up 2 Success