Upselling for a better bottom line.
Would you like fries with that?" has evolved to"Do you want to supersize your meal?" McDonalds does this because they know that there are only two strategies for them to grow revenue.
#1 Get New Customers. McDonalds generally does a great job of market penetration and during peak times can only get so many cars through the drive through in an hour. (that's why now they have two lanes taking orders at many locations).
#2 Sell More to (Upsell) Your Existing Customers. This can be accomplished by, either getting customers to visit more often or increase what they spend during each transaction.(or if you are really good, BOTH)
Most local, small businesses focus on getting new customers when upselling existing customers would have such an immediate impact.
We see it everywhere. From McDonalds with those supersize options, clothing stores have ties pre-matched to a shirt. shoes are displayed near the dress that just happen to "make the outfit." These larger businesses UPSELL because it works.
Banks set goals for their executives based on increasing the number of accounts each customer has. Checking, Savings, Credit Card, CD's, Home Loans, Auto Loans, and more. Many financial Institutions now offer other services such as insurance.
If you are a heating and air business and go on a service call to fix a broken air conditioner, why not offer a special on changing filters, a furnace service special, duct cleaning. The list is endless. You are already there; maximize your visit to that customer and show them how it might save them money as well.
You already have a core of customers and they know that you have great products and provide at least satisfactory service. (If not, this article might not be for you) It's much easier to make sales to someone you already have a relationship with and is already doing business with you.
Use every opportunity to increase your sales volume within the customers that you already have. Do you have a product that goes with the one they are purchasing? Offer it to them at the register or when you quote a price. What can YOU do today to increase the dollars that a customer spends on each visit? If you want to brainstorm, give me a call. Be aware, the initial brainstorming is free, but I might ask you if you like fries!
Would you like fries with that?" has evolved to"Do you want to supersize your meal?" McDonalds does this because they know that there are only two strategies for them to grow revenue.
#1 Get New Customers. McDonalds generally does a great job of market penetration and during peak times can only get so many cars through the drive through in an hour. (that's why now they have two lanes taking orders at many locations).
#2 Sell More to (Upsell) Your Existing Customers. This can be accomplished by, either getting customers to visit more often or increase what they spend during each transaction.(or if you are really good, BOTH)
Most local, small businesses focus on getting new customers when upselling existing customers would have such an immediate impact.
We see it everywhere. From McDonalds with those supersize options, clothing stores have ties pre-matched to a shirt. shoes are displayed near the dress that just happen to "make the outfit." These larger businesses UPSELL because it works.
Banks set goals for their executives based on increasing the number of accounts each customer has. Checking, Savings, Credit Card, CD's, Home Loans, Auto Loans, and more. Many financial Institutions now offer other services such as insurance.
If you are a heating and air business and go on a service call to fix a broken air conditioner, why not offer a special on changing filters, a furnace service special, duct cleaning. The list is endless. You are already there; maximize your visit to that customer and show them how it might save them money as well.
You already have a core of customers and they know that you have great products and provide at least satisfactory service. (If not, this article might not be for you) It's much easier to make sales to someone you already have a relationship with and is already doing business with you.
Use every opportunity to increase your sales volume within the customers that you already have. Do you have a product that goes with the one they are purchasing? Offer it to them at the register or when you quote a price. What can YOU do today to increase the dollars that a customer spends on each visit? If you want to brainstorm, give me a call. Be aware, the initial brainstorming is free, but I might ask you if you like fries!
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