Upselling Your Customers

Another way to ethically generate extra income from your customers is to ‘Upsell’ them. Upselling is basically adding extra to your customers’ shopping basket when they make a purchase from you.

For example, you are selling widgets and of the 100 people who buy your merchandise from your store in a given week, the average purchase is about £100. If you gave your cashier/salespeople a simple phrase they could say right at the point of purchase, when the person is ready to pay for the merchandise and is most excited about it, that would persuade one out of every two customers to add an extra 20% to their sale.

If you could successfully induce half of your customers to add £20 more to their purchase each time they buy something from you, you’ve just added £10 or more extra profit per sale, or £5 in added pure profit for every person that buys from your store. The £5 comes from thinking that by taking the £10 extra you make on half the people buying, and dividing it in two, averaging the profit over every customer.

So if you sell to 100 people a week and use a simple little phrase, you could instantly add £500 in cash flow every week. Multiply that by 4.3 weeks in a month, and you have just produced a £2,150 in profit you never would have had before. Do that every month for a year and you will have added £25,800, just like that. And the simple little phrase works by asking each customer, as they are finalising their purchase, if they would like to take advantage of an unpublicised, in store special offer, only available to customers buying a minimum of £X worth of products today.

-Until next time, Tim & Chris