May 17, 2019
Upsales are a key resource to profitability in your eCommerce business. You don’t even have to acquire new buyers. Using upsales are the easiest path to more profit. Visit ecomcasestudy.com for more information on how to do this effectively.
Airlines use this concept when selling tickets. When you book a flight online, there are options to upgrade your seat, purchase insurance, or other upgrades. In the same way, you can use upsales with your customers. Very few businesses are focusing on this, but I tell you in this episode how it can become one of the greatest profit centers for your business.
I’ve talked many times about the four pillars of business you must focus on in your eCommerce business - building an audience, converting the audience, building average order value (AOV), and frequency of purchase. In this episode, I focus on building average order value. This simply refers to customer purchases and how you can get them to buy more. The goal is to present things the customer already wants to purchase. Give your buyers offers they don’t want to miss. Offer something that complements the purchase they’ve already made.
As you give buyers offers they don’t want to miss, avoid making common mistakes. Sellers fear the technical aspect of their online businesses. Don’t be intimidated. There are many options to assist you. You can choose to use Clickfunnels, Shopify, or a host of other services. Visit ecomcasestudy.com so I can help you navigate all the options to increase average order value. Be careful not to overthink implementation. Many owners get confused about which products to upsell. It doesn’t matter. Simply look at what customers are buying and find complementary items.
When you get the technical aspect and implementation down, you can’t forget to keep track of numbers. I track the numbers every day. I look at stats, patterns, differences in numbers. It’s vital for business owners to become math nerds. Gary Halbert - one of the greatest direct response copywriters of all time - once said it doesn’t matter what type of business you’re in or what you sell. We’re all in the arithmetic business. If you can make your numbers work, you can scale your business. Listen to this episode to hear how being a math nerd has helped me increase sales.
As you track numbers in your business, remember to make the most of each sale. Your customers are already buying your product. But before they click that button, give them options for more. If you fail to make the most of the buyers you already have, you’re leaving money on the table. Focus on the AOV, but at the same time, think about the profitability of that order by putting your more profitable items in that upsale. If you do this, you can not only capitalize on new sales but also drive more sales into your business.