There is a term in the industry that gets a lot of bad press and it shouldn’t. It is costing you a lot of opportunity in your business.
The term is upselling.
You probably heard of it and you may have had the same reaction as I did when I first heard it. To me, it felt sales-y, and it felt like I had to force people to buy something they did not necessarily need or want.
The truth is – I completely misunderstood the term and I didn’t know quite as much about business back then as I do today.
The definition of upselling is as follows:
“Upselling is a sales technique where a seller induces the customer to purchase more expensive items, upgrades or other add-ons in an attempt to make a more profitable sale.”
There is a truthful statistic in business. It will always cost you a lot more in time, energy and resources to attract a brand new client, vs working with the same client for a longer period of time, when you can add more value to them.
So simply said – attracting a new client is a lot more costly than retaining an existing client. You have to figure out how you can add more value to them.
Non-Sleazy Ways for Upselling Your Customers
A lot of businesses are struggling because they have a transactional relationship with their clients. They are working with their clients for a short period of time.
Most likely, those clients are looking for some new solutions even after they are done with you. If you helped them solve a problem in their life or business, they are probably looking for what is next. Upselling does not have to be sleazy.
The reality is that once we solve a set of problems, new problems open up. That is just a reality of life and business.
We are always looking for the next thing. The next level.
What are some additional ways you could be working with your clients after you help them solve a problem in their business?
Use Upselling to Increase Customer Happiness and Retention
You are doing your clients a disservice if you are not thinking about how you can help them and how can you continue to add more value to them.
You have already built a foundation of know – like and trust with them.
Reconsider how you can add more value to your clients and build a long lasting relationship with your clients. Be less transactional in your approach.
Your clients will get better and lasting results that way too!
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