16 articles in this collection.
Written by Veethi Telang
What are Upsells, Downsells, and Bonuses
“Double the revenue and profits you make from your coaching business.”
If the above phrase caught your attention (why wouldn’t it?), keep reading, for you’re about to unlock the secret to it, and how CartFog is all you need to make it happen.
Sam entered a BMW dealership to purchase a car, and chose a model after assessing all the options. As excited as the salesman was with Sam’s purchase, he couldn’t resist topping the deal up with a package of cool car accessories. Sam was already in the buying mood. So, muttering “Well, what the hell, throw ‘em in!” under his breath, he made a much heftier purchase than he initially planned on. Sam went back home feeling ecstatic that evening, and the salesman got a big fat incentive from his manager.
Sam entered a BMW dealership to purchase a car, reviewed all options, and chose a model. The salesman offered to top his purchase up with a package of cool car accessories. But… upon sensing Sam’s hesitance, he brought up five tinier accessory options that cost a lot less. After all, a cheaper add-on is better than no add-on at all! Sam found the car of his dreams AND accessories that were well within his budget.
Sam entered a BMW dealership to purchase a car, selected a model, and proceeded to pay for it. While on the counter, the biller excitedly told him that he was their 1000th customer for that particular model, and so, he wins a free car accessory from a sister brand of BMW. Needless to say, Sam was overjoyed by his purchase, and couldn’t wait to tell his friends about it.
If you haven’t figured out already, all the three scenarios above perfectly describe the art of upselling, downselling, and awarding bonuses to a customer.
In Scenario 1, the salesman successfully sold an upsell (car accessories) to Sam, cashing on his purchasing state of mind.
In Scenario 2, the salesman didn’t let Sam leave the showroom empty-handed, at any cost. So, he made a downsell by selling him accessories at a lower price range.
In Scenario 3, the salesman awarded a car accessory as bonus to Sam, only that the bonus is actually a promotional offering for another one of their own sub-brands.
Noticing a pattern here? If there’s anything we can learn from the above information, it’s that profits are not limited to the main sale, but also in the upsell, downsell, and extras.
This technique is as old as marketing itself, but is as relevant to businesses today, no matter the niche. For your coaching business, the art of upselling and downselling can add wonders to your finances.
You see, you already have your core product ready to roll! Now, it’s time to start building highly relevant information products around it, and add them as upsells, downsells, and bonuses in CartFog at various touch points.
This way, you don’t just develop a rigid sales funnel for your coaching business, but also start multiplying your profits at an alarming speed.