Fri 4 Jan 2008
There are various ways to increase sales and profits for your small business. One sure-fire way of doing this is by selling related products and services.
Listed below are some of the most effective ways retailers do this.
Offer a package deal: Sell two or more items together as a package to make the product more attractive to customers. For example, while selling a car, you can add on a sound system and offer it to customers at a special price.
Offer a discount: Instead of selling one product at the retail price, you can increase the quantity to two or more of the same or different items. You would then offer both items together at a discounted price.
Offer an extended warranty: You can increase the warranty terms of your products or services. This will increase your profit margin and encourage customer loyalty at the same time.
Offer an upgrade: You can offer your customers an upgraded product or service at a discounted price. That way, you can encourage customers to make the upgrade and purchase a higher-end product.
Offer a large quantity deal: You can offer your customers a discount on quantity-based purchases. The higher the quantity, the greater the percentage the discount will be. This will prompt customers to make more purchases, and to refer your business to friends and family.
If you want to increase your sales and get new customers, these upsell strategies are a great way to do it. When you're upselling, make sure that your products are priced competitively, but well enough for you to make a good profit.